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Ariston Holding (ARIS) investor relations material
Ariston Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong Q3 2025 organic growth of 4.2%, marking the third consecutive quarter of positive organic growth, with performance driven by heat pumps in Europe and solid water heating results.
Adjusted EBIT for Q3 was €48 million (7.2%-7.4% margin), up 21.3% year-over-year, with margin improvement sustained for three consecutive quarters.
Free cash flow in Q3 was €15 million, lower than the prior year due to higher CapEx and normalized working capital.
Announced investment in a new Italian factory for next-generation electric water heaters and acquired a new water heating plant in India to enhance local manufacturing and supply chain flexibility.
ESG ratings improved, placing the group in the top quartile among peers and validating 2030 decarbonization targets.
Financial highlights
Q3 2025 revenues increased by 5.8% year-on-year to €668 million, driven by 4.2% organic growth and supported by heat pump recovery in Germany.
Adjusted EBIT margin improved by 110 basis points like-for-like in Q3, reaching 7.2%-7.4%; 9M 2025 adjusted EBIT was €114.1 million (+17.9% year-over-year).
Free cash flow was positive at €15 million in Q3, though lower than the prior year due to higher CapEx and working capital normalization.
Net financial indebtedness at September 30, 2025, was €579 million (ESMA: €672.7 million), with leverage at 2.2x.
Perimeter changes, including Russian business reconsolidation and two bolt-on acquisitions, contributed to Q3 growth.
Outlook and guidance
Full-year 2025 organic revenue growth guidance raised to around +3% (previously +1% to +3%), reflecting strong nine-month performance and Q4 trends.
Adjusted EBIT margin target confirmed above 7% for 2025, driven by cost efficiencies and operating leverage.
CapEx guidance for 2025 confirmed at 5%-6% of net revenue, above historical averages, with cash flow generation expected to be concentrated in Q4.
Board authorized a buyback program of up to 2 million shares for future LTI plans.
Mid-term guidance unchanged, expecting mid-single-digit organic growth and adjusted EBIT margin above 10%.
Tariff discussion impact on 2025 guidance
Future CapEx for strategic investments
Americas growth strategy and outlook
German boiler market recovery timing?
Fit-2-Win program's 2025 impact?
M&A focus beyond renewables?
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Frequently asked questions
Ariston Holding N.V., commonly known as Ariston Group, specializes in thermal comfort solutions for residential and commercial applications. The company offers a diverse range of innovative and energy-efficient products including electric and gas water heaters, heat pumps, and heating systems. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Milan.
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