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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 4.2% organic growth in Q3 2025, marking the third consecutive quarter of positive year-over-year growth, led by heat pumps in Europe and solid water heating performance.
Adjusted EBIT for Q3 was €48 million (7.4% margin), up 21.3% year-over-year; 9M adjusted EBIT rose 17.9% to €114 million.
Free cash flow in Q3 was €15 million, lower than the prior year due to higher CapEx and normalized working capital.
New water heating plants launched in Albacina, Italy (AI-enabled), and acquired in India to enhance manufacturing and supply chain flexibility.
ESG ratings improved, with validation of 2030 decarbonization targets, placing the group in the top quartile among peers.
Financial highlights
Q3 2025 revenues were €668 million, up 5.8% year-over-year, with 4.2% organic growth; 9M 2025 net revenues reached €1,960 million, up 2.8% year-over-year.
Adjusted EBIT margin improved by 110 basis points like-for-like in Q3, reaching 7.4%; 9M adjusted EBIT margin was 5.8%.
Adjusted EBIT up 21.3% year-over-year to €48 million in Q3; 9M adjusted EBIT was €114.1 million (+17.9% year-over-year).
Free cash flow positive at €15 million in Q3, with higher CapEx and normalized working capital; 9M free cash flow was €1.2 million.
Net debt increased to €579 million at September 30, 2025, with leverage at 2.2x.
Outlook and guidance
Full-year 2025 organic revenue growth guidance upgraded to around +3% (previously +1% to +3%).
Adjusted EBIT margin target confirmed above 7% for 2025, driven by efficiency and operating leverage.
Cash flow generation expected to be concentrated in Q4 due to seasonality.
CAPEX guidance maintained at 5-6% of net revenue for 2025.
Mid-term outlook expects 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?
German gas boiler market recovery timing?
M&A strategy: non-heat pump assets?
Connected machines: service and margin impact?
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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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