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Boreo (BOREO) investor relations material
Boreo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved third consecutive quarter of 19% year-over-year sales growth (17% organic), reaching €40.2M in Q2 2025.
Gross margin remained stable at 31% despite sales mix changes.
Operational EBIT for Q2 was €2.2M, below last year due to higher fixed costs and absence of prior year earn-out provision releases.
Strategic progress included two acquisitions and a €10M convertible hybrid bond issuance, strengthening the financial position.
Order books remained stable, supporting near-term performance despite ongoing macro and geopolitical uncertainty.
Financial highlights
Q2 sales grew 19% year-over-year to €40.2M, with 17% organic growth and 2% from acquisitions.
Gross margin stable at 31%; sales mix and machine deliveries diluted margins slightly.
Operational EBIT for Q2 at €2.2M; EBIT margin 5.4% (down from 7%); group ROCE at 8-9%.
Cash flow from operations was negative €0.5M in Q2 due to increased receivables; rolling 12-month cash flow at €9.4M, 95% cash conversion.
Equity ratio improved to 42.2%; net debt to operational EBITDA reduced to 2.3x.
Outlook and guidance
Order books remain strong, supporting stable short-term performance.
Management targets minimum 15% annual average operational EBIT growth and 15% ROCE.
Expecting profits to improve in H2 and into 2025, with bottoming of results in 2024.
Longer-term outlook is uncertain due to global macroeconomic and geopolitical factors.
No major impact expected from recent tariff changes; no separate short-term guidance provided.
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