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hGears (HGEA) investor relations material
hGears Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Profitability improved despite a challenging environment and weak e-Bike market, supported by cost-saving measures and production shifts; 9M25 results slightly exceeded expectations.
Third quarter marked the weakest in company history due to sales pulled forward, but overall nine-month profitability increased and management sees early signs of stabilization in e-Bikes.
Liquidity and cash preservation remain top priorities, with a stable balance sheet and improved free cash flow.
Management raised and confirmed 2025 guidance, expecting revenues at the upper end of the range and improved EBITDA and free cash flow.
Financial highlights
Nine-month 2025 sales totaled between EUR 69.6 million and EUR 72.1 million, down 3.8% year-over-year; Q3 sales declined 8.4% year-over-year and 17% sequentially.
Adjusted gross profit was EUR 31.8 million, down EUR 1.9 million year-over-year, with a gross margin of 45.6%.
Adjusted EBITDA improved to EUR 0.9 million, with a margin of 1.3%, driven by EUR 1.9 million in personnel savings and EUR 0.5 million OPEX reduction.
Free cash flow improved to EUR -0.6 million from EUR -2.5 million last year.
Net debt ranged from EUR 8.7 million to EUR 17.2 million, with cash and equivalents at EUR 8.7 million and total liquidity of EUR 10.7 million including undrawn credit.
Equity ratio at 45.1% at end of nine months, down from 49.4% at year-end.
Outlook and guidance
2025 guidance: revenues EUR 87–90 million, adjusted EBITDA EUR -1 million to +1 million, free cash flow EUR -2 million to zero.
Expectation of gradual recovery in e-Bike segment in 2026 as destocking nears completion.
CapEx to remain below 3% of sales, focusing on maintenance and selective investments.
Pace of e-Bike recovery in 2026
E-Mobility: new growth beyond current drivers
Diversification strategy: focus and challenges
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Q4 202526 Mar, 2026
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