Aalberts (AALB) Q4 2025 earnings summary

Executive summary

• Revenue reached EUR 3.09 billion in 2025, with organic decline of 2.5% year-over-year due to market softness, destocking, and macroeconomic/geopolitical headwinds.

• EBITDA/EBITA was EUR 410 million (13.2% margin), down from 15% in 2024, with net profit at EUR 284 million.

• Free cash flow improved to EUR 361 million, supported by inventory reduction and operational efficiency, with a 64% conversion rate.

• Portfolio optimization advanced with three acquisitions (Geo-Flo, Paulo, GVT) and divestments (Metalis, EPC, partial Kan stake, Broen).

• First year of Thrive 2030 strategy focused on operational excellence, sustainability, and long-term growth drivers.

Financial highlights

• Revenue: EUR 3.09 billion, organic decline of 2.5% year-over-year.

• EBITDA/EBITA: EUR 410 million (13.2% margin), down from 15% in 2024.

• Net profit: EUR 284 million; EPS: EUR 2.61.

• Free cash flow: EUR 361 million, 64% conversion, up 8–10% from prior year.

• CapEx: EUR 189 million, focused on high-return investments and nearly 50% reduction in building segment.

• Net debt increased to EUR 981 million (up EUR 300 million), leverage ratio at 1.8.

• Dividend proposed at EUR 1.15 per share; EUR 75 million share buyback program announced.

Outlook and guidance

• 2026 outlook targets improved organic growth and EBITDA/EBITA margin across all segments, with continued Thrive 2030 deployment.

• Building: Continued growth in commercial, stable residential, challenges in France/Germany.

• Industry: Positive in aerospace, power gen, defense; flat in automotive and some industrials.

• Semicon: Recovery expected in second half of 2026, with order book momentum and backend growth.

• CapEx for 2026 expected around EUR 190 million.