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 15.0% prior year, with net profit at EUR 284 million.

• Free cash flow improved to EUR 361 million, supported by inventory reduction and operational excellence.

• Portfolio optimization advanced with three acquisitions (Geo-Flo, Paulo, GVT) and divestments (Metalis, KAN, Broen), supporting strategic realignment.

• The first year of the Thrive 2030 strategy saw progress in operational excellence, sustainability (SDG rate 71%), and innovation, despite challenging end markets.

Financial highlights

• Revenue: EUR 3.09 billion, down 2.5% organically year-over-year.

• EBITDA/EBITA: EUR 410 million (13.2% margin), with a EUR 73 million organic decline and a EUR 20 million non-cash inventory correction.

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

• Free cash flow: EUR 361 million, 64% conversion, up from 54% 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 (leverage ratio 1.8) to support acquisitions.

• Dividend proposed at EUR 1.15 per share and EUR 75 million share buyback.

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 and Germany.

• Industry: Positive in aerospace, power generation, defense; flattish in automotive and machine build.

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

• CapEx for 2026 expected around EUR 190 million.