Accsys Technologies (AXS) H2 2025 earnings summary

Executive summary

• Achieved strong FY 2025 results with 13% sales volume growth and adjusted EBITDA up 125% year-over-year to €10.8m, despite challenging macroeconomic conditions.

• Launched a new focus strategy in January 2025, emphasizing operational efficiency, customer-centricity, and sustainability, delivering €4.6m in cost savings.

• Successfully commissioned Accoya USA JV, expanding the international footprint and de-risking the business profile.

• Discontinued and liquidated Tricoya UK (Hull) plant, simplifying operations and resulting in cost savings.

• Improved balance sheet by reducing leverage and increasing free cash flow.

Financial highlights

• Group sales volumes up 13% year-over-year, with 16% growth in North America and 27% in UK & Ireland.

• Aggregated revenue (including JV) up 8.2% to €147.4m; group revenue flat at €136.6m due to JV sales transfer.

• Gross margin improved by 30bps to 30.3%, exceeding targets.

• Adjusted EBITDA up 125% to €10.8m, margin up 380bps to 7.3%.

• Free cash flow improved to €8.8m from €3.7m last year; net debt increased to €42.6m, mainly due to JV investment and inventory build.

Outlook and guidance

• Confident in long-term growth, targeting 100,000m³ in volume and 12% EBITDA margin by FY 2027.

• Focus on maintaining premium pricing, 30% gross margin, and 75% operating cash flow conversion.

• Positive start to FY 2026 with healthy order books and continued demand growth, especially in North America.

• Funding in place to support growth plans, with no significant capex required in the near term.

• No final dividend proposed; focus remains on deleveraging and disciplined growth.