Ahlstrom Holding 3 Oy (AM1S) Q3 2025 earnings summary

Executive summary

• Achieved record high profitability in Q3, with both absolute EBITDA and EBITDA margin at all-time highs, supported by the Stephens Point acquisition and strategic portfolio management.

• Net sales increased 4% at constant currency, though like-for-like sales (excluding acquisitions/divestitures) declined 2% amid soft market conditions.

• Strong operating cash flow and disciplined execution of the growth agenda, including new product launches and further M&A activity.

Financial highlights

• Q3 net sales were €743 million, flat year-over-year, but up 4% at constant currency due to the Stephens Point acquisition.

• Comparable EBITDA rose from €130 million to €140 million, with a record margin of 18.8%.

• Reported EBITDA increased 50% year-over-year to €124 million, with a margin of 16.7%.

• Pro forma adjusted EBITDA (LTM) was €584 million, slightly lower than last quarter due to FX and divestitures.

• CapEx for the year is expected to be €160 million, in line with last year.

Outlook and guidance

• Market conditions remain soft, with no expected uptick in Q4; resilience expected from portfolio diversity.

• No formal quantitative guidance provided, but management remains focused on execution and deleveraging.