Ahlstrom Oyj (AM1S) Q3 2025 earnings summary

Executive summary

• Achieved record high profitability in Q3, with both absolute EBITDA and EBITDA margin reaching new peaks, supported by the Stevens Point acquisition.

• Net sales increased by 4% at constant currency, though like-for-like core business sales declined by 2% amid soft market conditions.

• Strategic actions included the acquisition of EBF and the divestment of the abrasives business, further focusing the portfolio on specialty and high-growth segments.

• Continued strong innovation pipeline with several sustainable product launches supporting future growth.

Financial highlights

• Q3 net sales were flat year-over-year at €743 million, but up 4% at constant currency, driven by Stevens Point.

• Comparable EBITDA rose from €130 million to €140 million, with margin increasing from 17.5% to 18.8%.

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

• Pro forma adjusted EBITDA for the last twelve months was €584 million, slightly lower due to FX and portfolio changes.

• Operating cash flow remained solid, with stable performance over eight consecutive quarters.

Outlook and guidance

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

• No formal outlook provided, but continued focus on operational efficiency and margin improvement.