Arcure (ALCUR) Q2 2025 TU earnings summary

Executive summary

• Half-year sales reached €6.3 million, down from €10.1 million in the first half of 2024, reflecting a 38% decrease year-over-year.

• Sales contraction attributed to a slowdown in aftermarket demand and delayed investments by key accounts, especially in Q1 2025.

• Significant base effect from a €1.7 million OEM order in 2024 not yet offset by new orders for Blaxtair 5.

• Cost adaptation measures implemented to limit negative impact on results.

Financial highlights

• Half-year revenue: €6.3 million, compared to €10.1 million in the same period last year.

• Sales down 26% year-over-year when adjusted for the exceptional OEM order in 2024.

• Aftermarket sales remain constrained, with some vehicle manufacturers seeing up to a 40% drop in new vehicle sales in Q1 2025.

Outlook and guidance

• Initial OEM revenues from Blaxtair 5 expected in the second half of 2025, with further ramp-up in 2026.

• New distribution agreements in the USA and France anticipated to boost sales in H2 2025.

• Medium-term market fundamentals remain solid, with growing interest from major OEMs and equipment manufacturers.