Arteche Lantegi Elkartea (ART) H2 2025 earnings summary

Executive summary

• Achieved double-digit growth in order intake (EUR 590.1 million, +16%) and revenue (EUR 508.4 million, +15.3%), surpassing EUR 500 million in revenue for the first time and exceeding strategic plan targets ahead of schedule.

• Net profit nearly doubled to EUR 45.3 million (+93.4% year-over-year), reflecting strong execution of the strategic plan and margin expansion.

• EBITDA rose 43.6% to EUR 80.5 million, with margin expanding to 15.8%, driven by sales growth, product mix, and operational productivity.

• Transitioned from BME Growth to the Main Market in February 2026, reflecting maturity, consolidation, and enhanced governance.

• Significant progress in ESG, innovation, and corporate governance, including improved ratings, sustainability milestones, and increased female management representation.

Financial highlights

• Direct margin improved by 170 bps to 37.3% (EUR 191.3 million, +18.6%), reflecting pricing, product mix, and cost control.

• Free cash flow reached EUR 25.8 million, supporting financial flexibility and representing 32% of EBITDA.

• Net financial debt reduced to EUR 22.7 million (0.28–0.3x EBITDA), with high liquidity and improved leverage.

• Earnings per share rose to EUR 0.79 from EUR 0.41 year-over-year (+93.7%).

• Dividend payout of EUR 9.4 million (50% payout), with a proposal to double to EUR 22.6 million in 2026.

Outlook and guidance

• 2026 sales forecasted between EUR 555–585 million, with EBITDA between EUR 87.7–95.4 million and margin of 15.8–16.3%.

• Growth opportunities expected in all geographies, especially in network reliability, power quality, storage, and digitalisation.

• New strategic plan for 2027–2029 to be presented in 2026.