B&C Speakers (BEC) Q1 2025 earnings summary

Executive summary

• Global leader in professional electro-acoustic transducers, operating under four brands with a presence in over 80 countries and four factories.

• FY2024 revenues reached €100.4M, up 6.8% year-over-year, with net profit at €18.2M, up 30% from 2023.

• Q1 2025 revenues rose 8.3% to €25.83M, with EBITDA up 25.3% to €6.30M and net profit up 14.6% to €3.73M.

• Net financial position turned positive at €2.52M in Q1 2025, up from a negative €0.92M at FY2024 year-end.

• Recent acquisitions and integration of new entities contributed to growth, with a focus on R&D and innovation.

Financial highlights

• FY2024: Revenues €100.4M (+6.8%); EBITDA €21.8M (21.7% margin); EBIT €19M (19% margin); Net profit €18.2M (+30%).

• Q1 2025: Revenues €25.83M (+8.3%); EBITDA €6.30M (24.4% margin); EBIT €5.58M (21.6% margin); Net profit €3.73M (14.4% margin).

• Gross margin improved to 40.9% in Q1 2025 from 37.0% year-over-year; FY2024 gross margin was 36.9%.

• Cash and cash equivalents rose to €11.47M in Q1 2025, a 23% increase from December 2024.

• Net financial position at €-0.9M (cash negative) at FY2024 year-end, turning positive to €2.52M in Q1 2025.

Outlook and guidance

• Solid additional growth expected in 2025, especially from new entities and core Touring & Rental business.

• Double-digit growth targeted in Instrument AMP segment; significant turnover expected from new Car Audio products.

• Continued focus on R&D with at least five new patent products in the pipeline.

• Market uncertainty persists due to US-China tariffs, supply chain disruptions, and the Russia-Ukraine conflict.

• Management remains focused on meeting commitments and mitigating risks.