B&S Group (BSGR) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 performance was in line with expectations, with constant currency revenue growth of 4% and reported revenue of approximately €570 million.

• Q1 2025 turnover rose 5.3% to €557.8 million, with growth in most segments except Liquors and Retail.

• Normalizing for divested non-strategic activities, growth would have been around 10%.

• Performance achieved amid geopolitical uncertainty and global trade tensions impacting sales, margins, and working capital.

• Health segment was divested in April, and non-strategic liquor activities were also sold, impacting reported figures.

Financial highlights

• Reported revenue for Q1 2025 was about €570 million.

• Gross profit margin decreased from 15.8% in Q1 2024 to 15.1% in Q1 2025, as expected.

• Constant currency growth was 4% year-over-year; normalized growth (excluding divested activities) was approximately 10%.

• Staff costs increased year-over-year, while other operating expenses were modestly lower.

• Working capital in days improved compared to Q1 2024, despite an absolute increase in working capital.

Outlook and guidance

• Top-line (revenue) growth for the full year is expected to be approximately 5% organically, consistent with previous guidance.

• Consolidated topline expected to grow ~5% after adjusting for divested revenue.

• No updated EBITDA margin guidance provided due to increased global uncertainties and market volatility since early April.

• Management will revisit EBITDA margin guidance after Q2, seeking more clarity on geopolitical and economic developments.

• Staff and operating expenses projected to grow modestly.