B&S Group (BSGR) Q3 2025 TU earnings summary

Executive summary

• Achieved satisfactory performance in Q3 2025, reflecting strategic decisions and resilience amid complex market conditions, including tariff discussions, inflation, and geopolitical tensions.

Financial highlights

• 9M 2025 turnover from continuing operations rose 2.4% to €1,705.2M (+3.2% at constant currency) compared to 9M 2024.

• Normalized turnover growth from continuing operations, excluding divested Liquor business, was approximately 6%.

• Q3 2025 turnover decreased by 1.1% to €585.5M (+0.7% at constant currency) compared to Q3 2024.

• Overall gross profit margin as a percentage of turnover increased in Q3 2025.

• Working capital markedly decreased year-over-year, driven by working capital management and divestments.

• Financial expenses declined significantly due to lower interest rates and reduced debt.

Outlook and guidance

• Topline growth for most segments expected to align with 2024-2026 financial objectives, except for Liquors and Travel Retail.

• Projected consolidated topline growth of approximately 5% after adjusting for divested revenue.

• EBITDA margin anticipated at the lower half of the 2024-2026 financial objectives due to geopolitical and tariff-related pressures.