Biesse (BSS) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were €482.4 million, down 14% year-over-year, with declines across all regions and segments.

• Adjusted EBITDA was €25.2 million (5.2% margin), a 42.7% decrease, and net result was negative €8.9 million, down €11.5 million from the prior year.

• Order intake dropped by €53 million versus Q3 2024, with backlog down 17.4% to €210.9 million and the Americas seeing the largest decline.

• Headcount reduced by 408 employees year-over-year, reflecting ongoing restructuring and cost containment.

• The company faced a challenging macroeconomic and geopolitical environment, with trade tensions, tariffs, and competitive pressures from Asia.

Financial highlights

• Net sales for Q3 2025 were €482.4 million, down 14% from Q3 2024.

• Adjusted EBITDA was €25.2 million (5.2% margin), and EBIT was negative €1.9 million (-0.4% margin).

• Net result was negative €8.9 million, compared to a profit of €2.6 million in Q3 2024.

• Net financial position (with IFRS 16) was €-48.2 million at Q3 2025, deteriorating by €43.4 million from December 2024.

• Operating net working capital increased by €13 million since December 2024, mainly due to lower contract liabilities.

Outlook and guidance

• Management expects Q3 to mark the bottom, with gradual improvement in financial indicators and order intake starting in Q4.

• Q4 is anticipated to be the strongest quarter, benefiting from a streamlined cost base and improved working capital management.

• Slight headcount and labor cost increases are expected in 2026, driven by selective hiring in key areas.

• Industrial integration, particularly with GMM, will continue into the first half of 2026.

• The company expects continued volatility due to global trade tensions, geopolitical conflicts, and weak demand in key markets.