Comer Industries (COM) Q4 2025 earnings summary

Executive summary

• Consolidated revenues for 2025 were €893.7 million, down 5.2% year-over-year (–3.4% at constant exchange rates).

• EBITDA reached €144.7 million (16.2% margin), EBIT €90.2 million (10.1% margin), and net profit €61.3 million (6.9% margin).

• Adjusted net profit was €76.6 million (8.6% margin), reflecting recurring profitability.

• Net financial debt decreased to €28.9 million, with leverage ratio reduced to 0.2x.

• A dividend of €0.85 per share is proposed for 2025.

Financial highlights

• Revenue declined 5.2% year-over-year, mainly due to lower demand in the agricultural sector in H1.

• EBITDA margin remained stable at 16.2% despite lower turnover, supported by cost management and integration synergies.

• Net profit fell to €61.3 million from €67.2 million in 2024.

• Free cash flow was €71.3 million, with a cash conversion rate of 49.3%.

• Shareholder equity increased by €17.5 million to €561.7 million.

Outlook and guidance

• 2026 sales are expected to align with main OEMs, with growth from new projects and the recent acquisition.

• Margins are projected to remain in line with 2025 on a like-for-like basis.

• Continued improvement in net financial position is anticipated through ongoing cash generation.