Datalogic (DAL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 1.3% year-over-year to €112.7 million, driven by 10.5% growth in the Data Capture segment and new products accounting for 19.2% of sales, up from 11.2% last year.

• Gross margin improved to 43.3% (+4.8 pp year-over-year), reflecting productivity gains and favorable product mix.

• Adjusted EBITDA surged to €6.8 million (6.0% margin), up from €2.1 million (1.9%) in Q1 2024, driven by productivity and mix.

• Net loss was €5.9 million, compared to a €6.0 million profit last year, which included a €20 million gain from a subsidiary sale.

• Net financial debt increased to €26.8 million by March 2025, up from €22.7 million a year ago and €9.5 million at year-end 2024.

Financial highlights

• Gross margin: 43.3% of sales, up from 38.4% year-over-year.

• Adjusted EBIT improved to -€1.4 million from -€5.5 million year-over-year.

• Operating expenses rose to €50.1 million, mainly due to a 13.7% increase in R&D expenses.

• Net working capital increased to €52.0 million, up 37.6% from year-end 2024.

• Net trade working capital rose to €76.7 million (15.5% of sales), up from €64.4 million (13.0%) at year-end.

Outlook and guidance

• Full-year 2025 outlook unchanged; revenue growth expected in the range of +3% to +6%, with double-digit order growth in both segments.

• First half of 2025 expected to be flat year-over-year, with stronger growth anticipated in the second half.

• Targeting double-digit operating margins for full-year 2025, barring major macro/geopolitical shocks.

• Continued focus on innovation and product launches, with R&D cash out at 14.6% and a vitality index of 19.2%.