De'Longhi (DLG) Q3 2025 earnings summary

Executive summary

• Revenues grew 10.4% year-over-year to €2,461.4 million in the first nine months of 2025, with both Household and Professional divisions contributing and all regions reporting growth.

• Q3 2025 revenues reached €877.2 million, up 8.9% year-over-year (11.5% at constant currency), with record adjusted EBITDA margin of 17%.

• Growth was driven by leadership in the home coffee market and strong expansion in the professional division, especially La Marzocco and Eversys.

• Net financial position strengthened to €308.7 million at September 2025, despite significant shareholder returns.

• Achieved strong results amid macroeconomic uncertainty, high currency volatility, and ongoing strategic agility.

Financial highlights

• Q3 adjusted EBITDA was €148.8 million (17.0% margin), up 13.4% year-over-year; nine-month adjusted EBITDA was €389.5 million (15.8% margin), up 16.0%.

• Net income for nine months was €187.6 million (7.6% of revenues), up 8.0% year-over-year.

• Net industrial margin for nine months was 52.8% of revenues; Q3 margin at 52.6%.

• Free cash flow before dividends, buybacks, and acquisitions was €298.3 million positive over 12 months, but negative €82.2 million for nine months due to inventory build-up.

• Net financial position was €308.7 million as of September 2025.

Outlook and guidance

• Full-year 2025 revenue growth guidance raised to 7.5%-8.5%, with adjusted EBITDA expected between €610–620 million.

• Guidance incorporates volume expansion, product mix, tariff effects, and higher marketing investments.

• Continued positive contributions expected from both divisions in Q4, despite tariff and geopolitical headwinds.