De'Longhi (DLG) Q3 2025 earnings summary

Executive summary

• Achieved record nine-month revenues of €2,461.4 million, up 10.4% year-over-year (11.7% at constant currency), with Q3 revenues of €877.2 million, up 8.9% (11.5% at constant currency).

• Adjusted EBITDA margin improved to 17.0% in Q3 and 15.8% for the nine months, with net income up 8.0% for the nine months.

• Both Household and Professional divisions outperformed, with Professional posting over 40% Q3 growth and Household up 7.6% at constant FX.

• Strategic marketing campaigns, product innovation, and global events drove brand engagement and market expansion.

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

Financial highlights

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

• Net income for nine months: €187.6 million, up 8.0% year-over-year.

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

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

• Europe grew 9.3% (9.2% at constant currency), Americas up 8.2% at constant currency, Pacific up 20.2% at constant currency.

Outlook and guidance

• Full-year revenue growth expected between 7.5% and 8.5%, with adjusted EBITDA between €610 and €620 million, inclusive of tariff effects and increased marketing investment.

• Expect continued positive contributions from both divisions in Q4, despite tough comparisons and tariff headwinds.

• Inventory normalization expected to generate strong Q4 cash flow, with annual free cash flow projected at €250–300 million.

• Persistent geopolitical uncertainties and currency volatility are being closely monitored.