Duro Felguera (MDF) H2 2025 earnings summary

Executive summary

• Revenue fell sharply to €57.1M in 2025 from €144.4M in 2024, reflecting a challenging year marked by project cancellations and financial restructuring.

• Net loss deepened to €89.3M, with negative EBITDA of €55.4M and negative equity of €347.2M at year-end.

• The company entered a pre-insolvency process and sought judicial approval for a comprehensive restructuring plan.

Financial highlights

• Revenue: €57.1M (down 60% year-over-year).

• Net loss: €89.3M (vs. €88.2M loss in 2024).

• EBITDA: -€55.4M (vs. -€42.4M in 2024).

• Negative equity: €347.2M.

• Operating cash flow: -€20.9M.

• Workforce reduced from 401 to 310 employees.

Outlook and guidance

• Recovery in 2026 depends on judicial approval of the restructuring plan and execution of new contracts worth $300M.

• Management expects normalization of activity and gradual economic recovery if the plan is approved.