Etex (094124453) H1 2025 earnings summary

Executive summary

• Delivered stable revenues of €1,926 million for H1 2025, down 0.2% year-over-year but up 1.5% like-for-like, reflecting resilient performance amid a depressed construction market.

• Maintained strong REBITDA margin at 18.3% despite a 6.4% decrease in REBITDA to €353 million, mainly due to adverse currency effects and challenging markets in France, Argentina, and Nigeria.

• Net recurring profit declined 17.8% to €125 million, while net profit increased 7.7% to €115 million, driven by reduced hyperinflation impacts and lower non-recurring charges.

• Financial debt remained stable at €1,219 million, with a net financial debt/REBITDA ratio of 1.8x.

• Continued investments in manufacturing, sustainability, and innovation, including a €200 million expansion in the UK and €65 million in Latin America.

Financial highlights

• Revenue: €1,926 million (-0.2% year-over-year; +1.5% like-for-like).

• REBITDA: €353 million (-6.4% year-over-year; -2.8% like-for-like); margin at 18.3%.

• Net recurring profit: €125 million (-17.8% year-over-year).

• Net profit: €115 million (+7.7% year-over-year).

• Net financial debt: €1,219 million (stable year-over-year).

• Earnings per share: €1.46 (diluted, up from €1.36 in H1 2024).

• Recurring operating income (REBIT) fell 10.2% to €219 million.

• Operating cash flow (EBITDA) was €338 million, down 1.2% year-over-year.

• Capital expenditure increased to €104 million.

Outlook and guidance

• Expects stable performance across all businesses for the remainder of 2025 despite ongoing market volatility.

• Plans to continue investing in manufacturing, sustainability, and strategic opportunities, while implementing cost reduction programs.

• Anticipates gradual market momentum rebuilding in 2026.