Etex (094124453) H2 2025 earnings summary

Executive summary

• Delivered strong 2025 results with stable revenues and improved profitability despite global construction market challenges and adverse currency impacts.

• Strategic efficiency programs generated over EUR 100 million in savings, offsetting inflation and supporting growth in select markets.

• Significant investments in manufacturing, sustainability, and acquisitions, including Drumarkon and a joint venture with Kunooz Oman Holding.

• Maintained high employee engagement and safety standards, with 78% of sites injury-free and zero fatalities.

Financial highlights

• Revenue reached EUR 3.747 billion, down 0.8% year-over-year, but up 1.7% like-for-like (constant currency).

• REBITDA increased 0.4% to EUR 698 million (up 4.8% like-for-like), with a near-record margin of 18.6%.

• Net recurring profit (Group share) rose 1.8% to EUR 269 million; net profit (Group share) up 42.9% to EUR 237 million.

• Free cash flow before dividends and acquisitions was EUR 190 million.

• Net financial debt reduced by 7.4% to EUR 1.027 billion.

• Capital expenditure increased to EUR 299 million from EUR 264 million in 2024.

• Proposed gross dividend of EUR 1.03 per share, unchanged from previous years.

Outlook and guidance

• Cautiously optimistic for 2026, expecting possible sales recovery amid ongoing economic and political uncertainty.

• Aims for accelerated growth, further efficiency gains, and continued commercial excellence.