Gesco (GSC1) H1 2025 earnings summary

Executive summary

• Demonstrated resilience amid challenging macroeconomic conditions, with stable sales and improved earnings despite lower order intake year-over-year.

• The acquisition of Eckart GmbH was completed, expanding the Industrial Assets & Infrastructure segment and expected to contribute to future growth but not materially impact 2025 earnings.

• Portfolio optimization through divestments at the end of 2024 and a new segmentation structure effective January 2025.

Financial highlights

• Incoming orders fell 12.8% year-over-year to €240.3 million; sales declined 6.2% to €237.2 million.

• EBITDA rose 5.1% to €16.5 million; EBIT increased 26.4% to €8.3 million; EBT up 58.2% to €6.5 million.

• Group earnings more than doubled to €4.5 million; EPS rose to €0.44 from €0.19.

• EBITDA margin improved to 6.9% (H1 2024: 6.2%); cost of materials and personnel expenses ratios reduced.

• Cash and cash equivalents increased to €43.2 million (+29.7% vs. year-end 2024); equity ratio at 60.5%.

Outlook and guidance

• 2025 sales forecast remains €485–515 million; group earnings expected between €13–17 million.

• Eckart GmbH acquisition to add €20 million in sales but not significantly affect 2025 earnings due to one-off costs.

• Ongoing geopolitical tensions and US trade policy seen as key uncertainties for the remainder of 2025.