Gesco (GSC1) H2 2025 earnings summary

Executive summary

• 2025 revenue reached €495.0 million, down 3.7% year-over-year, with consolidated profit after minority interests at €9.9 million, more than doubling from €4.4 million, driven by portfolio restructuring, operational improvements, and one-off effects.

• EBIT for 2025 was €15.5 million, up 2.1% year-over-year, and earnings per share increased to €0.96 from €0.42.

• Portfolio restructuring reduced reliance on Germany, increasing revenue shares from the US and Asia.

• Operational measures and cost discipline contributed to enhanced earnings quality despite a challenging market.

Financial highlights

• EBITDA for 2025 was €33.8 million, down 7.9% year-over-year.

• Earnings before tax (EBT) rose to €11.4 million from €10.0 million year-over-year.

• Total assets at year-end were €447.4 million, with equity at €272.6 million and an equity ratio of 60.9%.

• Dividend proposal of €0.20 per share, up from €0.10 in the previous year.

• Group earnings: €9.9 million, more than double the prior year.

Outlook and guidance

• 2026 sales forecast: €515–530 million.

• 2026 group earnings forecast: €15–20 million.

• Forecast subject to high volatility and uncertainty due to geopolitical risks.

• The group will continue focusing on financial stability amid ongoing geopolitical risks and weak demand.