Gesco (GSC1) Q3 2025 earnings summary

Executive summary

• EBIT rose by 20.4% year-over-year to €15.3m in Q3 2025, despite a 4.7% decline in revenue to €364.7m.

• Group earnings increased by 55.1% to €8.3m, with EPS up 58.2% to €0.80.

• Order backlog and incoming orders both declined by 7.9% and 6.4% year-over-year, respectively.

• Portfolio optimization included the acquisition of Eckart and divestment of AstroPlast and Doerrenberg's Foundry and Steelworks divisions.

• New segment structure implemented as of January 2025, focusing on Materials Refinement & Distribution, Health Care & Lifescience, and Industrial Assets & Infrastructure.

Financial highlights

• Revenue for the first nine months fell to €364.7m from €382.9m year-over-year.

• EBITDA increased by 6.4% to €28.2m; EBIT up 20.4% to €15.3m; EBT rose 36.8% to €12.6m.

• Free cash flow (excl. M&A) reached €22.6m; net debt including leasing at €46.9m.

• ROS improved to 4.2% from 3.3% year-over-year.

• Employee count decreased by 10.7% to 1,668 due to disposals and efficiency measures.

Outlook and guidance

• 2025 revenue guidance adjusted to €480–500m (previously €485–515m) due to weak October and project delays.

• Net income guidance lowered to €9–12m from €13–17m, citing one-time effects.

• Ongoing geopolitical tensions, economic uncertainty, and customer reluctance are expected to impact order intake and earnings.