Gestamp Automoción (GEST) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €2,983 million, down 2.2% year-over-year, mainly due to weak Western Europe performance and negative forex impacts.

• Profitability remained stable, with EBITDA margin at 10.1% reported and 10.3% excluding Phoenix Plan costs, despite volume and inflation pressures.

• Phoenix Plan in NAFTA delivered a 187 bps EBITDA margin improvement year-over-year, on track for full-year targets.

• Net income fell to €27 million, mainly due to higher minority interest and increased depreciation.

• Guidance for 2025 reiterated, expecting low single-digit revenue growth and stable profitability.

Financial highlights

• EBITDA: €300 million (10.1% margin); excluding Phoenix, €307 million (10.3% margin), flat year-over-year.

• EBIT: €120 million (4% margin), down 10.7% year-over-year; excluding Phoenix, €127 million (4.3%).

• Net income: €27 million, down from €55 million in Q1 2024.

• Net debt: €2,219 million, reduced by €14 million year-over-year, lowest Q1 level since IFRS 16.

• Negative free cash flow in Q1 due to seasonality, but full-year positive free cash flow expected.

Outlook and guidance

• Full-year 2025 guidance reiterated for sales, profitability, free cash flow, and leverage.

• Market volumes expected to decline, especially in North America and Western Europe, but impact limited due to local-to-local business model.

• Measures in place to preserve profitability and financial strength amid market uncertainty.

• Guidance excludes extraordinary Phoenix Plan costs.