Gestamp Automoción (GEST) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €8.486 billion, down 4.9% year-over-year, mainly due to negative forex and lower organic growth in Western Europe and Asia.

• EBITDA margin improved to 11% (excluding Phoenix impact), up 38–40 basis points year-over-year, reflecting cost reductions and operational improvements.

• Net income was €104 million, down from €127 million in 2024, mainly due to negative financial results and forex impacts.

• Leverage reduced to 1.6x net debt/EBITDA, the lowest since IPO, with net debt at €2.107 billion.

• Focus remains on profitability, cash flow generation, and balance sheet strength amid challenging market conditions.

Financial highlights

• EBITDA for nine months was €925 million (10.9% margin); excluding Phoenix, €937 million (11% margin).

• EBIT nearly flat at €399 million (4.7% margin); excluding Phoenix, €411 million (4.8% margin).

• Free cash flow was negative €41 million, impacted by Q3 seasonality and working capital.

• Q3 2025 revenues were €2,642 million, down 5.2% year-over-year; Q3 EBITDA margin was 10.8% (excluding Phoenix).

Outlook and guidance

• Global light vehicle production expected to grow 2% in 2025, driven by Asia.

• Revenue guidance revised to underperform the market, but EBITDA margin expected at upper end of guidance.

• Leverage expected to end 2025 better than 2024, with free cash flow in line with prior year.

• CapEx ratio to revenues expected to decrease in coming years.