Grupo Industrial Saltillo (GISSA A) Q3 2025 earnings summary

Executive summary

• Q3 consolidated revenue rose 3% YoY to $249M; Draxton revenue increased 4% to $229M, while Draxton EBITDA fell 14% to $25M.

• Margins were pressured by Evercast stabilization costs, weak commercial-vehicle demand and planned European shutdowns.

• New programs awarded through September represent an estimated $167M in future sales, nearly 20% of Draxton’s annual revenue.

• Knut Bentin became CEO effective August 18, with priorities including operational improvement, margin expansion and disciplined execution.

Financial highlights

• Q3 consolidated revenue was $249M, up 3% YoY; 9M revenue was $752M, down 3%.

• Q3 Draxton revenue rose 4% to $229M; 9M revenue was $693M, down 1%.

• Q3 Draxton EBITDA was $25M, down from $29M a year earlier; 9M EBITDA was $85M, up 4%.

• Q3 Cinsa revenue was $20M, down 7%; 9M revenue was $58M, down 20%.

Outlook and guidance

• 2025 CAPEX guidance was reduced to $75M; priorities include working-capital discipline, cash generation and optimizing investment.

• Evercast’s Q3 impact is expected to be much lower in Q4, though stabilization work on maintenance backlog and plating controls continues.

• Management retained a $300-per-ton EBITDA target; stabilized value-added operations could support performance above it, with no specific timing given.

• European performance is expected to improve in Q4, with higher volumes than Q3, though below desired levels.

• Priorities include stabilizing operations, fully utilizing expanded value-added capacity, improving North American performance and expanding European commercial-vehicle platforms.