Hawesko Holding (HAW) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was €135.3m, down 5.2% YoY, amid weak demand, consumer uncertainty and Easter shifting into Q2; operating EBITDA fell to €8.0m and operating EBIT to €1.6m.

• B2B sales edged higher, offsetting part of declines in Retail and E-Commerce; the Easter period and spring campaigns supported a more positive sales trend after mid-February weakness.

Financial highlights

• Revenue €135.276m vs €142.656m YoY (-5.2%); gross profit €59.697m vs €63.357m (-5.8%).

• Operating EBITDA €8.024m vs €9.994m; operating EBIT €1.636m vs €3.822m.

• Reported EBIT was €1.386m after €0.250m of restructuring expenses; net loss was €0.413m vs net income of €1.393m, with EPS of -€0.05 vs €0.15.

Outlook and guidance

• FY2025 sales expected to match or slightly exceed prior-year levels; operating EBITDA and EBIT are expected to reach roughly prior-year levels despite the weak Q1 earnings start.

• FY2025 operating EBIT guidance remains €31m–€34m, free cash flow €14m–€20m and ROCE 11%–14%.

• Catch-up effects and a modest economic recovery, particularly in H2, are expected to support Retail and E-Commerce; B2B is expected to benefit from product-range expansion, especially spirits.