Hunyvers (ALHUN) H1 2025 earnings summary

Executive summary

• Revenue for H1 2024-2025 was €48.7M, down 5.1% year-over-year, with a 1.7M contribution from recent boating acquisitions and a record gross margin of 21% of sales.

• Strategic focus remained on external growth and operational efficiency, especially in the nautical segment, with three new entities integrated.

• Leadership reinforced by recent acquisitions, expanding presence in both leisure vehicles (VDL) and nautical markets.

• Operating loss widened to €1.9M from €0.9M, reflecting increased seasonality and higher external charges from acquisitions.

• Net loss increased to €2.8M from €1.3M, mainly due to higher financial expenses linked to inventory financing.

Financial highlights

• Gross margin improved to 21.0% of sales (vs. 19.5% last year), with gross margin rising to €10.2M (+2.0%).

• Net result was a loss of €2.8M, impacted by integration costs, seasonality, and higher financial expenses.

• EBITDA was negative at €1.4M, compared to €0.75M loss a year earlier.

• Cash flow from operations was positive at €0.55M, but overall cash decreased by €3.35M due to acquisitions and debt repayments.

• Total assets stood at €95.6M at February 28, 2025, with equity of €25.8M.

Outlook and guidance

• Full-year revenue target revised down to at least €130M (from €150M) due to delivery delays and reduced visibility in the boating segment.

• Management expects improved profitability and positive cash generation in H2, supported by seasonality, better product mix, and operational synergies.

• Continued focus on deleveraging and working capital improvement.