Hunyvers (ALHUN) H2 2025 earnings summary

Executive summary

• Annual revenue reached €122.7M, down 5.9% year-over-year amid a broad market slowdown in boating and normalization of leisure vehicle (VDL) inventories.

• Operating profit remained positive at €0.9M, despite a challenging environment and losses in the boating segment.

• Net result turned negative at -€0.8M, impacted by higher financial expenses related to new vehicle inventory financing.

Financial highlights

• Revenue declined 5.9% to €122.7M; at constant scope, sales dropped 10.8%.

• Gross margin improved to 21% of sales from 20% the previous year.

• Operating margin fell to 0.7% from 2.5% year-over-year.

• Net cash flow from operations was positive at €5.3M, reversing a negative trend from the prior year.

• Net financial debt decreased to €16.4M, with equity at €27.6M.

Outlook and guidance

• Expects improved activity and profitability in 2025-2026, with acceleration in the second half.

• Anticipates benefits from new VDL collections, improved delivery processes, and a favorable base effect in boating.

• Market conditions expected to be more favorable for both business segments.