Hunyvers (ALHUN) Q2 2025 TU earnings summary

Executive summary

• First-half revenue reached €48.7M, down 5.1% year-over-year, with a more pronounced decline at constant scope.

• Second quarter was impacted by longer preparation and delivery times for leisure vehicles, affecting sales.

• Order book for leisure vehicles remains solid, supporting a positive outlook for the second half.

Financial highlights

• Consolidated revenue for H1 2024-2025 was €48.7M, a 5.1% decrease compared to H1 2023-2024.

• Leisure vehicles (VDL) revenue fell 6.8% to €44.0M; used vehicle sales rose 3.5%, new vehicle sales dropped 14.05%.

• Nautical segment revenue increased 14.2% to €4.7M, but declined 28.3% at constant scope.

• Q2 consolidated revenue was €22.5M, down 10.3% year-over-year.

Outlook and guidance

• Double-digit revenue growth expected in the second half, with full-year revenue targeted at a minimum of €150M, up over 15%.

• Operating margin is expected to improve from H2 and for the full year, contingent on shorter delivery times and a rebound in the nautical market.

• Objectives for deleveraging and a return to positive cash generation are reiterated.