Hunyvers (ALHUN) Q4 2025 TU earnings summary

Executive summary

• Annual revenue reached €122.7M for 2024-2025, down 5.9% year-over-year, mainly due to weak Nautisme sales amid a broader market slowdown.

• VDL segment saw a 9.1% decline in revenue, while Nautisme grew 14.8% due to acquisitions but fell 22% organically.

• Fourth quarter Nautisme sales dropped 9.9% consolidated and 38% organically, but post-closing order intake showed signs of recovery.

Financial highlights

• Consolidated revenue: €122.7M vs. €130.3M last year (-5.9%).

• VDL revenue: €103.1M (-9.1%); Nautisme revenue: €19.6M (+14.8% with acquisitions, -22% organic).

• Acquisitions contributed €6.3M to Nautisme revenue.

• Fourth quarter VDL revenue: €29.2M (-7.7%), with services up 22.7%, used VDL sales down 12.4%, new VDL sales down 10.5%.

Outlook and guidance

• Operating margin expected to remain positive but below expectations for 2024-2025.

• Debt reduction and return to positive cash generation reaffirmed.

• 2025-2026 outlook is more favorable, with positive order trends in VDL and encouraging signs in Nautisme.