Immsi (IMS) Q3 2025 earnings summary

Executive summary

• Net revenues for the first nine months of 2025 were €1,267.1 million, down 8.9% year-over-year, mainly due to market contraction, macroeconomic headwinds, and US tariffs.

• Net profit including minority interests was €14.5 million, a significant decrease from €34.3 million in the same period of 2024.

• Margins were maintained through careful financial management despite revenue declines in some sectors.

• Naval sector saw a sharp rise in turnover and EBIT, driven by the defense division and a strong order book exceeding €1 billion.

• Hotel sector is investing to strengthen commercial operations.

Financial highlights

• EBITDA was €201 million (15.9% of revenues), down €21.7 million or 9.8% year-over-year.

• EBIT was €82.9 million (6.5% of revenues), down 28.4% year-over-year.

• Net financial debt improved to €928.4 million from €947.3 million at year-end 2024.

• Capital expenditure was €114.5 million, down from €133.6 million in the prior year.

• Shareholders' equity was €354.8 million, down from €385.4 million at end-2024.

Outlook and guidance

• Future performance is closely tied to geopolitical and economic stability; focus remains on liquidity, productivity, and flexible investment.

• Naval sector aims to complete current contracts and expand production capacity, leveraging a strong order book.

• Real estate and hospitality sector will continue marketing and rental activities to boost resort occupancy.

• Interim dividend for 2025 will not be distributed due to macroeconomic uncertainty; final dividend decision postponed.