Indel B (INDB) H1 2025 earnings summary

Executive summary

• H1 2025 revenues declined 2.1% year-over-year to €108.1 million, with product sales down 1.4%.

• EBITDA rose 90% to €27.2 million, mainly due to a €14 million non-recurring gain from the Indel Webasto Marine revaluation.

• Adjusted EBITDA fell 8.0% to €13.5 million, and adjusted EBIT dropped 11.6% to €10.1 million year-over-year.

• Adjusted net profit decreased 20.2% to €6.6 million, with margin contracting to 6.1%.

• Net profit increased 154.7% to €20.4 million, with an 18.8% margin, driven by the non-recurring gain.

Financial highlights

• Adjusted EBITDA margin was 12.5%, down from 13.3% in H1 2024.

• EBITDA margin improved to 25.1% from 13.0% due to the extraordinary capital gain.

• Net financial position worsened to -€28.0 million, mainly due to acquisition and dividend payments.

• Cash conversion rate was 61% in H1 2025, down from 79% in H1 2024.

• Dividend of €0.80 per share paid in June 2025, totaling €4.2 million.

Outlook and guidance

• Medium to long-term outlook remains positive, supported by solid capital structure and cash generation.

• Management expects continued market recovery and is focused on strengthening presence in Automotive, Hospitality, and Cooling Appliances.

• Ongoing monitoring of geopolitical and economic risks is a strategic priority.

• Upcoming Board of Directors meeting scheduled for October 23, 2025, to review Q3 sales revenues.