Indel B (INDB) H1 2025 earnings summary

Executive summary

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

• Net profit surged to €20.4 million, up 154.7%–158.9% year-over-year, driven by a €13.995–€14 million non-recurring gain from the Indel Webasto Marine acquisition.

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

• Positive trends in Hospitality (+15.2%) and Cooling Appliances (+27.3%) offset Automotive declines (-6.5%).

• The Group completed the acquisition of the remaining 50% of Indel Webasto Marine, consolidating its US presence.

Financial highlights

• EBITDA rose 90% to €27.2 million, mainly due to the non-recurring gain; adjusted EBITDA margin was 12.5%, down from 13.3%.

• EBIT reached €23.7 million (+115.8%), with adjusted EBIT of €10.1 million (-11.6%).

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

• Cash and cash equivalents at period end were €31.7 million, up from €16.2 million at year-end 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 Automotive, Hospitality, and Cooling Appliances.

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

• Measures are being considered to mitigate the impact of US tariffs in H2 2025.

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