Indel B (INDB) H2 2025 earnings summary

Executive summary

• Revenue reached €207.4 million in FY 2025, up 1.9% year-over-year, demonstrating resilience amid volatile macroeconomic and geopolitical conditions.

• Adjusted EBITDA rose 4.5% to €23.7 million, with margin improving to 11.4%; reported EBITDA surged to €33.0 million due to a one-off gain from the Indel Marine acquisition.

• Adjusted net profit declined 12% to €10.2 million, while reported net profit nearly doubled to €20.3 million, reflecting non-recurring items.

• Net financial position worsened to negative €17.1 million from negative €10.3 million, mainly due to the Indel Marine acquisition.

• Strategic initiatives included the acquisition of full ownership of Indel Marine and Indel B USA, and continued focus on growth, industrial excellence, and international expansion.

Financial highlights

• Consolidated revenue increased to €207.4 million from €203.5 million in FY 2024 (+1.9%).

• Product sales rose 2.5% to €201.5 million.

• Adjusted EBIT decreased by 2.4% to €16.0 million; reported EBIT at €25.3 million (+64.3%).

• Cash conversion rate improved to 83%.

• Net income margin improved to 9.8% on a reported basis, but adjusted net income margin fell.

Outlook and guidance

• Medium- to long-term outlook remains positive, with continued investment in industrial excellence and international growth, especially in North America and Europe.

• 2026 outlook is highly uncertain due to ongoing geopolitical tensions, raw material shortages, and inflationary pressures, especially from Middle East and Ukraine conflicts.

• Automotive OEM market in North America and Europe is performing better than expected in early 2026, while Marine in Europe remains weak.

• Main concerns are rising raw material costs and component availability, not order volumes.

• Double-digit revenue growth was initially budgeted for 2026, especially in Leisure, but confirmation is difficult under current conditions.