Indel B (INDB) Q3 2025 TU earnings summary

Executive summary

• Consolidated sales revenues for the first nine months of 2025 reached €156.8 million, nearly flat year-over-year at current exchange rates, with product sales at €154.9 million, down 0.2% from 2024.

• The group maintains a diversified business structure with subsidiaries across Europe, the Americas, and other regions.

• Double-digit growth in Leisure and Cooling Appliances sectors, with positive Hospitality performance and Automotive showing signs of stabilization after earlier declines.

Financial highlights

• Product sales revenues were €154.9 million, down 0.2% from €155.2 million in 2024.

• Total consolidated sales revenues were €156.8 million, compared to €157.5 million in 2024.

• Organic sales declined by 2.4%, M&A contributed 2.8%, and FX translation had a -0.6% impact.

• Other revenues declined 15.2% to €2.0 million, mainly from transport cost recovery and mold cost re-invoicing.

Segment performance

• OEM channel sales declined from 50% to 46% of total sales, while Aftermarket increased from 35% to 39%.

• Automotive revenues declined 5.4% to €95.3 million, with the rate of decline easing, indicating stabilization.

• Leisure revenues grew 18.8% to €19.4 million, driven by the Marine acquisition; on a like-for-like basis, Leisure would have declined 5.6%.

• Cooling Appliances saw 22.7% growth to €8.6 million, supported by a 60% increase in milk fridge orders.

• Europe (excluding Italy) increased its share from 53% to 55% of total sales, while Italy's share decreased from 29% to 27%.