Interpump Group (IPA) Q2 2025 earnings summary

Executive summary

• Achieved a return to organic revenue growth of 1% in Q2 2025 after six consecutive quarters of decline, driven by strong performance in the Water-Jetting division, especially in China, and stabilization in Hydraulics.

• Organic EBITDA grew by nearly 7% in the quarter, with EBITDA margin rising to 23.8% from 22.7% in Q2 2024, reflecting effective cost management and operational flexibility.

• Management remains cautious due to ongoing tariff challenges, macroeconomic uncertainty, and geopolitical risks, maintaining previous forecasts for turnover and profitability.

• Effective management of CAPEX normalization and tailored countermeasures to US tariffs supported results.

Financial highlights

• Q2 2025 revenues reached €555.4m (+1% year-over-year); EBITDA was €132.1m (+6%); net profit €60.4m.

• H1 2025 revenues were €1,076.9m (-1.7% year-over-year); EBITDA €249.5m (23.2% margin); net profit €117.3m.

• Water-Jetting division posted 19.5% organic growth in Q2, with significant contracts in China boosting results.

• Hydraulics division saw a reduced decline of -7.3% in Q2, improving from previous quarters.

• Free cash flow for H1 2025 was €75.9m, with CAPEX down 42% to €54m.

Outlook and guidance

• 2025 guidance confirmed: organic sales expected between -5% and +1%, EBITDA margin between 22% and 22.5%.

• Management maintains a prudent outlook due to high market volatility and global uncertainties.

• Water-Jetting expected to sustain positive momentum, while Hydraulics shows early signs of stabilization.

• Medium-term outlook update planned for February 2026.