Interpump Group (IPA) Q2 2025 earnings summary

Executive summary

• Achieved first quarter of organic revenue growth (+1% year-over-year) after six consecutive declines, driven by strong Water Jetting performance, especially in China, and early signs of Hydraulics recovery.

• Organic EBITDA grew by 6.8% in Q2 2025, with margin rising to 23.8% from 22.7% in Q2 2024, reflecting effective cost management and operational flexibility.

• Management maintains a cautious outlook due to ongoing tariff challenges, macroeconomic uncertainty, and geopolitical risks, but confirms 2025 guidance for organic sales between -5% and +1% and EBITDA margin between 22% and 22.5%.

• Effective CAPEX normalization and tailored countermeasures to US tariffs supported cash generation and profitability.

Financial highlights

• Q2 2025 group sales reached €555.4m (+1% year-over-year); 1H 2025 sales at €1,076.9m (-1.7% year-over-year).

• Q2 2025 EBITDA rose 6% to €132.1m (23.8% margin); 1H 2025 EBITDA at €249.4m (23.2% margin).

• Net income for Q2 2025 was €60.4m; 1H 2025 net income at €117.3m.

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

• Net financial position improved to €369.9m at June 2025 from €409m at December 2024.

Outlook and guidance

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

• Water Jetting expected to sustain positive momentum; Hydraulics shows early stabilization.

• Cash generation to consolidate 2024 achievements, with ongoing working capital and CAPEX normalization.

• Next medium-term outlook update scheduled for February 2026.