Interpump Group (IPA) Q4 2025 earnings summary

Executive summary

• 2025 revenue was €2,070.7 million, nearly flat year-over-year, with EBITDA up 1.2% to €462.0 million and margin rising to 22.3%.

• Net profit declined 8.2% to €209.7 million, with basic EPS at €1.955, impacted by higher financial expenses and taxes.

• Record free cash flow of €220.4 million and net financial position improved to €291.1 million from €409.0 million.

• Several acquisitions in 2025 expanded Hydraulics and Water-Jetting segments, supporting diversification and growth.

• 2028 targets: €2.5 billion turnover (+20%), 22.5% EBITDA margin, and zero net financial position, driven by organic growth and acquisitions.

Financial highlights

• Q4 2025 revenues rose 1.0% year-over-year to €494.6 million; organic growth was 2.5%.

• Hydraulics division Q4 revenue grew 4.8%, with agriculture and construction applications up ~40% each.

• Water-Jetting division Q4 revenue declined 1.8% to 4.8% year-over-year, but full-year organic growth exceeded 6%.

• Group EBITDA margin for 2025 was 22.3%; Hydraulics full-year margin at 19.6%, Water-Jetting improved to 27.2%.

• Free cash flow reached a record €220.4 million.

Outlook and guidance

• 2026 organic turnover change expected between +3% and -2%, with sectoral differences and ongoing uncertainty.

• Hydraulics expected to continue recovery; Water-Jetting to normalize after a record order in 2025.

• No margin guidance yet for 2026; will be updated after Q1.

• 2028 targets: €2.5 billion revenue, 22.5% EBITDA margin, and zero net financial position, with bolt-on M&A and sustained profitability.

• Focus remains on margin excellence and cash generation.