Interpump Group (IPA) Q4 2025 earnings summary

Executive summary

• Achieved record free cash flow of €220 million in 2025, with revenue stable at €2,070.7 million and EBITDA margin rising to 22.3%, despite a slight organic sales decline.

• Water Jetting division delivered strong full-year growth, offsetting Hydraulics' recovery, which accelerated in Q4 with 4.8% growth.

• Net financial position improved to €291 million from €409 million, with leverage reduced to 0.6x.

• Profitability remained robust due to diversification, flexible business model, and successful integration of acquisitions.

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

Financial highlights

• Q4 2025 Hydraulics revenue grew 4.8%, with agriculture and construction applications up ~40% each; Water Jetting Q4 revenue declined 1.8% but full-year organic growth exceeded 6%.

• Full-year 2025 sales reached €2,070.7 million, EBITDA margin at 22.3%, and consolidated net profit was €209.7 million, down from €228.5 million in 2024.

• Basic earnings per share for 2025 was €1.955, compared to €2.124 in 2024.

• Free cash flow reached a record €220 million.

• Net financial position improved to €291 million at year-end.

Outlook and guidance

• 2026 organic growth guidance is -2% to +3%, with an additional ~2% from 2025 acquisitions; EBITDA margin expected to consolidate.

• 2028 targets: €2.5 billion revenue, 22.5% EBITDA margin, and zero net financial position, to be achieved through organic growth and acquisitions.

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