Jacquet Metals (JCQ) H1 2025 earnings summary

Executive summary

• Sales declined 8.1% year-over-year to €987 million in H1 2025 amid persistent low demand and price pressure, especially in Germany.

• Gross margin improved to 23.6% of sales (up from 20.9%), offsetting lower average sales prices with reduced inventory costs.

• EBITDA rose to €48 million (4.9% of sales), up from €39 million (3.6%), and net income (Group share) increased to €6.4 million.

• Operating cash flow was €50 million, with capital expenditure at €10 million.

• The company remains focused on cost control, working capital management, and maintaining financial strength amid ongoing economic uncertainty.

Financial highlights

• Adjusted operating income increased to €29 million (2.9% of sales) from €18 million (1.7%) in H1 2024.

• Net income (Group share): €6.4 million, up from €3.6 million.

• Gearing improved to 25% from 27% at 2024 year-end.

• Cash: €200 million; unused credit lines: €436 million.

• Operating working capital: €570 million (30.3% of sales), up from €564 million (28.6%).

Outlook and guidance

• No improvement in economic conditions is expected in the coming months.

• The company will prioritize cost management, working capital, and financial stability.

• Investment and development policy will continue despite market headwinds.

• Sequential price effect showed a slight positive trend (+1.2%) in H1 2025.