Koncar D&ST (KODT) Q2 2025 earnings summary

Executive summary

• Achieved record growth in sales revenue (+33.0%), net profit (+75.1%), and EBITDA (+54.1%) year-over-year for H1 2025, with strong performance across all segments and robust order intake driven by green transition and digitalization trends.

• Order backlog reached EUR 2.32 billion, fully securing 2025 revenue and providing strong visibility into 2026 and beyond, with EUR 1.6 billion already contracted for future years.

• Major contracts signed in rail transport and renewable energy, including EUR 117.9 million with HŽ Passenger Transport and EUR 12.6 million for SHPP Peruća.

• Share price doubled compared to H1 2024, with market capitalization at EUR 1.35 billion.

• Shareholders approved a EUR 3.00 per share dividend, reflecting robust financial performance.

Financial highlights

• Sales revenue rose to EUR 643.3 million, up 33% year-over-year; consolidated revenue reported at EUR 636.8 million.

• Net profit increased to EUR 129.2 million, up 75.1% year-over-year; net margin reached 20.3%.

• EBITDA reached EUR 139.5 million, up 54.1% year-over-year; EBITDA margin at 21.9%.

• Export sales accounted for 71.5% of total revenue, increasing 29.6% year-over-year to EUR 455.3 million.

• Book-to-bill ratio at 1.4, with order intake outpacing revenue and backlog up 27.9% to EUR 2,315.5 million.

Outlook and guidance

• Backlog of EUR 2.32 billion covers 2025 revenue plan and supports growth into 2026 and beyond, with EUR 1.6 billion already contracted for future years.

• Strategic focus on export growth, innovation, and operational excellence despite macroeconomic headwinds.

• Management remains confident in resilience and sustained growth despite global uncertainties.

• 2026 Business Plan to be adopted in December 2025.