Koncar D&ST (KODT) Q3 2025 earnings summary

Executive summary

• Revenue grew by 24.5% year-over-year to EUR 914.2 million for January–September 2025, with net profit up 43.7% to EUR 167.6 million, reflecting strong operational performance and strategic investments.

• Order intake exceeded revenue, with a backlog of EUR 2.32 billion, and a book-to-bill ratio of 1.3, supporting future growth.

• Major milestones included the launch of Croatia’s first battery-powered train and a key contract for a 400 kV substation, reinforcing leadership in energy and transport sectors.

• Market capitalization rose 76.3% year-over-year to EUR 1.66 billion, with shares among the most actively traded on the Zagreb Stock Exchange.

Financial highlights

• Operating income increased by 24.2% to EUR 925.8 million; operating profit (EBIT) rose 32.6% to EUR 162.8 million, with an operating margin of 17.8%.

• EBITDA reached EUR 183.5 million, up 31.5% year-over-year, with an EBITDA margin of 20.1%.

• Export revenue grew 20.9% to EUR 645.9 million, accounting for 70.7% of total sales.

• Earnings per share increased 60.8% to EUR 43.52; a dividend of EUR 3.0 per share was paid.

• Cash and cash equivalents rose to EUR 218.8 million, driven by strong operating cash flow of EUR 182.7 million.

Outlook and guidance

• Management expects to surpass both prior-year results and internal targets for 2025, supported by a robust backlog and continued momentum in green and digital transformation.