LapWall (LAPWALL) Q2 2025 earnings summary

Executive summary

• Order backlog strengthened to €20.2 million at June-end, up from €15.8 million a year earlier, despite a challenging market in early 2025.

• Revenue for H1 2025 declined 11% year-over-year to €18.8 million, with EBITA margin at 5.9%.

• Major investment in Pyhäntä factory progressing on schedule, expected to triple production capacity.

• Updated strategy targets €100 million revenue and 15–20% EBITA margin by 2030.

• Customer satisfaction remains high, with NPS at 53 and 90% of respondents likely to choose again.

Financial highlights

• H1 2025 revenue €18.8 million, down 11% year-over-year; Q2 revenue €9.7 million, down 12%.

• H1 2025 EBITA was €1.1 million (5.9% margin), down 48% year-over-year; EBIT €671k (-60%), EPS €0.03 (vs. €0.10 in H1 2024).

• H1 2025 EBITDA was €1.7 million (8.8% margin), down from €2.8 million (13.1%).

• Net profit for H1 2025 was €492k, down 66% year-over-year.

• Dividend for 2024 set at €0.18 per share, paid in two installments; payout ratio target updated to 50–75% of annual profit.

Outlook and guidance

• 2025 revenue guidance: €40–45 million; EBITA €3.0–4.0 million.

• Order and quotation backlogs remain strong, providing visibility for H2 2025.

• Full impact of Pyhäntä investment expected from 2026, with some benefits in Q4 2025.

• Commercial, industrial, and public construction showing growth; residential construction expected to recover late 2025–early 2026.