LU-VE (LUVE) Q3 2025 earnings summary

Executive summary

• Achieved record order backlog of €238.6 million as of September 30, 2025, up 38.7% year-over-year, and best-ever Q3 adjusted EBITDA margin at 15.5% (vs 14.9% in Q3-24).

• Revenues for 9M 2025 reached €440.2 million, up 0.4% year-over-year, with Q3 product sales up 3.4% to €145.5 million.

• Adjusted EBITDA for Q3-25 was €22.5 million (15.5% margin); 9M-25 adjusted EBITDA €65.6 million (14.9% margin), with net profit for 9M-25 at €28.3 million (6.4% margin), up 5.7% year-over-year.

• Net financial position improved by €22.1 million year-over-year, standing at €103.7 million negative as of September 30, 2025.

• Strategic focus on order intake, operational improvements, and growth CapEx in the USA for datacenter and industrial cooling markets.

Financial highlights

• Q3-25 sales rose 2.5% year-over-year to €145.5M; 9M-25 sales €440.2M (+0.4%).

• Adjusted EBITDA for Q3-25 at €22.5M (15.5% margin); 9M-25 adjusted EBITDA €65.6M (14.9% margin).

• Net profit for 9M-25 was €28.3M (6.4% of revenues), up 5.7% year-over-year.

• Net financial debt reduced to €103.7M (NFD/EBITDA LTM 1.24x).

• Cash flow from operations in 9M-25 was €47.8M (10.9% of sales); cash and cash equivalents at €281.2M.

Outlook and guidance

• Focus on accelerating growth in Q4-25 and 2026, leveraging strong order book and ongoing operational improvements.

• Medium to long-term growth supported by secular trends in refrigeration, heat pumps, and datacenter cooling.

• U.S. plant expansion phase two underway; capital expenditure plans under review.

• Macroeconomic volatility and tariffs may delay large project decisions, but long-term growth drivers remain intact.

• Focus remains on operational efficiency, disciplined cost management, and cautious capital allocation.