Novem Group (NVM) Q3 2025 earnings summary

Executive summary

• Secured new contracts for Jaguar Panthera EV and Audi Q8 e-tron platforms, including a third EV model and wooden surface contract.

• Revenue for Q3 was €124.0 million, down 10.6% year-over-year, impacted by reduced call-offs and extended holidays.

• Year-to-date revenue declined 16.9% to €403.5 million, with both Series and Tooling segments underperforming.

• Adjusted EBIT margin dropped to 8.1% in Q3, with profit impacted by fewer working days and adverse market dynamics.

• Ongoing market challenges in Europe and China, with no medium-term recovery expected and midterm EBIT margin guidance lowered to 11–12%.

Financial highlights

• Q3 revenue: €124.0 million, down from €138.7 million in Q3 2023/24.

• Adjusted EBIT: €10.0 million (8.1% margin), down from €16.6 million (12.0%).

• Year-to-date revenue: €403.5 million, down 17% year-over-year.

• Free cash flow for Q3: €1.3 million, up €5.2 million year-over-year.

• Net leverage increased to 2.1x adjusted EBITDA.

Outlook and guidance

• No market recovery expected in the medium term; midterm adjusted EBIT margin guidance lowered to 11–12%.

• Focus on ramp-up of business with OEM manufacturer for future growth.