PFISTERER (PFSE) Q2 2025 earnings summary

Executive summary

• Achieved record order intake and order book, with strong growth across all product segments and regions, especially the Middle East and India (+179% order intake), and a successful IPO in Q2 2025 raising up to €94.5 million.

• Revenue for H1 2025 rose 9.5% year-over-year to €213.6 million, driven by high-voltage and medium-voltage segments.

• Gross margin improved to 42.1% (up 3.1 percentage points year-over-year), with EBITDA up 12.2% and net profit up 33.1%.

• Net debt reduced by 87.2% to €8.1 million, mainly due to IPO proceeds.

• Expanded international presence, including a key acquisition in the UK and site expansion in Saudi Arabia.

Financial highlights

• Order intake H1 2025: €290.2 million (+44.7% year-over-year); order book as of June 30, 2025: €312.5 million (+57.3%).

• H1 2025 revenue: €213.6 million (+9.5% year-over-year); Q2 2025 revenue: €113.4 million (+21.3% year-over-year).

• Gross margin: 42.1% in H1 2025 (up from 39% prior year); Q2 gross margin: 42.3%.

• Adjusted EBITDA H1 2025: €39.5 million (18.5% margin); EBITDA: €36.8 million (+12.2% year-over-year).

• Net profit: €21.8 million (+33.1% year-over-year); EPS at €1.38 (up from €1.13).

• Net working capital: 30% of sales (up from 25.8% prior year), reflecting higher inventories and receivables.

Outlook and guidance

• Management expects continued positive development in revenues and order intake, with analyst consensus for full-year revenue at €430 million.

• Gross margin and profitability expected to remain stable; adjusted EBITA margin projected to remain in the high teens.

• Ongoing investments in R&D and capacity expansion to support future growth.

• Market environment remains strong, with grid modernization and electrification trends driving demand.