Sabaf (SAB) Q1 2025 earnings summary

Executive summary

• Q1 2025 normalised revenue reached €74.6 million, up 15.4% from Q4 2024 and 8.1% year-over-year, driven by international expansion and improved demand in mature markets.

• Normalised EBITDA was €10.4 million (14% margin), up 26.3% sequentially but down 1.2% year-over-year due to high inflation in Turkey.

• Normalised EBIT rose 61.4% sequentially to €5.2 million but declined 9.8% year-over-year.

• Normalised net profit was €3.5 million, stable sequentially but down from €4.7 million in Q1 2024.

• Strong sales growth supported by internationalisation and improved mature market demand.

Financial highlights

• Reported Q1 2025 revenue: €73.6 million; normalised revenue: €74.6 million.

• EBITDA: €10.3 million (13.9% margin); normalised EBITDA: €10.4 million (14.0% margin).

• EBIT: €3.9 million (5.2% margin); normalised EBIT: €5.2 million (7.0% margin).

• Net financial debt at 31 March 2025: €70.6 million, down from €73.9 million at year-end 2024 and €77.1 million a year ago.

• Free cash flow for Q1 2025: €5.3 million, compared to negative €2.9 million in Q1 2024.

Outlook and guidance

• Order backlog indicates a positive trend, with sales expected to remain in line with Q1.

• Market share growth anticipated from the new Mexico plant and new product sales across divisions.

• Management reaffirms confidence in 2025 growth and business plan sustainability.