Semperit (SEM) Q2 2025 earnings summary

Executive summary

• Revenue declined 7.2% year-over-year to EUR 320.5 million in H1 2025, with EBITDA down 35.2% to EUR 30.7 million and earnings after tax negative at EUR -11.2 million.

• Q2 2025 saw a significant EBITDA improvement to EUR 19.6 million, up 77% quarter-on-quarter, but not enough to offset a weak Q1.

• Order intake and backlog improved from March onward, exceeding last year's levels, supported by Q2 recovery.

• Strong balance sheet maintained with equity ratio at 45.5%–46% and cash reserves of EUR 112.9–113 million.

• Market uncertainty, especially from US tariffs and project delays, delayed customer investments.

Financial highlights

• H1 2025 EBITDA margin was 9.6% (down 4.1pp), EBIT margin 0.8% (down 6.0pp), and EPS at EUR -0.54.

• Free cash flow was EUR 13.9 million; CapEx reduced by over 50% to EUR 18.5 million.

• Net financial debt increased to EUR 118.6 million; leverage ratio at 1.7x EBITDA.

• Dividend of EUR 0.50 per share (EUR 10.3 million) paid in April 2025.

• EBIT dropped 88.8% to EUR 2.6 million; return on equity at -5.6%.

Outlook and guidance

• Operating EBITDA for 2025 is guided at EUR 65–85 million, with EUR 5 million in digitalization project costs.

• CapEx for 2025 expected at EUR 50 million, with flexibility to adjust to market conditions.

• Recovery expected in H2 2025, but high uncertainty remains due to US tariffs and market conditions.

• Medium-term drivers include EU infrastructure programs and rising defense expenditures.

• Actively screening for inorganic growth and acquisition opportunities.