SFC Energy (F3C) Q1 2025 earnings summary

Executive summary

• Q1 2025 was the second-best starting quarter, with sales of €38.6 million, down 3.6% year-over-year due to a strong prior-year project in India.

• Adjusted EBITDA was €6.3 million (16.4% margin), down 29.8% year-over-year; EPS was €0.13, reflecting lower profitability.

• Business mix is more diversified regionally and across end markets, with strong growth in Europe (34%) and North America (42%), and U.S. growth at 61% due to pre-tariff order pull-ins.

• Order intake declined 65.5% year-over-year to €17.8 million; order backlog at €84.6–84.7 million.

• Net profit reached €2.3 million; equity ratio stable at 71.9–72%.

Financial highlights

• Revenue declined 3.6% year-over-year to €38.6 million; gross profit margin was 44.3%, nearly matching the record Q1 2024 margin.

• Adjusted EBITDA margin was 16.4%, down from 22.5% in Q1 2024; adjusted EBIT margin at 4.5–11.7%.

• Operating cash flow before working capital changes was €7.1 million; after changes, €2.1 million.

• Cash and cash equivalents stable at €60.5 million; net cash at €56.2 million.

• Equity ratio at 71.9–72%; total assets increased 1.2% to €196.4 million.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue €160.6–180.9 million, adjusted EBITDA €24.7–28.2 million, adjusted EBIT €17.5–20.6 million.

• Expecting significant contributions from the Danish hydrogen business and ramp-up in the U.S.

• Defense and public security business anticipated to rebound in H2, with new projects in India, NATO countries, and Asia.

• Order backlog at €84.6–84.7 million, with about €20 million scheduled for 2026; pipeline expected to support guidance.

• Favourable business prospects expected despite heightened macroeconomic and geopolitical uncertainty.