Sigdo Koppers (SK) Q1 2025 earnings summary

Executive summary

• Consolidated revenue rose 5.1% YoY to US$994.6m; EBITDA fell 2.6% to US$121.1m, with margin down 100 bps to 12.2%. Net income increased 11.6% to US$43.1m.

• Profit attributable to the parent was US$21.244m, up 1.9%; recurring attributable income increased 22.8% to US$21.809m.

• Stronger Enaex, PVSA and SKC performance was offset by lower Magotteaux EBITDA and a loss at SKIC.

Financial highlights

• Gross profit declined 3.2% to US$184.6m, with gross margin down 160 bps to 18.6%; operating income fell 8.2% to US$79.2m and operating margin declined 120 bps to 8.0%.

• Non-operating loss narrowed 26.7% to US$22.9m; financial costs fell 19.5% to US$27.5m, while net financial expense declined 29%.

• Income tax expense decreased 19.5% to US$13.3m; consolidated net income rose 11.6% to US$43.1m and income attributable to controlling shareholders increased 1.9% to US$21.2m.

• Total assets were US$4.931bn, up 3.5% from year-end 2024; total equity rose 1.5% to US$2.093bn and net financial debt increased 1.7% to US$1.027bn.

Outlook and guidance

• 2025 priorities: optimize and develop Magotteaux, SKC and PVSA, while extending Enaex growth in strategic regions.

• SKIC had a US$494m backlog at March 31, predominantly scheduled for 2025–2026; 94% was in Chile and 99% related to mining.