SIT (SIT) H1 2025 earnings summary

Executive summary

• H1 2025 revenues rose 1.9% year-over-year to €153.7M, with adjusted EBITDA up 78.9% to €20.6M (13.4% margin), reflecting operational turnaround and cost efficiencies.

• Adjusted EBIT reached €7.5M (4.9% margin), reversing a €2.2M loss in H1 2024; adjusted net income was €2.2M, up from a €4.7M loss.

• Heating & Ventilation drove growth, especially in Italy (+13.5%) and America (+29.4%), while Metering declined but showed signs of recovery.

• Net financial debt improved to €150.8M from €160.9M year-over-year, with leverage ratio reduced to 4.1x from 6.2x.

• Operating cash flow after investments was €1.3M, compared to a €2.1M outflow in H1 2024.

Financial highlights

• Adjusted EBIT reached €7.5M, a significant improvement over the previous year.

• Adjusted net income was €2.2M; EBITDA stood at €20.6M (13.4% margin), up 78.9% year-over-year.

• Reported EBITDA was €16.9M (+24.4% YoY); reported net income was €-0.7M, improved from €-6.1M.

• Net financial debt at €150.8M, down from €160.9M year-on-year.

• CapEx for H1 was €3.6M, lower than last year and under tight control.

Outlook and guidance

• Full-year outlook confirmed, with Heating & Ventilation expected to return to normal seasonality and Metering forecasted to improve strongly.

• Water Metering expected to grow 15–20% in H2; adjusted EBITDA margins to remain in double digits despite currency headwinds.

• Net financial position projected to improve further, targeting €140M by year-end.

• No significant post-closing events; US tariffs not expected to materially impact operations.

• High single-digit revenue growth forecast for 2025, mainly driven by Heating & Ventilation and US market expansion.