SIT (SIT) H2 2025 earnings summary

Executive summary

• Full year 2025 revenues grew 6.5% to €319.1 million, with strong operational turnaround and both Heating & Ventilation and Metering divisions contributing positively.

• Adjusted EBITDA surged 55.4% to €42.7 million (13.4% margin), reflecting higher volumes and cost efficiencies.

• Adjusted EBIT reached €16.1 million (5.1% margin), confirming a turnaround in operating performance.

• Net income turned positive at €1.3 million, with adjusted net income at €6.1 million, after one-off reorganization costs.

• Sustainability efforts recognized with a gold rating from EcoVadis, placing the group in the top 1% of its industry globally for the third consecutive year.

Financial highlights

• Adjusted turnover grew 6.5% year-over-year; reported total revenue up 5.7%.

• Adjusted EBITDA: €42.7 million (13.4% margin), up from €27.5 million (9.2%) in 2024.

• Adjusted EBIT: €16.1 million (5.1% margin) vs. a loss of €1.1 million in 2024.

• Adjusted net income exceeded €6 million; reported net income €1.3 million, impacted by €4.8 million in one-off reorganization costs.

• Operating cash flow positive at €16 million after €11.3 million CapEx; net debt reduced to €139.3 million from €145.9 million.

Outlook and guidance

• 2026 sales expected to increase at a low single-digit rate, with further profitability gains and net debt reduction prioritized.

• Positive cash generation anticipated, supporting further reduction in net financial debt.

• Regulatory environment supports continued demand for combustion-based appliances, allowing time to expand electric product offerings.

• Water metering expected to continue outpacing gas metering in growth.

• Market outlook favorable but with uncertainties, especially regarding international tensions and geopolitical risks.