Sto SE & Co (STO3) Q2 2025 earnings summary

Executive summary

• 2024 turnover declined 6.2% year-over-year to EUR 1,612.3 million, with losses in both Germany and international markets.

• EBIT dropped 53.5% to EUR 58.8 million and EBT fell 52.2% to EUR 60.9 million in 2024; HY1 2025 EBIT down 13.7% to EUR 25.3 million and EBT down 15.5% to EUR 25.6 million.

• Workforce reduced by 184 to 5,599 employees in 2024 and further to 5,534 by mid-2025, reflecting cost-cutting and restrictive hiring.

• Cost-cutting measures and a future pact with the works council were implemented.

• 2025 outlook confirmed: turnover expected at EUR 1.57 billion, EBIT between EUR 51 million and EUR 71 million.

Financial highlights

• 2024 EBITDA: EUR 127.0 million (-34% year-over-year); HY1 2025 EBITDA: EUR 58.8 million (-4.5%).

• Cash flow from operating activities: EUR 90.5 million in 2024, down from EUR 170.9 million in 2023; HY1 2025 improved to EUR -0.7 million.

• ROCE dropped to 7.8% in 2024 from 17.1% in 2023; HY1 2025 ROCE at 3.4%.

• HY1 2025 turnover: EUR 777.1 million (-2.3% year-over-year); Q1 2025 turnover: EUR 324.8 million (-4.6%).

• Earnings per share: 2024 EUR 5.83 (-56.4%); HY1 2025 EUR 2.52 (ordinary), EUR 2.58 (preference).

Outlook and guidance

• 2025 forecast: turnover of EUR 1.57 billion, EBIT between EUR 51 million and EUR 71 million, EBT between EUR 50 million and EUR 70 million.

• Return on sales (EBT) expected at 3.1–4.5%; ROCE at 6.8–9.6%.

• Forecast assumes average weather, stable economic conditions, and no major geopolitical disruptions.