TAKKT (TTK) Q4 2025 TU earnings summary

Executive summary

• Sales declined to EUR 964.3 million in 2025, down 8.4% year-over-year, with organic sales down 6.6% amid volatile and weak market conditions.

• EBITDA dropped to EUR 19.8 million, with an adjusted margin of 3.8%, mainly due to lower sales and gross margin.

• Free cash flow remained positive at EUR 10.3 million, supported by improved H2 cash generation and prioritized for investments.

• Significant goodwill impairments of EUR 125.5 million were recorded, mainly in Foodservices and Office Furniture & Displays.

• Dividend payment for 2025 was suspended to prioritize business investment and financial flexibility.

Financial highlights

• Full-year sales were EUR 964.3 million, down 8.4% year-over-year; organic decline was 6.6%.

• EBITDA dropped to EUR 19.8 million from EUR 55.7 million last year, a 64.4% decrease.

• Adjusted EBITDA margin was 3.8%, down from 6.9% prior year.

• Gross profit margin decreased to 38.2% from 39.3% year-over-year, impacted by freight, tariffs, and one-offs.

• Free cash flow was EUR 10.3 million, down from EUR 68.1 million prior year.

Outlook and guidance

• Economic uncertainty and volatility expected to persist in 2026, with GDP growth in the U.S. and eurozone similar to 2025.

• Muted start to 2026 anticipated, with gradual return to positive organic growth in H2 as commercial measures gain traction.

• Focus on local responsibility, targeted commercial measures, procurement improvements, and digitization.

• Positive free cash flow targeted despite higher CapEx and lower working capital releases.

• Limited short-term profitability increase expected; detailed 2026 guidance to be published with the annual report.