Troax Group (TROAX) Q4 2025 earnings summary

Executive summary

• Q4 and full-year results reflected soft market conditions, with order intake and sales declining across most regions except APAC, which showed strong growth for most of the year but softened at year-end.

• Major operational transitions included the completion of the Poland-to-Sweden factory move and ongoing relocation in the US from Chicago to Nashville, both contributing to non-recurring costs.

• Three strategic acquisitions—Vichnet (China/Asia), d-flexx/Dancop, and STOMMPY—expanded the product portfolio and market reach.

• Order intake was negatively impacted by the Poland-to-Sweden factory transfer, reducing intake by approximately €2 million.

Financial highlights

• Q4 order intake was €64.4 million, down 5% year-over-year; full-year order intake was €261 million, down 6%.

• Q4 sales reached €61.2 million, an 8% decline year-over-year; full-year sales were €262 million, down 6%.

• Q4 EBITDA was €6.6 million (10.8% margin), down from €11.5 million (17.2%) last year; full-year EBITDA was €36 million (13.8% margin), down from €48 million (17%).

• Q4 operating cash flow was €4.8 million (73% of EBITDA); full-year operating cash flow was €29.9 million (82% cash conversion).

• Q4 EPS was €0.07, down from €0.15; full-year EPS was €0.40, down from €0.56; proposed dividend is €0.24 per share, down from €0.34.

Outlook and guidance

• Profitability is expected to improve in 2026 as pricing actions in the US take effect and operational issues are resolved.

• Additional one-off costs of €2.2 million are expected in H1 2026 related to ongoing factory relocations.

• Management remains cautiously optimistic for 2026, expecting improved demand and profitability as transformation projects and new factory operations are completed.

• New financial targets set: sales of at least €550 million by 2030 (15% CAGR), adjusted EBITA margin above 20% over a business cycle.