Vaisala (VAIAS) Q2 2025 earnings summary

Executive summary

• Second quarter showed strong growth in Industrial Measurements and subscription sales, but significant declines in renewable energy and weather environment segments led to mixed results.

• Net sales for Q2 were €145.0 million, down 2% year-over-year, with currency effects explaining most of the decline.

• EBITDA and gross margin declined compared to a strong prior-year quarter, but cash conversion and free cash flow remained robust.

• Order intake dropped 16% year-over-year, with the order book down 7% from the end of last year.

• Americas region led growth, while APAC saw a significant decline due to reduced public sector spending and renewable energy slowdown.

Financial highlights

• Q2 2025 net sales: €145.0 million (-2% year-over-year); gross margin at 54.5% (down from 57.0%).

• Q2 EBITA margin was 13.5% (17.1% last year); H1 EBITA margin increased to 14.3% (13.1%).

• H1 net sales grew 8% year-over-year to €280.6 million; earnings per share €0.63 (vs. €0.64 last year).

• Free cash flow was €22 million for the quarter; cash flow from operating activities in H1: €33.1 million (+33% year-over-year).

• Return on equity at 15.3% (17.4% last year); solvency ratio at 52.2% (61.0% last year); gearing at 17.9%.

Outlook and guidance

• Full-year 2025 net sales guidance narrowed to €590–605 million; EBITA expected between €90–100 million.

• Industrial measurements and subscription sales expected to continue growing; renewable energy and traditional weather/aviation markets expected to decline in 2024/2025.

• Market uncertainty, currency depreciation, and trade policy risks may impact performance.

• Outlook excludes potential significant market changes; EBITA now used for guidance.

• Long-term outlook for meteorology, aviation, and energy transition remains positive.