Vaisala (VAIAS) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 net sales growth of 13% year-on-year (16% in constant currencies) to EUR 154.0 million, with an 18.2% EBITDA/EBITA margin (20% excluding restructuring costs), marking an all-time high.

• Orders received declined by 21% year-on-year, mainly due to cyclical and project-based fluctuations in weather and environment markets.

• Subscription sales grew 57% year-on-year, contributing positively to profitability and now EBITDA positive.

• Strategy execution advanced with new service product launches (Vaisala Circular, Next Weather/Xweather hail forecasts, next-gen WindCube LiDAR), and the acquisition of Quanterra Systems to expand greenhouse gas measurement capabilities.

• Cash flow from operating activities improved significantly, with free cash flow around EUR 40 million.

Financial highlights

• Net sales up 13% year-on-year (16% in constant currency) in Q3; year-to-date net sales up 9%.

• EBITDA/EBITA margin reached 18.2% (20% adjusted), an all-time high; gross margin declined to 54.4% in Q3 due to FX and sales mix.

• Free cash flow around EUR 40 million; cash and cash equivalents at EUR 89.1 million.

• Return on equity at 18.0% for Q3, solvency ratio at 52.8%.

• EPS for Q3 at EUR 0.51; for January–September at EUR 1.14.

Outlook and guidance

• Full-year 2025 net sales expected at EUR 590–605 million; EBITA/operating result forecasted at EUR 90–100 million.

• Outlook remains unchanged, with continued growth in industrial measurement and life science solutions; renewable energy, meteorology, and aviation expected to decline.

• Market uncertainty remains high, especially in mature segments and renewable energy.

• More normal seasonality expected for the rest of the year compared to last year.