- Revenues: €520.8 million, compared to €542.1 million for 2024;
- EBITDA: € 72.4 million, +16.1% compared to €62.4 million for 2024;
- Net result: €4.7 million loss, a 71.2% improving compared to the €16.3 million loss for 2024;
- Net Financial Position: €209.5 million and NFP/LTM EBITDA ratio at x2.89 at December 31, 2025 compared to x3.42 at December 31, 2024.
"2025 was a year of great satisfaction. Profitability recorded an excellent result despite the trend in raw material prices partially decreasing revenues.
In terms of volumes, fibers for carpets recorded an increase compared to the previous year. Geographically, the United States reaffirmed a strong growth trend already emerged in the first quarters, while markets in Europe and Asia-Pacific were marginally slower than forecasted.
As for fibers for textiles, after a slight decline in volumes in the first nine months, the fourth quarter saw a recovery in the European market which is also being confirmed in the first months of 2026.
The Engineering Plastics product line continues its growth as planned with a double-digit increase in volumes.
With great pleasure, I can confirm the achievement of the ECONYL® products target, which has exceeded 60% of fibers revenues. The next step will be to maintain this result with increasing volumes.
The ambitious 17 million Euro cost rationalization project launched in the second quarter has been reached. The first savings from this work are already visible in 2025, while the remaining portion will materialize mainly in 2026 with a tail in 2027.
Debt management remains our absolute priority. The net financial position is decreasing compared to the previous year thanks to careful operational management, an accurate selection of investments, and a decrease in interest expenses. The improvement was achieved despite non-recurring cost factors such as those deriving from the reorganization and the cash absorption of working capital. The latter is mainly attributable to a strategic change of suppliers which led to the temporary modification of payment terms. Without these extraordinary situations, we would have been very close to reaching our original target.
We expect 2026 to be a year of further growth. We aim for a volume increase of approximately 5% in addition to strong cost and debt containment. In fact, we estimate reaching an EBITDA between 79 and 83 million Euro and a Net Financial Position between 185 and 195 million Euro.
Looking to the following years, operational efficiency efforts, energy savings from new technologies, and those related to the cost rationalization project will allow us to lay the foundations for continuous expansion. Consequently, we expect an increase in profitability of approximately 8-10 million Euro.
The current macroeconomic framework requires constant monitoring but our global presence and the distinctive positioning of ECONYL® products make us look to the future with confidence."
Operating results at December 31, 2025
Revenues1Revenues amounted to €520.8 million at December 31, 2025, of which €118.8 million in Q4 2025, with a 3.9% and a 5.7% decrease, respectively, compared to the same periods of the previous year. The change was mainly attributable to the lower selling prices as a result of their alignment to the price of raw materials, not fully supported by a 4.4% and 6.2% increase in volumes sold respectively in 2025 and in Q4, compared to the previous year.
In detail, sales performance by Geographical Area and Product Line is reported below:
in 2025:
1The evolution of the Group's revenues from one reporting period to another may be influenced by the performance of raw materials' prices, which is reflected in final selling prices through predefined contractual mechanisms. Accordingly, to ensure a proper understanding of its results, the Group also presents its revenue performance in terms of change in first choice "volumes sold", which historically account for approximately 95% of the Group's revenues.
FY | BCF (fiber for carpet) | NTF (fiber | for fabrics) | EP | (Engineering Plastics) | Other Polymers | TOTAL | |||||||||||||||
€/mln | 2024 | 2025 | Δ | Δ% | 2024 | 2025 | Δ | Δ% | 2024 | 2025 | Δ | Δ% | 2024 | 2025 | Δ | Δ% | 2024 | 2025 | Δ | Δ% | %25 | %24 |
EMEA | 181,3 | 169,7 | (11,5) | (6,4)% | 57,5 | 57,7 | 0,2 | 0,3 % | 29,3 | 30,3 | 1,0 | 3,4 % | 20,4 | 13,9 | (6,4) | (31,6)% | 288,4 | 271,6 | (16,8) | (5,8)% | 52,2% | 53,2% |
North America | 125,3 | 136,3 | 11,0 | 8,7 % | 24,3 | 22,4 | (1,9) | (7,6)% | 0,2 | 0,8 | 0,6 | N.A. | 7,6 | 5,4 | (2,3) | (29,7)% | 157,4 | 164,8 | 7,4 | 4,7 % | 31,6% | 29,0% |
Asia e Oceania | 88,3 | 78,0 | (10,3) | (11,6)% | 3,1 | 3,2 | 0,0 | 1,5 % | 0,9 | 1,3 | 0,4 | 40,0 % | 1,3 | 0,0 | (1,3) | (99,2)% | 93,6 | 82,5 | (11,1) | (11,9)% | 15,8% | 17,3% |
RoW | 0,7 | 0,9 | 0,3 | 36,5 % | 2,0 | 1,0 | (1,0) | (52,0)% | 0,0 | N.A. | 0,0 | N.A. | 2,7 | 1,9 | (0,8) | (29,3)% | 0,4% | 0,5% | ||||
TOTAL | 395,5 | 385,0 | (10,6) | (2,7)% | 86,9 | 84,3 | (2,7) | (3,1)% | 30,4 | 32,3 | 1,9 | 6,3 % | 29,3 | 19,3 | (10,0) | (34,0)% | 542,1 | 520,8 | (21,3) | (3,9)% | 100,0% | 100,0% |
% Tot 73,0% 73,9% | 16,0% 16,2% | 5,6% 6,2% | 5,4% 3,7% | 100,0% 100,0% | ||||||||||||||||||
17,3%
15,8%
29,0%
31,6%
53,2%
52,2%
FY - % Revenues by Geographical Area2024 2025
EMEA North America Asia e OceaniaFY - % Revenues by Product Line
5,4% 3,7%
5,6%
16,0%
6,2% 16,2%
73,0%
73,9%
2024 2025
BCF (fiber for carpet) NTF (fiber for fabrics)EP (Engineering Plastics) Other Polymers
in the fourth quarter of 2025:
4Q - % Revenues by Geographical Area 4Q - % Revenues by Product LineQ4
BCF (fiber for carpet)
NTF (fiber
for fabrics)
EP
(Engineering Plastics)
Other Polymers
TOTAL
€/mln
2024
2025
Δ
Δ%
2024
2025
Δ
Δ%
2024
2025
Δ
Δ%
2024
2025
Δ
Δ%
2024
2025
Δ
Δ%
%25
%24
EMEA
44,1
40,8
(3,3)
(7,5)%
12,7
13,2
0,5
3,9 %
6,5
5,0
(1,4)
(22,4)%
4,0
3,4
(0,6)
(15,7)%
67,2
62,4
(4,9)
(7,3)%
52,5%
53,3%
North America
30,5
31,1
0,6
1,9 %
5,7
5,0
(0,8)
(13,2)%
0,1
0,2
0,1
75,5 %
1,4
1,3
(0,0)
(2,6)%
37,8
37,6
(0,1)
(0,3)%
31,7%
29,9%
Asia e Oceania
19,4
17,5
(1,9)
(10,0)%
0,7
0,7
0,0
7,1 %
0,1
0,2
0,0
20,2 %
0,1
0,0
(0,1)
N.A.
20,3
18,4
(2,0)
(9,8)%
15,5%
16,1%
RoW
0,1
0,3
0,2
N.A.
0,6
0,1
(0,5)
(78,3)%
0,0
N.A.
0,0
N.A.
0,7
0,5
(0,3)
(36,1)%
0,4%
0,6%
TOTAL
94,1
89,7
(4,4)
(4,7)%
19,7
19,0
(0,7)
(3,5)%
6,7
5,4
(1,3)
(19,6)%
5,5
4,7
(0,8)
(14,3)%
126,1
118,8
(7,2)
(5,7)%
100,0%
100,0%
% Tot 74,7% 75,5%
15,6% 16,0%
5,3% 4,5%
4,3% 4,0%
100,0% 100,0%
52,5%
53,3%
31,7%
29,9%
15,5%
16,1%
4,3%
5,3% 15,6%
4,0%
4,5% 16,0%
75,5%
74,7%
2024 2025
EMEA North America Asia e Oceania2024 2025
BCF (fiber for carpet) NTF (fiber for fabrics)EP (Engineering Plastics) Other Polymers
EMEA revenues amounted to €271.6 million at December 31, 2025, of which €62.4 million in Q4 2025, with a 5.8% and a 7.3% decline, respectively, compared to the same periods of the previous year. The change was mainly attributable to the lower selling prices as a result of their alignment to the price of raw materials. Volumes sold increased by 5.1% and 2.8% respectively in the full year and in Q4 2025 compared to the same periods of the previous year. An analysis by product line performance shows that:
the BCF product line declined by 6.4% in 2025 and by 7.5% in Q4 2025. The change was mainly due to the volumes sold, which decreased by 4.2% in full year 2025 and by 4.3% Q4 2025 compared to the previous year, not supported by lower selling prices;
the NTF product line increased by 0.3% in 2025 and by 3.9% in Q4 2025 compared to the same periods of the previous year. The change in revenues is attributable to a favourable average selling price for the 2025, despite a slight 1.5% decrease in volumes. Conversely, Q4 2025 saw a 3.3% increase in volumes, not fully supported by lower selling prices compared to the same period of the previous year;
the Engineering Plastics (EP) recorded a 3.4% increase in 2025 and a 22.4% decline in Q4 YoY. Volumes sold rose by 9.8% for the full year but decreased by 18.8% in Q4 2025, compared to 2024. The Q4 figure was widely expected, and a substantial recovery is underway in Q1 2026. It should be noted that, for the sake of clarity and to better highlight
this highly strategic product line, the 'Other Polymers' business, which represents a purely opportunistic activity, has been spun off from Engineering Plastics.
In North America, revenues amounted to €164.8 million at December 31, 2025, of which €37.6 million in Q4 2025, with an increase of 4.7% and a decrease of 0.3%, respectively, compared to the same periods of the previous year. Volumes sold increased by 9.4% and by 16.6% respectively in 2025 and in Q4 2025. An analysis by product line performance shows that:
the BCF product line increased by 8.7% in 2025 and by 1.9% in Q4 2025 compared to the same periods of the previous year. The change is the result of the volume growth which rose by 15.7% in 2025 and by 22.0% in Q4 2025 compared to the same period of 2024;
the NTF product line decreased by 7.6% in 2025 and by 13.2% in Q4 2025 compared to the same periods of the previous year, chiefly attributable to the lower volumes sold, down by 4.7% and 11.4% in 2025 and in Q4 2025 respectively and to a reduction in selling prices.
In Asia and Oceania, revenues amounted to €82.5 million at December 31, 2025, of which
€18.4 million in Q4 2025, with a decrease of 11.9% and of9.8%, respectively, compared to the same periods of the previous year. In terms of volumes sold, the BCF product line decreased by 6.6% in 2025 and increased by 1.9% in Q4 compared to the same period of the previous year.
Revenues from ECONYL® branded products accounted for 60.4% of revenues generated from fibers in 2025 and for 61.4% in the fourth quarter. This important result demonstrates the strength of ECONYL® branded products, which confirm their status as a strategic growth asset for the Company.
EBITDAEBITDA stood at €72.4 million at December 31, 2025, of which €17.5 million in Q4 2025, with a 16.1% and a 22.2% increase compared to the same periods of the previous year. EBITDA margin at December 31, 2025 was 13.9% compared to 11.5% of the previous year.
The result is primarily attributable to an effective procurement policy, operational efficiencies, and the initial impact of cost savings derived from the reorganization project launched in the first half of the year.
EBITEBIT amounted to €6.6 million at December 31, 2025, of which €0.4 million in Q4 2025. The change in the reporting period was attributable to the EBITDA performance, as well as to the decrease of amortization and depreciation.
Net financial chargesNet financial charges amounted to €11.6 million at December 31, 2025 compared to
€20.9 million for the same period of the previous year.
The improvement was chiefly attributable to a €5.2 million decrease in financial charges, mainly thanks to the lower interest rate (i.e. Euribor). Moreover, exchange gains amounted to €2.5 million, compared to an exchange loss of €1.5 million in the previous period, resulting in a positive year-over-year impact of €4.0 million.
Income taxesIncome taxes were positive for €0.3 million at December 31, 2025 compared to €1.3 million for the same period for the previous year.
Net resultNet result was a €4.7 million loss at December 31, 2025 compared to a €16.3 million loss for the same period of the previous year.
Consolidated capital and financial highlights at December 31, 2025
Investments and acquisitionsAt December 31, 2025, net investments - excluding those recognized in application of IFRS 16
- amounted to €21.1 million compared to €24.0 million for the same period of the previous year. They mainly focused on the expansion of existing production capacity, activities aimed at stepping up industrial and energy efficiency at the Group's plants and at increasing the production efficiency of ECONYL® caprolactam and its raw materials, in addition to the development of technologies linked to circularity, as well as the general and technological improvement of existing plants and equipment.
Net working capitalAt December 31, 2025, net working capital increased by €14,0 million. Said change was attributable to lower trade payables for €29.0 million, mainly due to a change in several strategic suppliers, which resulted in a modification of payment terms and to the lower average purchasing prices, to a €16.7 million decrease in the value of inventories also linked to the decline in unit prices of raw materials and to an increase in trade receivables for €1.7 million. .
Net Financial PositionThe Group's net financial position amounted to €209.5 million at December 31, 2025 compared to €213.5 million at December 31, 2024. Said change was mainly due to the positive cash generation of operating activities for €61.7 million, to net investments for €21.1 million, to the
€14.0 million cash absorbed by working capital, to payment of financial charges for €14.0 million, to taxes and the use of provisions for €3.4 million, to exchange rate changes for €3.2 million, to non-monetary change related to the application of IFRS 16 for €1.2 million and to other assets and liabilities for €0.8 million. It is important to highlight that 2025 showed a positive trend compared to the previous year, with an improvement in operating cash flow after investments of €9.2 million, despite €8.0 million in non-recurring costs and €14.0 million in working capital cash absorption.
At December 31, 2025, the NFP/LTM EBITDA ratio was x2.89 compared to x3.42 at December 31, 2024.
Outlook
2025 saw a very strong performance compared to the previous year, especially in terms of margins.
FY 2026 will focus on rationalizing costs, consolidating margins, and increasing volumes in key businesses. The Group will continue to benefit from the cost rationalization plan, with a positive impact expected in terms of profitability over the coming quarters. The main financial management goal will be to continue to pursue deleveraging and cash flow optimization.
The macroeconomic backdrop of recent weeks calls even more for constant market monitoring. Our global presence and distinctive positioning in ECONYL® brand regenerated fibers enable the Company to look to the future with confidence, focused on sustainable growth and the progressive strengthening of market leadership.
2026 target update
For 2026, volumes are expected to grow compared to 2025, with a different mix of fibers and Engineering Plastics. Specifically, an increase of +3% - +7% is projected for the fibers for carpet product line, +7% - +10% for fibers for textiles, and growth of +3% - +7% for Engineering Plastics.