B&C Speakers S.p.A.:
Board of Directors approves the Interim Management Report at 30 June 2025- Consolidated revenues totalled € 50.6 million (compared to € 51.2 million in the first six months of 2024);
- Consolidated EBITDA of € 10.9 million (compared to € 11.5 million in the first six months of 2024);
- Overall Group profit of € 5.1 million (at 30 June 2024, with a € 3.9 million positive and non recurring contribution from the Patent Box 2020-2024, the amount was € 11.8 million);
- Group net financial position negative at € 4.9 million (compared to negative at € 0.92 million at the end of 2024 and negative at € 1.8 million at the end of the first half of 2024);
- New Group orders totalling € 58.2 million during the same period of 2024 the
Bagno a Ripoli (Florence), 12 June 2025 - The Board of Directors of B&C Speakers S.p.A., one of the foremost international players in the design, manufacture, distribution, and marketing of professional electro-acoustic transducers, has approved the Group Interim Report at 30 June 2025 in accordance with IFRS international accounting standards.
Lorenzo Coppini, Chief Executive Officer of B&C Speakers, commented:
"While demand in our reference market has remained fairly stable, despite growing international geopolitical tensions, operations management has become more challenging, in particular due to Euro/USD currency trends and the slowing of magnet exports from China, as a direct consequence of the tariff policies introduced by the United States. Nonetheless, the Group is continuing with its policy of technological innovation, launching new product lines and strengthening its plants in China and the United States. It is prepared to offer increasingly flexible solutions for the varying needs of its global clientèle."
Consolidated revenue
Consolidated revenue reached € 50.66 million, down by 1.1% compared to € 51.24 million in the first six months of 2024. New orders in the first six months of 2025 grew significantly,
reaching 58.2 million compared to € 54.9 million in the same period of 2024. This increase reflects the positive market climate.
Below is the full breakdown by geographic area for the first six months of 2025, compared to the same period in 2024 (amounts in Euro):
Geographical Area | 1H 2025 | % | 1H2024 | % | Change | Change % |
Latin America | 3,112,720 | 6.1% | 4,004,485 | 7.8% | (891,766) | -22% |
Europe | 26,337,483 | 52.0% | 24,766,440 | 48.3% | 1,571,043 | 6% |
Italy | 2,774,622 | 5.5% | 3,663,457 | 7.1% | (888,836) | -24% |
North America | 9,612,815 | 19.0% | 10,822,330 | 21.1% | (1,209,515) | -11% |
Middle East & Africa | 376,782 | 0.7% | 378,655 | 0.7% | (1,874) | 0% |
Asia & Pacific | 8,446,836 | 16.7% | 7,611,750 | 14.9% | 835,087 | 11% |
Total | 50,661,257 | 100.0% | 51,247,118 | 100.0% | (585,861) | -1% |
Good performance in the European and Asian markets should be highlighted, with China showing significant signs of recovery, while retail clients in North and Central America saw a decline.
Cost of sales
The cost of sales remained essentially stable in terms of its impact on revenues during the first six months of 2025 with respect to the same period in 2024, going from 62.5% to 62.2%. This trend is due to a recovery of margins on the variable portion of the cost of sales, which guaranteed a recovery of around 2.2 margin points compared to the first half of the previous year. This efficiency gain was significant, as it helped to offset the higher costs arising from the application of import duties.
Indirect Personnel
Indirect personnel costs rose slightly as a percentage of revenues compared to the first six months of 2024, going from 6.7% to 7.1%. In absolute terms, the figure for the first six months of 2025 rose by 4.4% compared to the first half of 2024.
Commercial expenses
Commercial expensess were, in absolute terms, substantially in line with the first half of 2024.
Administrative costs and overheads
Administrative costs and overheads rose by € 366 thousand with respect to the corresponding figure for 2024, also increasing in terms of their impact on revenues, from 7.5% to 8.3%. The reason for this increase can be attributed to investments made in IT-logistics management systems by companies in the Group, as well as additional ESG investments.
EBITDA and EBITDA Margin
As a result of these trends, EBITDA for the first six months of 2025 was € 10.9 million, down
by € 0.5 million (-4.6%) with respect to the same period in 2024.
The EBITDA margin for the first six months of 2025 was equal to 21.6% of revenues, compared to 22.4% in the same period in 2024.
Depreciation and amortisation
Depreciation and amortisation of property, plant and equipment, intangible assets and rights of use increased compared to the first six months of 2024, amounting to € 1.4 million (€ 1.3 million in the first six months of 2024). The increase is mainly attributable to the effects of investments during the period.
EBIT and EBIT Margin
EBIT for the first six months of 2025 amounted to € 9.5 million, down by 6.9% with
respect to the same period in 2024 (when it amounted to € 10.2 million). The EBIT margin was 18.7% of revenue (19.9% in the same period of 2024).
Overall Group Profit
Overall Group profit at the end of the first six months of 2025 came to € 5.15 million, representing 10.2% of consolidated revenue, with a total decrease of 56.5% with respect to the same period in 2024. This trend is due to the increase in financial expenses, with around € 1.3 million linked to the sudden depreciation of the US dollar with respect to the Euro in June. The Company immediately implemented policies to handle FX risk and mitigate these effects in the future.
It should also be noted that the first half of 2024 benefited from a non-recurring gain related to the Patent Box regulations, which had a positive impact of € 3.9 million on the income statement for the period.
The Net Financial Position (NFP) is negative at € 4.97 million, compared to a negative € 0.92 million at the end of 2024 and a negative € 1.8 million at the end of the first half of 2024. The change in the NFP was positively impacted by good cash flow from operations (€ 6.59 million) which made it possible to finance the € 10.8 million in dividends distributed in May 2025.
30 june | 31 december | ||
(values in Euro thousands) | 2025 (a) | 2024 (a) | Change |
A. Cash | 11,751 | 9,314 | 26% |
C. Other current financial assets | 7,238 | 7,284 | -1% |
D. Cash and cash equivalent (A+C) | 18,989 | 16,598 | 14% |
E. Current financial indebtness | (2,426) | (2,595) | |
F. Current portion of non current borrowings | (5,414) | (5,549) | -2% |
G. Current borrowingse (E+F) | (7,840) | (8,144) | -4% |
H. Current net financial indebtness (G+D) | 11,148 | 8,453 | 32% |
I. Non current financial indebtness | (16,120) | (9,377) | 72% |
L. Non current financial indebtness | (16,120) | (9,377) | 72% |
M. Total financial indebteness (H+L) | (4,972) | (924) | 438% |
2025 | 2024 | |||
Revenues | 50,661 | 100.0% | 51,247 | 100.0% |
Cost of sales | (31,491) | -62.2% | (32,041) | -62.5% |
Gross margin | 19,170 | 37.8% | 19,207 | 37.5% |
Other revenues | 233 | 0.5% | 159 | 0.3% |
Cost of indirect labour | (3,578) | -7.1% | (3,428) | -6.7% |
Commercial expenses | (686) | -1.4% | (640) | -1.2% |
General and administrative expenses | (4,184) | -8.3% | (3,818) | -7.5% |
Ebitda | 10,955 | 21.6% | 11,480 | 22.4% |
Depreciation and Amortization | (1,456) | -2.9% | (1,289) | -2.5% |
Writedowns | - 12.72 | 0.0% | 0 | 0.0% |
Earning before interest and taxes (Ebit) | 9,487 | 18.7% | 10,191 | 19.9% |
Writedown of investments in non controlled associates | - | 0.0% | - | 0.0% |
Financial costs | (2,320) | -4.6% | (659) | -1.3% |
Financial income | 747 | 1.5% | 994 | 1.9% |
Earning before taxes (Ebt) | 7,914 | 15.6% | 10,526 | 20.5% |
Income taxes | (2,209) | -4.4% | 1,202 | 2.3% |
Profit for the year | 5,704 | 11.3% | 11,728 | 22.9% |
Minority interest | 0 | 0.0% | 0 | 0.0% |
Group Net Result | 5,704 | 11.3% | 11,728 | 22.9% |
Other comprehensive result | (553) | -1.1% | 105 | 0.2% |
Total Comprehensive result | 5,151 | 10.2% | 11,833 | 23.1% |
(€ thousands) 3 months
Incidence 3 months
Incidence
SIGNIFICANT EVENTS SUBSEQUENT TO 30 June 2025 AND OUTLOOK FOR THE YEAR
The international economic situation, in which uncertainty is the dominating factor, due to the consequences of reciprocal tariffs between the USA and the rest of the world, makes it difficult to predict the evolution of the reference markets in the coming months. However, there is a climate of customer confidence that allows us to hypothesize a conclusion to the year in line with the first half of the year, without currently foreseeing significant drops in terms of volumes.
The Group may see increased demand in the last quarter of the year, driven by the launch of new products, including the new car audio range from its subsidiaries Eminence Speakers and B&C Speakers Dongguan.
The supply chain problems caused by the temporary halt in the exports of magnets by China in response to the tariffs applied by the USA have for the most part been resolved, thanks to the efforts made by the Group which was also able to count on support from its Chinese manufacturing plant.