B&C Speakers S.p.A.:
The Board of Directors approves The Interim Report on Operations at 30 September 2025- Consolidated revenues totalled € 75.60 million (compared to € 76.63 million in the first nine months of 2024);
- Consolidated EBITDA of € 16.52 million (compared to € 17.71 million in the first nine months of 2024);
- Overall Group profit of € 8.58 million (€ 15.65 million at 30 September 2024, including the one-time positive effect deriving from the Patent Box, for € 3.99 million);
- Group net financial position at € 1.39 million (compared to € 0.92 million at the end of 2024);
- New Group orders equal to € 81.1 million (the amount was € 80 million for the
Bagno a Ripoli (Florence), 11 November 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 as of 30 September 2025 in accordance with IFRS international accounting standards.
Lorenzo Coppini, Chief Executive Officer of B&C Speakers, commented: "the market remains globally dynamic, and the group's companies are working to capture demand that should return to its usual pace over the next twelve months. The inauguration of a new production line in China, the completion of the car audio product range in the United States, and a strengthened research and development team in Europe are the tools we are relying on to grow our business in the coming months."
Consolidated revenue
Consolidated revenue reached € 75.59 million, down by 1.3% compared to € 76.63 million in the first nine months of 2024.
New orders received during the first nine months of 2025 continued to increase with respect to the same period in 2024, guaranteeing € 81.1 million compared to the 80 million in orders collected during the same period in 2024.
Below is the full breakdown by region for the first nine months of 2025, compared to the same period in 2024 (amounts in euro):
Revenues per geographic area | 9 months 2025 | % | 9 months 2024 | % | Difference | Difference % |
(values in Euro/thausand) | ||||||
Latin America | 5,177 | 7% | 6,192 | 8% | (1,015) | -16.4% |
Europe | 37,798 | 50% | 37,186 | 49% | 612 | 1.6% |
Italy | 4,513 | 6% | 5,210 | 7% | (698) | -13.4% |
North America | 15,392 | 20% | 15,525 | 20% | (134) | -0.9% |
Middle East & Africa | 473 | 1% | 538 | 1% | (65) | -12.0% |
Asia & Pacific | 12,245 | 16% | 11,979 | 16% | 267 | 2.2% |
Total | 75,598 | 100% | 76,630 | 100% | (1,032) | -1.3% |
In contrast to that indicated at the end of the half, we can note that the North American market saw a significant recovery during the third quarter of 2025 (at the end of the first half the decrease in turnover totalled € 1.2 million, falling to just € 134 thousand at 30 September 2025). indicating a climate of higher confidence in the reference market of professional audio.
Cost of sales
During the first nine months of 2025, the cost of sales was fairly consistent in terms of its impact on revenues when compared to the same period in 2024, going from 61.8% to 62.2%. Despite excellent cost management in terms of purchases of raw materials, this trend was caused by the progressive consequences of higher duties paid, not yet reflected in sales prices. Direct personnel costs also had a greater impact than in 2024, as a consequence of the reduction in sales volumes following macroeconomic factors that impacted economies as a whole.
Indirect Personnel
Indirect personnel costs were in line with the first nine months of 2024, both in terms of impact on revenues (going from 6.6% to 6.8%) and in absolute terms, as the increase was quite limited when compared to the first half of 2024 (+1.6%).
Commercial expenses
Commercial expenses increased slightly in absolute terms compared to the first nine months of 2024 (by € 143 thousand), nonetheless keeping their impact on revenues substantially unchanged.
Administrative costs and overheads
Administrative costs and overheads rose by € 235 thousand with respect to the corresponding figure for 2024, however, their impact on revenues remained more or less stable, going from 8.0% to 8.3%.
EBITDA and EBITDA Margin
As a result of these trends, EBITDA for the first nine months of 2025 was € 16.52 million,
down by € 1.19 million (-6.7%) with respect to the same period in 2024.
The EBITDA margin for the first nine months of 2025 was 21.9% of revenues, compared to 23.1% for 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 same period of 2024, amounting to € 2.17 million (€ 1.96 million in the first nine months of 2024). This increase is mainly due to the effects of investments during the period.
EBIT and EBIT Margin
EBIT for the first nine months of 2025 amounted to € 14.32 million, down 9.1% with respect to the same period in 2024 (when it amounted to € 15.74 million). The EBIT margin was 18.9% of revenue (20.5% in the same period of 2024).
Overall Group Profit
Overall Group profit at the end of the first nine months of 2025 amounted to € 8.58 million, representing 11.4% of consolidated revenue, with a total decrease of 45.2% overall, compared to the corresponding period of 2024. This trend is due to the increase in financial expenses associated with the depreciation of the US dollar compared to the Euro.
It should also be noted that the first nine months of 2024 benefited from a non-recurring gain related to the Patent Box regulations, which had a positive impact of € 3.99 million on the income statement for the period.
The Net Financial Position (NFP) is negative at € 1.39 million, compared with the negative
amount of € 0.92 million registered at the end of 2024 and the still negative amount of
€ 4.97 million at the end of the first half of 2025. The change in the NFP was positively impacted by good cash flow from operations (€ 10.19 million) which made it possible to finance the € 10.8 million in dividends distributed in May 2025.
30 September | 31 December | ||
(values in Euro thousands) | 2025 (a) | 2024 (a) | Change |
A. Cash | 13,837 | 9,314 | 49% |
C. Other current financial assets | 7,418 | 7,284 | 2% |
D. Cash and cash equivalent (A+C) | 21,256 | 16,597 | 28% |
E. Current financial indebtness | (2,422) | (2,595) | |
F. Current portion of non current borrowings | (5,597) | (5,549) | 1% |
G. Current borrowingse (E+F) | (8,018) | (8,144) | -2% |
H. Current net financial indebtness (G+D) | 13,238 | 8,453 | 57% |
I. Non current financial indebtness | (14,633) | (9,377) | 56% |
L. Non current financial indebtness | (14,633) | (9,377) | 56% |
M. Total financial indebteness (H+L) | (1,395) | (924) | 51% |
(€ thousands) 9 months
Incidence 9 months
Incidence
2025 | 2024 | |||
Revenues | 75,598 | 100.0% | 76,630 | 100.0% |
Cost of sales | (47,035) | -62.2% | (47,365) | -61.8% |
Gross margin | 28,563 | 37.8% | 29,266 | 38.2% |
Other revenues | 253 | 0.3% | 292 | 0.4% |
Cost of indirect labour | (5,178) | -6.8% | (5,096) | -6.6% |
Commercial expenses | (1,050) | -1.4% | (907) | -1.2% |
General and administrative expenses | (6,068) | -8.0% | (5,843) | -7.6% |
Ebitda | 16,520 | 21.9% | 17,712 | 23.1% |
Depreciation and Amortization | (2,171) | -2.9% | (1,965) | -2.6% |
Writedowns | - 28.63 | 0.0% | 0 | 0.0% |
Earning before interest and taxes (Ebit) | 14,320 | 18.9% | 15,747 | 20.5% |
Writedown of investments in non controlled associates | - | 0.0% | - | 0.0% |
Financial costs | (2,592) | -3.4% | (1,224) | -1.6% |
Financial income | 1,029 | 1.4% | 1,396 | 1.8% |
Earning before taxes (Ebt) | 12,757 | 16.9% | 15,919 | 20.8% |
Income taxes | (3,442) | -4.6% | (135) | -0.2% |
Profit for the year | 9,316 | 12.3% | 15,784 | 20.6% |
Minority interest | 0 | 0.0% | 0 | 0.0% |
Group Net Result | 9,316 | 12.3% | 15,784 | 20.6% |
Other comprehensive result | (731) | -1.0% | (126) | -0.2% |
Total Comprehensive result | 8,585 | 11.4% | 15,658 | 20.4% |
SIGNIFICANT EVENTS SUBSEQUENT TO 30 September 2025 AND OUTLOOK FOR THE YEAR
The international economic situation, in which uncertainties associated with economic and other factors dominate, does not make it simple to predict the evolution of the reference market in coming months. Nonetheless, a basic level of confidence can be observed in our
clients, which allows us to hypothesise that the end of the year will be in line with the first half, without any expectations of significant drops in terms of volume.
The Group is also likely to see benefits from increased demand for its products starting in the last quarter of the year, following the launch of new products by its subsidiaries Eminence Ky and B&C Speakers Dongguan.