Cembre S.p.a. MIL:CMB
Cembre S p A : INTERIM REPORT 2025 3RD QUARTER
Source: MarketScreener
202 IR QUARTER
C
Head Office: Via Serenissima 9, Brescia, Italy Share Capital: EUR 8,840,000 (fully paid-up).
Registration no: 00541390175 (Commercial Register of Brescia)
This document contains translations of the Interim Report drawn up in the Italian language
ContentsCorporate Boards and Independent Auditors 2
Group Structure 3
Interim Report on Operations 4
Significant events after the end of the first nine months of 2025 8
Outlook 8
Attachment 1 to the Interim Report on Operations 9
Comparative Consolidated Income Statement 9
Consolidated Financial Statements at September 30, 2025 10
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Financial Position - Assets 11
Consolidated Statement of Financial Position - Liabilities and Shareholders' Equity 12
Consolidated Cash Flow Statement 13
Statement of Changes in the Consolidated Shareholders' Equity 15
Notes to the accounts 16
Accounting principles, form and content of the Financial Statements, estimates 16
Translation of financial statements expressed in currencies other than the euro 17
Corporate Boards and Independent AuditorsBoard of Directors
Giovanni Rosani Chairman and Managing Director
Aldo Bottini Bongrani Deputy Chairman
Anna Maria Onofri Director
Sara Rosani Director
Felice Albertazzi Director
Franco Celli Director
Paola Carrara Independent Director
Elisabetta Ceretti Independent Director
Board of Statutory Auditors
Stefano Colpani Chairman
Riccardo Astori Auditor
Rosanna Angela Pilenga Auditor
Maria Grazia Lizzini Substitute Auditor
Alessandra Biggi Substitute Auditor
Independent Auditors
EY S.p.A.
Group Structure100%
100%
100%
100%
100%
CEMBRE S.p.A.
(Italy)
CEMBRE Ltd.
(UK)
CEMBRE S.A.R.L.
(France)
CEMBRE S.L.U.
(Spain)
CEMBRE GmbH
(Germany)
CEMBRE INC.
(US)
CEMBRE Electrical Connections Shanghai Ltd (China)
100%
CEMBRE B.V.
(Netherlands)
100%
Manufacturing and distribution companies
Distribution companies
Interim Report on OperationsIn the first nine months of 2025, consolidated revenues amounted to €179,864 thousand, an increase of 5.0% compared to €171,295 thousand in the first nine months of 2024.
Consolidated sales by geographical area showed a decrease of 1.3% in Italy and amounted to €74.0 million; revenues in other European markets amounted to €85.6 million and rose by 12.5% compared to the first nine months of 2024; lastly, non-european sales amounted to €20.3 million, remaining substantially unchanged. In the first nine months of 2025, 41.2% of Group sales were represented by Italy (as compared with 43.8% in the first nine months of 2024), 47.6% by the rest of Europe (44.4% in the first nine months of 2024), and 11.3% by the rest of the World (11.8% in the first nine months of 2024).
The summary table of sales by geographical area is reported below:
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 |
Italy | 74,030 | 74,984 | (1.3%.) | 73,977 | 64,410 | 53,065 |
Rest of Europe | 85,569 | 76,032 | 12.5% | 77,687 | 69,371 | 58,639 |
Rest of the World | 20,265 | 20,279 | (0.1%.) | 17,384 | 15,197 | 12,581 |
Total | 179,864 | 171,295 | 5.0% | 169,048 | 148,978 | 124,285 |
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 |
CEMBRE S.p.A. | 89,815 | 92,469 | (2.9%.) | 91,937 | 83,029 | 68,764 |
CEMBRE Ltd. (UK) | 26,292 | 21,738 | 21.0% | 19,443 | 18,132 | 16,443 |
CEMBRE S.A.R.L. (F) | 12,158 | 11,462 | 6.1% | 10,686 | 8,634 | 8,393 |
CEMBRE S.L.U. (E) | 18,708 | 17,077 | 9.5% | 16,108 | 12,751 | 9,554 |
CEMBRE GmbH (D) | 17,896 | 17,507 | 2.2% | 19,626 | 16,782 | 14,045 |
Sales and service revenues in the first nine months of 2025 are divided between the various companies (net of intragroup sales):
CEMBRE INC. (USA) | 11,551 | 11,042 | 4.6% | 11,248 | 9,650 | 7,086 |
CEMBRE B.V. (NL) | 2,533 | - | n.a. | - | - | - |
CEMBRE Shanghai Ltd. (CN) | 911 | - | n.a. | - | - | - |
Total | 179,864 | 171,295 | 5.0% | 169,048 | 148,978 | 124,285 |
Sales revenues (pre-consolidation) | ||||||
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 |
CEMBRE S.p.A. | 134,861 | 132,717 | 1.6% | 132,452 | 113,028 | 95,080 |
CEMBRE Ltd. (UK) | 28,880 | 23,764 | 21.5% | 21,339 | 19,830 | 17,721 |
CEMBRE S.A.R.L. (F) | 12,176 | 11,513 | 5.8% | 10,767 | 8,870 | 8,601 |
CEMBRE S.L.U. (E) | 18,730 | 17,105 | 9.5% | 16,143 | 12,760 | 9,575 |
CEMBRE GmbH (D) | 18,176 | 17,593 | 3.3% | 19,823 | 16,871 | 14,123 |
CEMBRE INC. (USA) | 11,606 | 11,051 | 5.0% | 11,340 | 9,699 | 7,096 |
CEMBRE B.V. (NL) | 2,533 | - | n.a. | - | - | - |
CEMBRE Shanghai Ltd. (CN) | 911 | - | n.a. | - | - | - |
In the first nine months of 2025, Group companies reported the following pre-consolidation sales revenues and results:
Pre-tax result (pre-consolidation) | ||||||
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 |
CEMBRE S.p.A. | 38,529 | 34,917 | 10.3% | 41,384 | 31,415 | 25,841 |
CEMBRE Ltd. (UK) | 3,442 | 1,975 | 74.3% | 1,130 | 1,902 | 2,009 |
CEMBRE S.A.R.L. (F) | (*) 1,296 | (105) | n.a. | 599 | 411 | 35 |
CEMBRE S.L.U. (E) | 2,353 | 2,393 | (1.7%.) | 2,236 | 1,624 | 750 |
CEMBRE GmbH (D) | 1,805 | 830 | 117.4% | 1,744 | 1,518 | 1,058 |
CEMBRE INC. (USA) | 1,184 | 271 | 337.1% | 157 | 495 | 370 |
CEMBRE B.V. (NL) | 546 | - | n.a. | - | - | - |
CEMBRE Shanghai Ltd. (CN) | (546) | - | n.a. | - | - | - |
(*) Includes the capital gain of €1,598 thousand for the sale of the Morangis (FR) building.
Currency | Sales revenues (pre-consolidation) | ||||||
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 | |
CEMBRE Ltd. (UK) | Gbp | 24,565 | 20,231 | 21.4% | 18,581 | 16,800 | 15,305 |
CEMBRE INC. (USA) | US$ | 12,984 | 12,014 | 8.1% | 12,284 | 10,318 | 8,488 |
CEMBRE Shanghai Ltd. (CN) | Rmb | 7,354 | - | n.a. | - | - | - |
For a more direct evaluation of the effect of foreign exchange translations, we include below sales figures and pre-tax result figures of the companies operating outside the euro area in the respective currency.
Currency | Pre-tax result (pre-consolidation) | ||||||
(euro '000) | First nine months 2025 | First nine months 2024 | Change | First nine months 2023 | First nine months 2022 | First nine months 2021 | |
CEMBRE Ltd. (UK) | Gbp | 2,928 | 1,682 | 74.1% | 984 | 1,611 | 1,735 |
CEMBRE INC. (USA) | US$ | 1,325 | 294 | 350.0% | 170 | 526 | 443 |
CEMBRE Shanghai Ltd. (CN) | Rmb | (4,405) | - | n.a. | - | - | - |
To provide a better understanding of the Company's financial performance for the first nine months of 2025, a Comparative Consolidated Income Statement for the same period and the corresponding period in 2024 showing percentage changes is enclosed as Attachment 1.
It should be noted that, on 15 July 2025, the French company CEMBRE S.A.R.L. sold to third parties, by notarial deed, the ownership of the industrial building located in the municipality of Morangis at a price of €1,900 thousand, realising a capital gain of €1,598 thousand. This consideration was collected in full. Consequently, the interpretation of the income results must take into account that the item 'Other revenues and income' incorporates the aforementioned capital gain.
Gross operating profit for the first nine months of 2025 amounted to €55,440 thousand, corresponding to a 30.8% margin on sales, up 12.1% on €49,474
thousand reported in the first nine months of 2024 (28.9% of sales). The incidence of the cost of goods sold declined, while the weight of the cost for services slightly rose during the period. Personnel costs in absolute terms increased by 4.0% compared to the first nine months of 2024, mainly as a result of the increase in the average number of Group workers from 895 in the first nine months of 2024 to 928 in the first nine months of 2025. However, personnel costs as a percentage of turnover slightly decreased from 26.8% to 26.6%.
Consolidated operating profit for the first nine months of 2025 amounted to
€44,889 thousand, corresponding to a 25.0% margin on sales, up 13.5% on €39,551 thousand reported in the first nine months of 2024 (23.1% of sales).
Consolidated profit before taxes for the first nine months of 2025 amounted to
€44,420 thousand, representing a 24.7% margin on sales, up 12.6% on the profit before taxes reported in the first nine months of 2024, amounting to €39,449 thousand and corresponding to a 23.0% margin on sales.
Consolidated net profit for the period increased by 10.4% compared to 2024 from
€29,131 thousand, representing 17.0% of sales, to €32,150 thousand, representing 17.9% of sales.
The net financial position as at September 30, 2025 is composed as follows:
(euro '000) | 30/09/2025 | 31/12/2024 | 30/09/2024 | |
A | Cash | 9 | 9 | 10 |
B | Bank deposits | 18,916 | 13,462 | 16,451 |
C | Other financial assets | - | - | - |
D | Cash and cash equivalents (A+B+C) | 18,925 | 13,471 | 16,461 |
E | Current bank payables | (18,406) | (3,080) | (8,903) |
F | Current financial leasing liabilities | (1,900) | (2,191) | (2,155) |
G | Current financial indebtedness (E+F) | (20,306) | (5,271) | (11,058) |
H | Net current financial position (G+D) | (1,381) | 8,200 | 5,403 |
I | Non-current bank payables | - | - | (3,063) |
J | Non-current financial leasing liabilities | (5,436) | (6,213) | (4,867) |
K | Non-current financial indebtedness (I+J) | (5,436) | (6,213) | (7,930) |
L | Net financial position (H+K) | (6,817) | 1,987 | (2,527) |
The net financial position as at September 30, 2025, amounting to a negative €6.8 million, decreased compared to December 31, 2024, when it amounted to a positive
€2.0 million. The net financial position at September 30, 2024 was a negative €2.5 million.
Investments made by the Group in the first nine months of the current year totalled
€18.0 million in property, plant and equipment (€21.2 million in the first nine months of 2024) and €1.2 million in intangible fixed assets (€1.0 million in the first nine months of 2024).
Significant events after the end of the first nine months of 2025 No event having significant effects on the Group's activities or results occurred after the close of the first nine months of the year. OutlookIn consideration of the uncertainty of the current economic situation, with persistent geopolitical tensions, making forecasts is extremely difficult.
Nevertheless, in light of the positive results achieved in the first nine months of the year, it is estimated that the CEMBRE Group's consolidated revenues will grow and the consolidated economic result will be positive in 2025.
Attachment 1 to the Interim Report on Operations Comparative Consolidated Income StatementFirst nine months 2025 | % | First nine months 2024 | % | Change | 3rd Qtr. 2025 | % | 3rd Qtr. 2024 | % | Change | |
(euro '000) | ||||||||||
Revenues from contract with customers | 179,864 | 100% | 171,295 | 100.0% | 5.0% | 55,596 | 100% | 51,782 | 100.0% | 7.4% |
Other revenues | 2,525 | 1,340 | 88.4% | 1,857 | 683 | 171.9% | ||||
TOTAL REVENUES | 182,389 | 172,635 | 5.7% | 57,453 | 52,465 | 9.5% | ||||
Cost of materials and goods | (61,250) | -34.1% | (61,362) | -35.8% | -0.2% | (17,323) | -31.2% | (18,801) | -36.3% | -7.9% |
Change in inventories | 6,403 | 3.6% | 6,610 | 3.9% | -3.1% | (31) | -0.1% | 2,874 | 5.6% | -101.1% |
Cost of goods sold | (54,847) | -30.5% | (54,752) | -32.0% | 0.2% | (17,354) | -31.2% | (15,927) | -30.8% | -9.0% |
Cost of services received | (22,944) | -12.8% | (21,395) | -12.5% | 7.2% | (7,438) | -13.4% | (6,936) | -13.4% | 7.2% |
Lease and rental costs | (311) | -0.2% | (381) | -0.2% | -18.4% | (34) | -0.1% | (153) | -0.3% | -77.8% |
Personnel costs | (47,783) | -26.6% | (45,957) | -26.8% | 4.0% | (15,256) | -27.4% | (14,713) | -28.4% | 3.7% |
Other operating costs | (1,402) | -0.8% | (1,334) | -0.8% | 5.1% | (456) | -0.8% | (401) | -0.8% | 13.7% |
Increase in assets due to internal construction | 647 | 0.4% | 798 | 0.5% | -18.9% | 152 | 0.3% | 209 | 0.4% | -27.3% |
Write-down of receivables | (274) | -0.2% | (64) | 0.0% | 328.1% | (104) | -0.2% | 71 | 0.1% | -246.5% |
Accruals to provisions for risks and charges | (35) | 0.0% | (76) | 0.0% | -53.9% | (8) | 0.0% | 7 | 0.0% | -214.3% |
GROSS OPERATING PROFIT | 55,440 | 30.8% | 49,474 | 28.9% | 12.1% | 16,955 | 30.5% | 14,622 | 28.2% | 16.0% |
Property, plant and equipment depreciation | (7,734) | -4.3% | (7,439) | -4.3% | 4.0% | (2,617) | -4.7% | (2,529) | -4.9% | 3.5% |
Intangible assets amortization | (903) | -0.5% | (850) | -0.5% | 6.2% | (310) | -0.6% | (287) | -0.6% | 8.0% |
Depreciation of right of use assets | (1,914) | -1.1% | (1,634) | -1.0% | 17.1% | (684) | -1.2% | (606) | -1.2% | 12.9% |
OPERATING PROFIT | 44,889 | 25.0% | 39,551 | 23.1% | 13.5% | 13,344 | 24.0% | 11,200 | 21.6% | 19.1% |
Financial income | 311 | 0.2% | 269 | 0.2% | 15.6% | 27 | 0.0% | 35 | 0.1% | -22.9% |
Financial charges | (430) | -0.2% | (393) | -0.2% | 9.4% | (198) | -0.4% | (219) | -0.4% | -9.6% |
Foreign exchange gains (losses) | (350) | -0.2% | 22 | 0.0% | n.a. | (4) | 0.0% | (118) | -0.2% | -96.6% |
PROFIT BEFOR TAXES | 44,420 | 24.7% | 39,449 | 23.0% | 12.6% | 13,169 | 23.7% | 10,898 | 21.0% | 20.8% |
Income taxes | (12,270) | -6.8% | (10,318) | -6.0% | 18.9% | (3,634) | -6.5% | (2,590) | -5.0% | 40.3% |
NET PROFIT | 32,150 | 17.9% | 29,131 | 17.0% | 10.4% | 9,535 | 17.2% | 8,308 | 16.0% | 14.8% |
First nine months 2025 | First nine months 2024 | ||
(euro '000) | |||
Revenues from contracts with customers | 179,864 | 171,295 | |
Other revenues | 2,525 | 1,340 | |
TOTAL REVENUES | 182,389 | 172,635 | |
Cost for materials and goods | (61,250) | (61,362) | |
Change in inventories | 6,403 | 6,610 | |
Cost of services received | (22,944) | (21,395) | |
Lease and rental costs | (311) | (381) | |
Personnel costs | (47,783) | (45,957) | |
Other operating costs | (1,402) | (1,334) | |
Increases in assets due to internal construction | 647 | 798 | |
Write-down of receivables | (274) | (64) | |
Accruals to provisions for risks and charges | (35) | (76) | |
GROSS OPERATING PROFIT | 55,440 | 49,474 | |
Property, plant and equipment depreciation | (7,734) | (7,439) | |
Intangible asset amortization | (903) | (850) | |
Depreciation of right of use assets | (1,914) | (1,634) | |
OPERATING PROFIT | 44,889 | 39,551 | |
Financial income | 311 | 269 | |
Financial expenses | (430) | (393) | |
Foreign exchange gains (losses) | (350) | 22 | |
PROFIT BEFORE TAXES | 44,420 | 39,449 | |
Income taxes | (12,270) | (10,318) | |
NET PROFIT | 32,150 | 29,131 | |
Items of the other comprehensive income that will be reclassified subsequently to profit of loss Conversion difference reserves | (2,119) | 614 | |
Comprehensive income | 30,031 | 29,745 | |
ASSETS | Sep. 30, 2025 | Dec. 31, 2024 | |
(euro '000) | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 118,035 | 108,632 | |
Investment property | 658 | 688 | |
Intangible assets | 5,160 | 4,901 | |
Goodwill | 4,608 | 4,608 | |
Right of use assets | 7,121 | 8,204 | |
Other investments | 5 | 5 | |
Other non-current assets | 123 | 178 | |
Deferred tax assets | 3,747 | 3,616 | |
TOTAL NON-CURRENT ASSETS | 139,457 | 130,832 | |
CURRENT ASSETS | |||
Inventories | 79,295 | 73,791 | |
Trade receivables | 48,297 | 46,182 | |
Other financial assets | - | - | |
Tax receivables | 4,103 | 5,771 | |
Other current assets | 897 | 1,118 | |
Cash and cash equivalents | 18,925 | 13,471 | |
TOTAL CURRENT ASSETS | 151,517 | 140,333 | |
NON-CURRENT ASSETS AVAILABLE FOR SALE | - | - | |
TOTAL ASSETS | 290,974 | 271,165 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | Sep. 30, 2025 | Dec. 31, 2024 | |
(euro '000) | |||
SHAREHOLDERS' EQUITY | |||
Capital stock | 8,840 | 8,840 | |
Reserves | 177,318 | 168,313 | |
Net profit | 32,150 | 42,590 | |
TOTAL SHAREHOLDERS' EQUITY | 218,308 | 219,743 | |
NON-CURRENT LIABILITIES | |||
Non-current financial liabilities | 5,436 | 6,213 | |
Employee termination indemnity and other personnel benefits | 1,640 | 1,617 | |
Provisions for risks and charges | 455 | 376 | |
Deferred tax liabilities | 4,010 | 4,015 | |
TOTAL NON-CURRENT LIABILITIES | 11,541 | 12,221 | |
CURRENT LIABILITIES | |||
Current financial liabilities | 20,306 | 5,271 | |
Trade payables | 19,507 | 19,877 | |
Tax payables | 7,460 | 1,227 | |
Other payables | 13,852 | 12,826 | |
TOTAL CURRENT LIABILITIES | 61,125 | 39,201 | |
LIABILITIES ON ASSETS HELD FOR DISPOSAL | - | - | |
TOTAL LIABILITIES | 72,666 | 51,422 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 290,974 | 271,165 | |
First nine months 2025 | First nine months 2024 | |
(euro '000) | ||
A) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 13,471 | 20,882 |
B) CASH FLOW FROM OPERATING ACTIVITIES | ||
Net profit for the period | 32,150 | 29,131 |
Income taxes | 12,270 | 10,318 |
Financial charges/(Financial profits) | 119 | 124 |
(Gains)/Losses on disposal of assets | (1,781) | (13) |
Depreciation/Amortization and write-downs | 10,552 | 9,922 |
Net change in Employee Termination Indemnity | 23 | (70) |
Net change in provisions for risks and charges | 79 | (440) |
Stock options plan IFRS2 reamesurement | 146 | 50 |
Operating profit (loss) before changes in working capital | 53,557 | 49,022 |
(Increase) Decrease in trade receivables | (2,115) | (1,327) |
(Increase) Decrease in inventories | (5,504) | (7,739) |
Increase (Decrease) in trade payables | (370) | 974 |
Increase (Decrease) other components of working capital | 1,211 | (1,881) |
(Increase) Decrease in working capital | (6,778) | (9,973) |
Other changes | (137) | 68 |
Interest received/(Interest paid) | (119) | (95) |
(Paid income taxes) | (4,328) | (5,606) |
NET CASH FLOW GENERATED BY (USED IN) OPERATING ACTIVITIES | 42,195 | 33,416 |
C) CASH FLOW FROM INVESTING ACTIVITIES | ||
Investment in fixed assets: | ||
- intangible | (1,164) | (1,014) |
- tangible | (17,985) | (21,239) |
- financial | (80) | (128) |
Proceeds from disposal of tangible, intangible, available-for-sale financial assets: | ||
- intangible | - | - |
- tangible | 2,162 | 77 |
- financial | 135 | - |
NET CASH FLOW GENERATED BY (USED IN) INVESTMENT ACTIVITIES | (16,931) | (22,304) |
D) CASH FLOW FROM FINANCING ACTIVITIES | ||
(Increase) Decrease in other financial assets | - | 4,000 |
(Increase) Decrease in bank debts | 15,326 | 11,838 |
Repayment of leasing liabilities | (1,904) | (1,542) |
Dividends distributed | (31,612) | (30,235) |
NET CASH FLOW GENERATED BY (USED IN) FINANCING ACTIVITIES | (18,190) | (15,939) |
E) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (B+C+D) | 7,074 | (4,828) |
F) Foreign exchange conversion differences | (1,621) | 407 |
G) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+E+F) | 18,925 | 16,461 |
Of which: assets held for disposal | - | - |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 18,925 | 16,461 |
(continued from previous page)
First nine months 2025 | First nine months 2024 | |
(euro '000) | ||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 18,925 | 16,461 |
Current financial liabilities | (20,306) | (11,058) |
Non-current financial liabilities | (5,436) | (7,930) |
NET CONSOLIDATED FINANCIAL POSITION | (6,817) | (2,527) |
BREAKDOWN OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | ||
Cash | 9 | 10 |
Bank deposits | 18,916 | 16,451 |
18,925 | 16,461 | |
(euro '000) | Balance at December 31, 2024 | Allocation of profits to reserves | Allocation of profits -dividends | Stock option plan: IFRS2 measurement | Stock option plan: shares assignment | Comprehens ive income of the period | Balance at September 30, 2025 |
Capital stock | 8,840 | 8,840 | |||||
Share premium reserve | 12,245 | 12,245 | |||||
Legal reserve | 1,768 | 1,768 | |||||
Reserve for own shares | (3,512) | (3,512) | |||||
Suspended-tax revaluation reserves | 585 | 585 | |||||
Other suspended-tax reserves | 68 | 68 | |||||
Reserve for previous years' profits | 31,678 | 7,139 | 38,817 | ||||
Conversion differences | 41 | (2,119) | (2,078) | ||||
Extraordinary reserve | 116,752 | 3,839 | 120,590 | ||||
Reserve for FTA | 3,715 | 3,715 | |||||
Reserve for discounting of Employee Termination Indemnity | 388 | 388 | |||||
Merger surplus reserve | 4,397 | 4,397 | |||||
Stock options reserve | 189 | 146 | 335 | ||||
Retained earnings | - | - | |||||
Net profit | 42,590 | (10,978) | (31,612) | 32,150 | 32,150 | ||
Total Shareholders' Equity | 219,743 | - | (31,612) | - | 146 | 30,031 | 218,308 |
(euro '000) | Balance at December 31, 2023 | Allocation of profits to reserves | Allocation of profits - dividends | Stock option plan: IFRS2 measurement | Stock option plan: shares assignment | Comprehens ive income of the period | Balance at September 30, 2024 |
Capital stock | 8,840 | 8,840 | |||||
Share premium reserve | 12,245 | 12,245 | |||||
Legal reserve | 1,768 | 1,768 | |||||
Reserve for own shares | (3,844) | (3,844) | |||||
Suspended-tax revaluation reserves | 585 | 585 | |||||
Other suspended-tax reserves | 68 | 68 | |||||
Reserve for previous years' profits | 30,526 | 1,199 | 31,725 | ||||
Conversion differences | (1,400) | 614 | (786) | ||||
Extraordinary reserve | 107,358 | 9,394 | 6 | 116,758 | |||
Reserve for FTA | 3,715 | 3,715 | |||||
Reserve for discounting of Employee Termination Indemnity | 347 | 347 | |||||
Merger differences | 4,397 | 4,397 | |||||
Stock options reserve | 286 | 44 | 330 | ||||
Retained earnings | - | - | |||||
Net profit | 40,828 | (10,593) | (30,235) | 29,131 | 29,131 | ||
Total Shareholders' Equity | 205,719 | - | (30,235) | 50 | - | 29,745 | 205,279 |
The Interim Report on Operations of the CEMBRE Group at September 30, 2025 was prepared in compliance with article 2.2.3, paragraph 3 of the "Rules for Markets organised and managed by Borsa Italiana S.p.A." and aims to provide a general description of the financial position and the economic performance of the Company and its subsidiaries in the period, in addition to reporting important events occurred and operations carried out and their effect on the financial position of the Company and its subsidiaries.
All the information required by IAS 34 is not provided in this document.
The consolidation principles and measurement criteria adopted conform to the international accounting standards (IAS/IFRS) and are consistent with those adopted to draft the financial statements of the Group for the year ended as at December 31, 2024.
The Group's financial statements include those as at September 30, 2025 of CEMBRE S.p.A. (Parent Company) and the following companies:
Share owned by the Group as at September 30, 2025 | Share owned by the Group as at September 30, 2024 | |
CEMBRE Ltd. (UK) | 100% | 100% |
CEMBRE S.A.R.L. (France) | 100% | 100% |
CEMBRE S.L.U. (Spain) | 100% | 100% |
CEMBRE GmbH (Germany) | 100% | 100% |
CEMBRE INC. (USA) | 100% | 100% |
CEMBRE B.V. (NL) | 100% | 100% |
CEMBRE Shanghai Ltd. (CN) | 100% | 100% |
The Parent Company has control of the above companies pursuant to Article 2359 of the Italian Civil Code.
It should be noted that on September 4, 2024, CEMBRE Electrical Connections Shanghai Ltd (share capital of €1 million) was established, and on September 13, 2024, CEMBRE BV (share capital of €300 thousand) was established, with headquarters in Eindhoven, the Netherlands. It is specified that the share capital of CEMBRE Electrical Connections Shanghai Limited was subscribed for €1 million but only €500 thousand was paid up. Both companies became operational in 2025.
The criteria used in the preparation of the financial statements were applied consistently within the Group. Where necessary, financial data were adjusted and reclassified. In compliance with IAS 1, in the financial statements costs were classified by nature.
Amounts are expressed in thousands of Euro.
The Interim Report was prepared according to the "separation of periods method", based on which the reference period is considered an autonomous financial year. The income statement for the quarter thus reflects the income components relating to the period based on the accrual method.
Bonuses recognised to customers at the end of the period were estimated based on past sales and their expected future performance.
Translation of financial statements expressed in currencies other than the euroThe functional and reporting currency of the Group is the euro.
Currency | Exchange rate at September 30, 2025 | Average exchange rate 2025 |
British pound | 0.8734 | 0.8506 |
US dollar | 1.1741 | 1.1188 |
Exchange rates applied in the translation of financial statements of subsidiaries are shown in the table below (expressed in currency/€).
Chinese Renminbi | 8.3591 | 8.0745 |
Brescia, November 14, 2025
For the Board of Directors
of the Parent Company CEMBRE S.p.A.
The Chairman and Managing Director Giovanni Rosani
DECLARATION
pursuant to art 154-bis, Paragraph 2 of Legislative Decree 58 dated Feb. 24, 1998 "Consolidated Law on financial intermediation regulations" and subsequent integrations and updatings
Re: 2025 Third Quarter Interim Report
The undersigned,
Claudio Bornati, Manager responsible for preparing the Cembre S.p.A. financial reports
DECLARES
pursuant to Paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the financial disclosure contained in the 2025 third Quarter Interim Report corresponds to
the document results, books and accounting records.
Brescia, November 14, 2025
Signed by: Claudio Bornati Manager in charge of drafting the accounts of Cembre S.p.A.
CEMBRE
CEMBRE SpA
Via Serenissima. 9 • 25135 Brescia ITALY
Ph +39 030 3692.1 • Fax +39 030 3365766
https://www.cembre.com • [email protected]