PR ESS RE LE ASE
Regulated information
Wednesday 25 February 2026 at 6.30 AM CET
Strong net profit growth as margins hold firm in challenging marketsSales | Adj. EBITDA | Adj. EBITDA % | Net Profit | Net Debt | Dividend |
€ 772.7m | € 110.2m | 14.3% | € 26.8m | € 97.6m | € 0.09 |
(€ 827.0m LY) | (€ 118.1m LY) | (14.3% LY) | (€ 15.9m LY) | (€ 85.1m LY) | (€ 0.08 LY) |
-6.6% | -6.7% | -0.0pp | +68.5% | +14.7% | +12.5% |
Under continued slow market conditions, sales decreased by 6.6%, driven by a full-year volume decline of 3.5% and a negative FX impact of 11.3%, primarily related to Türkiye and North America.
Importantly, volume performance showed an improvement during the year: after reaching -5.8% at half-year 2025, the trend progressively strengthened to finish at -3.5% by year-end, signaling a gradual recovery in demand towards yearend.
Gross margin at group level increased from 32.1% to 33.7% in 2025, supported by the implemented operational efficiencies and footprint optimizations.
Adj. EBITDA decreased to € 110.2m (-6.7% vs 2024) broadly in line with our sales.
The Adj. EBITDA margin remained stable at 14.3%, supported by improved profitability in North America and a strong second half in Türkiye.
Net profit increased significantly from € 15.9m to € 26.8m in 2025 (+68.5%). Consequently, earnings per share jumped from € 0.10 to € 0.17 in 2025.
Net debt rose from € 85.1m to € 97.6m (0.9x Adj. EBITDA).
Proposal to increase the dividend per share by 12.5% to € 0.09 (LY: € 0.08)
The Search for a CEO is ongoing.
Annual report available as of March 16th at https://www.deceuninck.com/investors
"2025 was a year marked by significant challenges and slow demand across our industry. Despite these headwinds, we delivered a solid performance in all regions, thanks to the resilience and dedication of our teams. In Europe, we navigated a mixed market and delivered a solid result, while focusing on our dual positioning in PVC and aluminum solutions - a strategic priority for the year ahead. In North America, while early positive signals did not fully carry through the second half due to macroeconomic pressures, we still managed to enhance profitability. Türkiye stood out with a very strong second half, driven by increased demand. This rebound was supported by our strong market position in the region, enabling us to capture growth quickly and effectively.
We remain prudent in our outlook. Although the market shows some signs of stabilizing, it is still too early to predict when a meaningful recovery in demand will materialize. We are well-positioned to capture growth opportunities with our innovative and sustainable product portfolio. Our commitment to shaping a better, more sustainable building industry continues with full strength."
Summary of consolidated figures(in € million) | FY 2024 | FY 2025 | % y-o-y |
Sales | 827.0 | 772.7 | (6.6%) |
Gross profit | 265.3 | 260.5 | (1.8%) |
Gross-margin (%) | 32.1% | 33.7% | +1.6 pps |
EBITDA | 110.1 | 108.7 | (1.2%) |
Adj. EBITDA | 118.1 | 110.2 | (6.7%) |
Adj. EBITDA-margin (%) | 14.3% | 14.3% | -0.0 pps |
EBIT | 62.9 | 61.0 | (3.1%) |
Financial result | (28.7) | (18.8) | 34.4% |
Profit / (loss) before taxes and share of result of joint ventures (EBT) | 34.2 | 42.2 | 23.2% |
Income taxes | (16.9) | (15.4) | (8.6%) |
Share of the result of a joint venture | (1.5) | - | (100.0%) |
Net profit / (loss) | 15.9 | 26.8 | 68.5% |
Net debt | 85.1 | 97.6 | 14.7% |
External sales (in € million) | FY 2024 | Scope Change* | Volume | FX | Price / Mix / Other | FY 2025 | % y-o-y |
Europe | 369.2 | 3.6% | -5.6% | 0.3% | -0.8% | 361.5 | -2.1% |
North America | 163.8 | 0.0% | -3.7% | -4.3% | 4.6% | 158.4 | -3.3% |
Türkiye & EM | 294.0 | 0.0% | -0.7% | -29.6% | 15.6% | 252.9 | -14.0% |
Total | 827.0 | 1.6% | -3.5% | -11.3% | 6.1% | 772.7 | -6.6% |
*Volume due to So Easy acquisition
Reporting per regionFor the 12 month period ended 31 December (in € million) | Europe | North | America | Türkiye & Emerging markets | Intersegment Eliminations | Group | ||||
2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |
External sales | 369.2 | 361.5 | 163.8 | 158.4 | 294.0 | 252.9 | - | - | 827.0 | 772.7 |
Intersegment sales | 0.6 | 1.4 | - | - | 11.7 | 10.2 | (12.3) | (11.6) | - | - |
Total sales | 369.8 | 362.9 | 163.9 | 158.4 | 305.7 | 263.0 | (12.3) | (11.6) | 827.0 | 772.7 |
EBITDA | 23.9 | 28.8 | 21.9 | 22.3 | 64.8 | 57.7 | (0.6) | - | 110.1 | 108.7 |
Adjusted EBITDA | 31.9 | 30.1 | 21.9 | 22.3 | 64.8 | 57.8 | (0.6) | - | 118.1 | 110.2 |
Adjusted EBITDA margin % | 8.6% | 8.3% | 13.4% | 14.1% | 21.2% | 22.0% | 14.3% | 14.3% | ||
In Europe, we faced a highly fragmented market throughout the year, with certain countries returning to growth while others continued to experience softer demand.
In North America, the first half of the year showed early signs of recovery, but momentum eased in the second half as elevated mortgage rates and broader economic uncertainty continued to weigh on construction activity.
In Türkiye, the economic environment improved in the second half of the year. After a period of softer demand in the first half, the market gained momentum supported by a gradual decline in interest rates and renewed confidence in the construction sector.
Income Statement Consolidated sales for 2025 declined to € 772.7m, down 6.6% from € 827.0m in 2024. The decline was driven by a negative FX effect of 11.3% and a 3.5% reduction in volumes, mainly reflecting lower demand in Europe (-5.6%) and North America (-3.7%), as slow market conditions continued to weigh on activity.The Adj. EBITDA decreased to € 110.2m (-6.7% vs. 2024), moving broadly in line with the decline in sales and reflecting the continued softness in market conditions. Despite the lower absolute result, we maintained a solid Adj. EBITDA-margin of 14.3%, consistent with last year. This resilience was supported by an improved profitability in North America and a strong second half in Türkiye.
Adj. EBITDA-items (difference between EBITDA and Adj. EBITDA) amount to € 1.4m (vs € 8.0m in 2024), related to both the closure of our German plant and finalization of the Elegant transition in Europe.
The financial result improved to € (18.8)m in 2025, compared to € (28.7)m in 2024. This improvement reflects the impact of interest policy changes in Türkiye, where a decreasing policy rate contributed positively to the overall financial result.
Depreciations and amortizations remained stable at €47.7m in 2025 compared to € 47.2m in 2024.
Income taxes have decreased from € (16.9)m in 2024 to €(15.4)m in 2025.
As a result of the above, net profit increased significantly
from € 15.9m in 2024 to € 26.8m in 2025.
Cash flow and Balance sheet Capex slightly lower at € 35.5m in 2025 compared to €38.5m in 2024. We continue to focus on strengthening our operational setup.
The Net Debt increased from € 85.1m per December 2024 to € 97.6m, causing leverage to increase from 0.7x to 0.9x. The main drivers for this increase are the acquisition of the remaining 50% stake in our So Easy Poland joint venture and the purchase of our warehouse in Croatia.
Working capital increased from € 104.4m as per December 2024 to € 117.5m, mainly resulting from the lower payables compared to yearend 2024. OutlookWhile the market appears to be stabilizing, it remains too early to determine when demand will see a meaningful recovery. Our priority is to prepare the company for a gradual recovery in demand by continuing to invest in our people, operational excellence, commercial capabilities, and our innovation and sustainability roadmap. These foundations will reinforce our competitiveness and ensure we are well positioned to capture opportunities as they arise.
In Europe, the market landscape remains uneven across countries, and we expect this fragmentation to continue into 2026.
Following the acquisition of the remaining 50% stake in our So Easy Poland joint venture (currently renamed to Deceuninck Aluminium Poland), the integration of the business will be a key focus area in 2026. Our priority will be to align operations and commercial processes where suitable, allowing us to capture the synergies and efficiencies expected from full ownership.
In North America, visibility remains limited. Elevated mortgage rates continue to affect housing affordability and new construction activity. Given these conditions, it is too early to anticipate a sustained improvement in demand. Nevertheless, we are confident that we are well placed to respond quickly when the market conditions start to improve.
In Türkiye, the strong rebound in the second half of 2025 demonstrated the region's resilience and the strength of our market position. While the macro-economic environment is expected to remain challenging in 2026, we are confident about the year ahead. Our strong brand recognition and Türkiye's strategic role as an export hub provide a solid platform to build on last year's momentum and pursue further growth.
Annex 1: Consolidated income statement | ||
(in € million) | FY 2024 | FY 2025 |
Sales | 827.0 | 772.7 |
Cost of goods sold | (561.7) | (512.3) |
Gross profit | 265.3 | 260.5 |
Marketing, sales and distribution expenses | (134.4) | (134.9) |
Research and development expenses | (7.0) | (6.7) |
Administrative and general expenses | (59.0) | (59.4) |
Other net operating result | (2.0) | 1.5 |
Operating profit (EBIT) | 62.9 | 61.0 |
Interest income / (expense) | (7.1) | (1.9) |
Foreign exchange gains / (losses) | (8.7) | (5.8) |
Other financial income / (expense) | (4.3) | (2.6) |
Monetary gains / (losses) | (8.6) | (8.5) |
Profit / (loss) before taxes and share of result of joint ventures (EBT) | 34.2 | 42.2 |
Income taxes | (16.9) | (15.4) |
Share of the result of a joint venture | (1.5) | - |
Net profit / (loss) | 15.9 | 26.8 |
Adj. EBITDA | 118.1 | 110.2 |
Earnings per share distributable to the shareholders of the parent company (in €): | FY 2024 | FY 2025 |
Basic earnings per share | 0.10 | 0.17 |
Diluted earnings per share | 0.10 | 0.17 |
The statutory auditor, PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL, represented by Wouter Coppens, acting on behalf of Wouter Coppens BV, has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in this press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived.
Annex 2: Consolidated statement of financial position | ||
(in € million) | FY 2024 | FY 2025 |
Assets | ||
Intangible fixed assets | 5.2 | 13.4 |
Goodwill | 10.5 | 10.5 |
Tangible fixed assets | 329.8 | 325.0 |
Financial fixed assets | - | - |
Deferred tax assets | 22.0 | 22.2 |
Long-term receivables | 11.0 | 1.2 |
Net defined benefit asset | - | 0.4 |
Non-current assets | 378.5 | 372.8 |
Inventories | 116.7 | 119.0 |
Trade receivables | 111.2 | 109.5 |
Other receivables | 59.0 | 49.3 |
Cash and cash equivalents | 34.1 | 26.1 |
Non-current assets held for sale | 22.6 | 21.3 |
Current assets | 343.7 | 325.3 |
Total assets | 722.2 | 698.1 |
Equity excluding non-controlling interests | 338.5 | 337.8 |
Non-controlling interests | 17.1 | 17.6 |
Equity including non-controlling interests | 355.6 | 355.4 |
Interest-bearing loans including lease liabilities | 101.3 | 100.2 |
Other long-term liabilities | 0.1 | 0.1 |
Employee benefit obligations | 13.1 | 11.7 |
Long-term provisions | 5.4 | 5.3 |
Deferred tax liabilities | 13.1 | 16.6 |
Non-current liabilities | 133.0 | 133.8 |
Interest-bearing loans including lease liabilities | 18.0 | 23.5 |
Trade payables | 123.5 | 111.0 |
Tax liabilities | 8.3 | 8.7 |
Employee related liabilities | 17.0 | 18.4 |
Employee benefit obligations | 0.6 | 0.6 |
Short-term provisions | 12.6 | - |
Other liabilities | 53.7 | 46.7 |
Current liabilities | 233.6 | 208.8 |
Total equity and liabilities | 722.2 | 698.1 |
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