Revenues: € 521.6 million, -4.5% compared with Q1 2024
EBITDA: € 117.3 million, -7.9% compared with Q1 2024, and
an EBITDA margin of 22.5% compared with 23.3% in the same period of 2024
Consolidated net profit: € 57.0 million, + 15.7% compared with Q1 2024
Net financial position: € 383.3 million compared with € 409.0 million at 31 December 2024 In the period: investment of € 35.1 million, FCF of € 29.6 million
and net share buy-backs for € 3.2 million.
Executive Chairman Fulvio Montipò: "The results for the quarter are in line with expectations. The Group confirms our ability to maintain high levels of profitability, even under adverse market conditions, due to the diversification of our activities and the flexibility of our operating model. Accordingly, although the environment remains uncertain and difficult to read, the Group confirms a change in forecast turnover for the full year of between +1% and -5% on an organic basis, and expects to consolidate profitability in the 22% to 22.5% range".Sant'Ilario d'Enza (RE), 15 May 2025 - The Board of Directors of Interpump Group S.p.A., meeting today under the chairmanship of Fulvio Montipò, approved the consolidated Interim Report on Operations at 31 March 2025.1
1The economic-financial data presented in this communication has been rounded to the first decimal place.
INTERPUMP GROUP S.p. A. - Via E. FERMI, 25 - 42049 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311
FAX. +39.0522.904444 - E-mail info@interpumpgroup.it
SHARE CAPITAL € 56,617,232.88 fully paid-up. - R.E. BUSINESS REGISTER - TAX CODE 11666900151 - CHAMBER OF COMMERCE ADMINISTRATIVE AND ECONOMIC INDEX (R. E. A.) No. 204185
CONSOLIDATED RESULTS FOR Q1 2025
Revenues
Revenues totaled € 521.6 million in Q1 2025, down 4.5% from € 545.9 million in the corresponding period of 2024 (-7.5% change at constant perimeter2). The decrease was 8.1% on an organic basis3: this statistic reflects the normalization of demand in the Hydraulic sector, which is an ongoing process that began in the summer of 2023. In fact, the revenues of this division were 12.3% lower (-14.1% at constant perimeter), while those of the Water-Jetting division grew by 15.5% (+9.1% at constant perimeter).
Turnover by business sector and geographical area was as follows:
(€/000) | Italy | Rest of Europe | North America | Far East and Pacific Area | Rest of the World | Total |
Q1 2025 | ||||||
Hydraulic | 62,956 | 116,566 | 88,377 | 32,629 | 42,943 | 343,471 |
Water-Jetting | 19,777 | 57,021 | 50,298 | 35,672 | 15,336 | 178,104 |
Total | 82,733 | 173,587 | 138,675 | 68,301 | 58,279 | 521,575 |
Q1 2024 | ||||||
Hydraulic | 70,614 | 133,412 | 112,437 | 38,691 | 36,574 | 391,728 |
Water-Jetting | 14,486 | 58,943 | 48,452 | 19,477 | 12,781 | 154,139 |
Total | 85,100 | 192,355 | 160,889 | 58,168 | 49,355 | 545,867 |
2025/2024 percentage changes | ||||||
Hydraulic | -10.8% | -12.6% | -21.4% | -15.7% | +17.4% | -12.3% |
Water-Jetting | +36.5% | -3.3% | +3.8% | +83.1% | +20.0% | +15.5% |
Total | -2.8% | -9.8% | -13.8% | +17.4% | +18.1% | -4.5% |
The changes at constant perimeter are as follows:
2With respect to the results for the corresponding period in the prior year, the changes in reporting perimeter relate to 6 acquisitions made in 2024: PP China Co., Ltd., YRP Shanghai Flow Technology Co., Ltd., Alltube Engineering Ltd., Alfa Valvole S.r.l., H.S. S.r.l. and Hidrover Equipmentos Hidráulicos Ltda. The first two and the fourth have been consolidated by the Water-Jetting division since April and June respectively, while the second, second last and last have been consolidated by the Hydraulic division since May, July and December respectively.
3Change with constant consolidation perimeter and exchange rates.
(€/000) | Italy | Rest of Europe | North America | Far East and Pacific Area | Rest of the World | Total |
Hydraulic | -11.9% | -12.7% | -21.4% | -15.7% | +0.9% | -14.1% |
Water-Jetting | +4.4% | -5.8% | +3.7% | +70.2% | +11.1% | +9.1% |
Total | -9.1% | -10.6% | -13.8% | +13.1% | +3.5% | -7.5% |
The same opposite performance also occurred on an organic basis, with the Hydraulic division down by 14.5% while the Water-Jetting division grew by 8.2%. In particular, the normalization process in the various application markets of the Hydraulic division now reflects stabilization, rather than further reductions, while the post-pandemic recovery of the Water-Jetting division remains very strong.
Profitability
EBITDA totaled € 117.3 million in Q1 2025 compared with € 127.4 million in the corresponding period of the prior year, down by 7.9% and representing 22.5% of revenues compared with 23.3% in Q1 2024. Comparison of the trends in turnover and profitability - down by 4.5% and 7.9% respectively - highlights two of the principal strengths of the Group: on the one hand, its diversification results in the mitigation, at a consolidated level, of unfavorable trends in certain geographical and application markets; on the other, its flexible operating model enables the cost structure to adjust gradually to changes in sales.
The following table sets out EBITDA by business sector:
Q1 2025 €/000 | % on total revenues4 | Q1 2024 €/000 | % on total revenues4 | Increase/ Decrease | |
Hydraulic | 69,308 | 20.1% | 85,553 | 21.8% | -19.0% |
Water-Jetting | 48,035 | 26.8% | 41,822 | 26.8% | +14.9% |
Total | 117,343 | 22.5% | 127,375 | 23.3% | -7.9% |
4Total revenues include those relating to other Group companies, while the revenues analyzed previously are exclusively those external to the Group (see Note 2 in the explanatory notes to the Interim Report on Operations for Q1 2025). Accordingly, for consistency, the percentage is calculated on total revenues rather than on those reported previously.
The countermeasures adopted by the Group have mitigated the impact of the ongoing normalization process, although their effectiveness depends on the size of the decline in turnover: alongside a more than proportionate decline in the profitability of certain product verticals with respect to the decrease in turnover, the reduction in others was in line with the change; still others achieved improvements in profitability, despite slightly lower turnover. This demonstrates the benefits of Group diversification, not only at a consolidated level between the two divisions, but also within each division. In Water Jetting division Group was able to mitigate a slightly worse sales mix, while continuing to tackle production inefficiencies linked to the need to satisfy important customer demand as quickly as possible.
EBIT amounted to € 87.3 million (16.7% of revenues) compared with € 99.8 million in Q1 2024 (18.3% of revenues), down by 12.5% due, in essence, to decline in profitability indicated earlier.
Net financial expenses totaled € 9 million, compared with € 7.9 million in Q1 2024, principally as a consequence of higher exchange losses.
The tax rate for the period was 27.4% (26.6% in Q1 2024).
Net profit was € 57.0 million, compared with € 67.6 million in Q1 2024, down by 15.7%; accordingly, basic earnings per share have fallen from € 0.629 in Q1 2024 to € 0.531.
Capital employed has risen from € 2,495.5 million at 31 December 2024 to € 2,505.0 million at 31 March 2025, due to the effect of significant investment in recent years, now nearing completion.
Financial situation
The reduction in profitability caused by the change in turnover has resulted in a decline in the net liquidity generated from operations from € 110.4 million in Q1 2024 to € 98.5 million in Q1 2025. An 11.2% reduction in investment to € 35.1 million and a further improvement in working capital - absorption of € 30.1 million in Q1 2025 compared with € 32.2 million in the corresponding period of the prior year - mitigated the impact on free cash flow, which eased from € 34.2 million to € 29.6 million.
The net financial position at 31 March 2025 was € 383.3 million, compared with € 409.0 million at 31 December 2024. Capital investment amounted to € 35.1 million, while € 3.2 million was dedicated to the buy-back of treasury shares5.
5 Purchases net of proceeds from the sale of treasury shares to stock option beneficiaries. The treasury shares were purchased in the period from 25 March to 9 April 2025 and, therefore, the outflow indicated only reflects the purchases made in Q1 2025.
At 31 March, the Group had commitments for the acquisition of stakes in subsidiaries totaling €
67.7 million, compared with € 67.1 million at 31 December 2024.
At 31 March 2025 Interpump Group S.p.A. holds 2,228,863 treasury shares, representing 2.0471% of share capital, acquired at an average unit cost of € 38.874.
INTERPUMP 2022/2024 INCENTIVE PLAN: DEADLINE FOR THE EXERCISE OF OPTIONS EXTENDED TO 2029
The Board of Directors of Interpump Group S.p.A. also resolved to extend the deadline for the exercise of options assigned in the context of the "Interpump 2022/2024 Incentive Plan", approved at the Shareholders' Meeting held on 29 April 2022 (the "Plan"), in conformity with the information document for the Plan (prepared pursuant to art. 84-(2) of the Issuers' Regulation adopted by Consob resolution no. 11971/1999), which is available on the corporate website (https://www.interpumpgroup.it), in the "Governance" - "Shareholders' Meeting - 2022" section.
In particular, the Board resolved to extend the deadline for the exercise of these options from 31 December 2028 to 31 December 2029, in accordance with the Plan Regulations, which expressly assign extension rights to the Board of Directors. The extension approved does not alter the related economic conditions, since the exercise price and vesting conditions have not changed. This decision was made in order to enhance the retention of Group directors and top management, consistent with the objectives of the Remuneration Policy approved at the Shareholders' Meeting held on 29 April 2025.
EVENTS OCCURRING AFTER THE END OF Q1 2025
The treasury share purchase program was completed on 9 April 2025. Announced to the market on 24 March 2025, following authorization at the Shareholders' Meeting held on 26 April 2024, this program resulted in the purchase of 250,000 treasury shares (including 102,000 shares purchased in Q1 2025) at an average price of € 31.8391 each, with a total outlay of € 8 million.
On 29 April 2025, the Shareholders' Meeting of Interpump Group S.p.A. approved:
the separate financial statements for 20246;
the payment of a dividend of €0.33 per share;
6The Report on Operations includes the Consolidated Sustainability Report for 2024, prepared pursuant to Decree 125/2024.