DATA FOR Q2 2025
Revenues: € 555.3 million, +1% compared with Q2 2024 (+1% on an organic basis)
EBITDA: € 132.1 million, +6% compared with Q2 2024, and an EBITDA margin of 23.8% compared with 22.7% in the same period of 2024
Consolidated net profit: € 60.4 million, - 3.4% compared with Q2 2024
DATA FOR H1 2025:
Revenues: € 1,076.9 million, -1.7% compared with H1 2024 (-3.5% on an organic basis)
EBITDA: € 249.5 million, -1% compared with H1 2024, and an EBITDA margin of 23.2% compared with 23.0% in the same period of 2024
Consolidated net profit: € 117.3 million, - 9.8% compared with H1 2024
Net financial position: € 396.9 million compared with € 409.0 million at 31 December 2024
In the period: investment of € 53.9 million, FCF of € 76.0 million, acquisitions of € 4.9 million, dividends paid of € 34.7 million, and buy-backs of € 16.6 million.
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
Sant'Ilario d'Enza (RE), 6 August 2025 - The Board of Directors of Interpump Group S.p.A., meeting today under the chairmanship of Fulvio Montipò, approved the Half-year Financial Report at 30 June 2025 on the consolidated results of the Group.1
CONSOLIDATED RESULTS FOR Q2 2025
Revenues
Revenues amounted to € 555.3 million in Q2 2025, up by 1.0% compared with € 549.8 million in the corresponding period of the prior year (-1.3% at constant perimeter2); the increase was also 1.0% on an organic basis3. The increase in turnover after 6 consecutive quarters of contraction, the longest downturn in the history of the Group after the run of 7 quarters during the 2008-2009 financial crisis, marks the first signs of a slowdown in the post-pandemic process of normalization in the Hydraulic division, and an acceleration of the already significant growth of the Water-Jetting division.
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 |
Q2 2025 | ||||||
Hydraulic | 66,246 | 126,832 | 82,473 | 34,966 | 41,522 | 352,039 |
Water-Jetting | 21,733 | 59,667 | 51,430 | 54,893 | 15,586 | 203,309 |
Total | 87,979 | 186,499 | 133,903 | 89,859 | 57,108 | 555,348 |
Q2 2024 | ||||||
Hydraulic | 66,341 | 131,548 | 105,413 | 39,210 | 37,251 | 379,763 |
Water-Jetting | 16,537 | 59,535 | 50,394 | 26,794 | 16,814 | 170,074 |
Total | 82,878 | 191,083 | 155,807 | 66,004 | 54,065 | 549,837 |
2025/2024 percentage changes | ||||||
Hydraulic | -0.1% | -3.6% | -21.8% | -10.8% | +11.5% | -7.3% |
Water-Jetting | +31.4% | +0.2% | +2.1% | +104.9% | -7.3% | +19.5% |
Total | +6.2% | -2.4% | -14.1% | +36.1% | +5.6% | +1.0% |
1The economic-financial data presented in this communication has been rounded to the first decimal place.
2With respect to the results for the corresponding period in the prior year, the changes in reporting perimeter principally 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 Equip Hidraulicos 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. Padoan S.r.l. - a newly-acquired company, the binding preliminary purchase agreement for which was signed on 16 June - will be consolidated from 1 July.
3Change with constant consolidation perimeter and exchange rates.
The changes at constant perimeter are as follows:
(€/000) | Italy | Rest of Europe | North America | Far-East and Pacific Area | Rest of the World | Total |
Hydraulic | -1.1% | -3.6% | -21.8% | -10.8% | -6.8% | -9.3% |
Water-Jetting | +7.6% | -1.1% | +2.8% | +101.6% | -6.6% | +16.6% |
Total | +0.7% | -2.8% | -13.8% | +34.8% | -6.8% | -1.3% |
As in prior quarters, the performance of the two divisions differed significantly: the turnover of the Hydraulic division declined overall by 7.3% and by 9.3% at constant perimeter, while that of the Water-Jetting division rose overall by 19.5% and by 16.6% at constant perimeter. This difference remains evident at the organic level, with a decrease of 7% for Hydraulics and an increase of 19.0% for Water Jetting. Analysis of the organic results highlights trends that emerged during the period. The process of normalization that started within the Hydraulic division in summer 2023, following the exceptional spikes in demand in 2021 and 2022, seemed to show early signs of a slowdown: in particular, the decrease of 7% was notably lower than the drops of 13.7% in Q2 2024 and 14.5% in Q1 2025. The 19.0% growth of the Water-Jetting division reflects, in part, the post-pandemic recovery - already in progress for some time - and, in part, the results of development work in China both in previous quarters and more recently with the execution of a major order obtained this spring, for the high-pressure stripping of paint from the hulls of vessels: the order was completed in June and July, following major productivity efforts that were supported by local partners.
Profitability
EBITDA totaled € 132.1 million in Q2 2025, up by 6.0% from € 124.6 million in the corresponding period of the prior year, representing an improvement from 22.7% of revenues in Q2 2024 to 23.8%. The effectiveness of the countermeasures taken by the Group to mitigate the impact of the decline in sales volumes was already identified in prior quarters, minimizing the difference between the drop in turnover and that in profitability. The overall growth in turnover during Q2 and the improved trend in the Hydraulic division have made it possible to benefit in full from the measures taken, with the growth in profitability out pacing both that in overall turnover and that determined on an organic basis. Detailed analysis of the two divisions highlights this phenomenon, albeit in different ways giving their divergent trends in turnover: given an overall decline in the turnover of the Hydraulic division by 7.3%, the reduction in EBITDA was 9.0%, while the 19.5% increase in the turnover of the Water-Jetting division delivered a 34.0% increase in profitability. The impact of the US trade tariffs was not significant during the quarter,
given their careful, targeted inclusion in final selling prices, while the first-time consolidation of new companies in both divisions did not dilute profitability.
The following table sets out EBITDA by business sector:
(€/000) | Q2 2025 | % on total revenues 4 | Q2 2024 | % on total revenues4 | Increase/ Decrease |
Hydraulic | 73,797 | 20.9% | 81,059 | 21.3% | -9.0% |
Water-Jetting | 58,311 | 28.5% | 43,530 | 25.5% | +34.0% |
Total | 132,108 | 23.8% | 124,589 | 22.7% | +6.0% |
The increase in profitability described above was reflected in a rise in EBIT to € 100.7 million (18.1% of revenues), compared with € 95.5 million (17.4% of revenues) in Q2 2024.
Net profit amounted to € 60.4 million compared with € 62.5 million in Q2 2024, down 3.4%.
CONSOLIDATED RESULTS FOR H1 2025
Revenues
Revenues amounted to € 1,076.9 million in H1 2025, down by 1.7% compared with € 1,095.7 million in the corresponding period of the prior year (down respectively by 4.4% and 3.5% at constant perimeter5 and on an organic basis). Consistent with last year, the two divisions trended differently during H1: the Hydraulic division contracted (9.8% overall and 11.7% at constant perimeter), while the Water-Jetting division saw further growth (17.6% overall and 13% at constant perimeter). On the one hand, this reflects the process of normalization in the Hydraulic division following the post-pandemic peak during 2021/2022 and conversely, on the other, the post-pandemic recovery that has buoyed the Water-Jetting division. Further analysis, especially on an organic basis, also highlights a change between the first and second parts of the semester in the trends experienced by the two divisions. After a first part consistent with the prior year, the
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 Half-year Financial Report for 2025). Accordingly, for consistency, the percentage is calculated on total revenues rather than on those reported previously.
5With respect to the results for the corresponding period in the prior year, the changes in reporting perimeter principally 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 Equip Hidraulicos 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. Padoan S.r.l. - a newly-acquired company, the binding preliminary purchase agreement for which was signed on 16 June - will be consolidated from 1 July.
Hydraulic division experienced a marked improvement - with a halving in the rate of contraction (from 14.5% to 7.0%) - that appears to indicate attenuation after almost two years in the process of normalization. In the Water-Jetting division, the 8.2% growth achieved in the first part of H1 was consolidated by further major development of the Chinese market. The combination of these improvements, despite ongoing differences in the trends reported by the two divisions, explains the much stronger performance in the second part of H1, such that the period closed with results just slightly weaker than those achieved in the same period of the prior year.
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 |
H1 2025 | ||||||
Hydraulic | 129,202 | 243,398 | 170,850 | 67,595 | 84,465 | 695,510 |
Water-Jetting | 41,510 | 116,688 | 101,728 | 90,565 | 30,922 | 381,413 |
Total | 170,712 | 360,086 | 272,578 | 158,160 | 115,387 | 1,076,923 |
H1 2024 | ||||||
Hydraulic | 136,955 | 264,960 | 217,850 | 77,901 | 73,825 | 771,491 |
Water-Jetting | 31,023 | 118,478 | 98,846 | 46,271 | 29,595 | 324,213 |
Total | 167,978 | 383,438 | 316,696 | 124,172 | 103,420 | 1,095,704 |
2025/2024 percentage changes | ||||||
Hydraulic | -5.7% | -8.1% | -21.6% | -13.2% | +14.4% | -9.8% |
Water-Jetting | +33.8% | -1.5% | +2.9% | +95.7% | +4.5% | +17.6% |
Total | +1.6% | -6.1% | -13.9% | +27.4% | +11.6% | -1.7% |
The changes at constant perimeter are as follows:
(€/000) | Italy | Rest of Europe | North America | Far-East and Pacific Area | Rest of the World | Total |
Hydraulic | -6.7% | -8.2% | -21.6% | -13.2% | -3.0% | -11.7% |
Water-Jetting | +6.1% | -3.5% | +3.3% | +88.4% | +1.1% | +13.0% |
Total | -4.3% | -6.7% | -13.8% | +24.6% | -1.8% | -4.4% |
Profitability