- KEY HIGHLIGHTS
- 2Q2025 FINANCIAL RESULTS
- GROUP SUSTAINABILITY PATH
- GROUP APPROACH TO M&A
- OUTLOOK
-
ANNEX
2Q2025: the first quarter of growth after six
consecutive quarters of decline
‒ Organic sales: +1%
Acceleration of Water Jetting growth
and early signs of Hydraulics improvement
‒ Organic Profitability: +6.8% with 100bps of improvement
Effective minimisation of negative flow through
Benefit of sales sequential improvement
- Cash generation: effective management of sales growth impact and CAPEX normalisation
2025 outlook: guidance range confirmed
Sales: between -5% and +1% on organic basis
EBITDA margin: between 22% and 22.5%
Cash generation: consolidation of 2024 achievement
GROUP 2020-2025 ORGANIC SALES
EVOLUTION by QUARTER
COVID
impact
Post COVID
normalisation
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q22 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q20252Q2025
2025 SALES & EBITDA ORGANIC EVOLUTION
% change compared to previous reporting period
6.8%
1.0%
-8.1%
-11.8%
1Q2025 2Q2025
For Group accounting definitions see please slide 36-37
- KEY HIGHLIGHTS
- 2Q2025 FINANCIAL RESULTS
2Q2025
Sales: Water Jetting growth stronger than Hydraulics normalisation
Profitability: effective minimisation of negative flow through, benefits of sales sequential improvement
and "US tariffs" tailored countermeasures
NFP: management of sales growth impact and CAPEX normalisation
Million € | 2QUARTER | 1HALF | ||||
2024 | 2025 | 2024 | 2025 | |||
Group Sales | 549.8 | 555.4 | 1,095.7 | 1,076.9 | ||
Growth, | -7.2% | +1.0% | -7.5% | -1.7% | ||
of which | ||||||
| -9.5% | +1.0% | -9.3% | -3.5% | ||
| +2.1% | +2.3% | +1.9% | +2.7% | ||
| -0.2% | -2.3% | -0.1% | -0.9% | ||
EBITDA (2) | 124.6 | 132.1 | 251.9 | 249.4 | ||
Growth | -14.5% | +6.0% | -14.7% | -1.0% | ||
% on net sales | 22.7% | 23.8% | 23.0% | 23.2% | ||
Net Income | 62.5 | 60.4 | 130.1 | 117.3 | ||
NFP (3) | 516.8 | 369.9 | ||||
(1) 2025 relevant perimeter change: Alltube (consolidated since May 2024), Alfa Valvole (consolidate since June 2024), H.S. (consolidate since July 2024) and Hidrover (consolidated since December 2024) - (2)Excluding € 62.5m and € 45.8m of subsidiaries purchase commitments in 2025 and 2024 respectively