- KEY HIGHLIGHTS
- 3Q2025 FINANCIAL RESULTS
- GROUP SUSTAINABILITY PATH
- OUTLOOK
-
ANNEX
GROUP 2020-2025 ORGANIC SALES
EVOLUTION by QUARTER
3Q2025: growth acceleration
‒ Organic sales: +2.3%
COVID
impact
Post COVID
normalisation
Hydraulic: growth after 7 consecutive declines
Water Jetting: influence of comparison effect
‒ Organic Profitability: 40bps of improvement
Hydraulic: benefit of sales growth
Water Jetting: overcoming of inefficiencies
- Cash generation: best quarter ever (1)
2025 outlook: guidance range confirmed in the upper part
Sales: between -5% and +1% on organic basis
EBITDA margin: between 22% and 22.5%
Cash generation: aiming for record
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q22 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2025 2Q2025 3Q2025
2025 SALES & EBITDA ORGANIC EVOLUTION
% change compared to previous reporting period
6.8%
1.0%
2.3%
5.2%
-8.1%
-11.8%
1Q2025 2Q2025 3Q2025
For "Forward Looking Statements" and Group accounting definitions see please slide 18-20 - (1)Reference period starts in 2012
- KEY HIGHLIGHTS
- 3Q2025 FINANCIAL RESULTS
3Q2025
Sales: acceleration
Profitability: benefits of growth, production efficiencies improvements and "US tariffs" countermeasures
NFP: effective management of sales growth and CAPEX normalisation
Million €
3QUARTER
3QUARTER YTD
2024
2025
2024
2025
Group Sales
492.8
499.2
1,588.5
1,576.1
Growth,
-8.0%
+1.3%
-7.7%
-0.8%
of which
-9.5%
+2.3%
-9.5%
-1.7%
+1.8%
+2.0%
+1.9%
+2.5%
-0.4%
-3.0%
-0.2%
-1.6 %
EBITDA
111.5
114.8
363.5
364.3
Growth
-14.4%
+2.9%
-14.6%
+0.2%
% on net sales
22.6%
23.0%
22.9%
23.1%
Net Income
50.3
55.0
180.4
172.3
NFP (2)
441.1
317.6
Organic
Perimeter change (1)
FX impact
(1) 2025 relevant perimeter change: Alltube (consolidated since May 2024), Alfa Valvole (consolidate since June 2024), H.S. (consolidate since July 2024), Hidrover (consolidated
since December 2024) and Padoan (consolidated since July 2025) - (2)Excluding € 68.1m and € 45.8m of subsidiaries purchase commitments in 2025 and 2024 respectively
Hydraulics
Sales: back to growth
EBITDA: full benefit of sales increase
Water-Jetting
Sales: performance influenced by comparison effect with September 2024
Million €
3QUARTER
3QUARTER YTD
No diluition impact
from acquisitions
WATER-
JETTING
HYDRAULIC
EBITDA: recovery of production inefficiencies
2024
2025
2024
2025
SALES
319.5
329.9
1,091.0
1,025.5
Growth
-16.8%
+3.3%
-14.0%
-6.0%
EBITDA (1)
64.8
68.1
231.5
211.2
Growth
-25.3%
+5.0%
-22.5%
-8.7%
% on net sales
20.3%
20.6%
21.2%
20.6%
SALES
173.3
169.2
497.5
550.6
Growth
+14.0%
-2.3%
+10.1%
+10.7%
EBITDA
46.7
46.7
132.0
153.0
Growth
+7.3%
0.0%
+3.8%
+15.9%
% on net sales
26.8%
27.4 %
26.4%
27.6%
3Q2025: growth acceleration
Hydraulics: growth after 7 consecutive declines
Water Jetting: performance influenced by comparison effect with September 2024
€ 493m
+2.3%
+2.0% -3.0%
+1.3%
3Q2025 GROUP SALES EVOLUTION
€ 499m
3Q2025 HYDRAULICS SALES EVOLUTION
2024 ORGANIC PERIMETERS FX 2025
+3.3%
€ 320m +3.4% +3.0% -3.1%
3Q2025 WATER JETTING SALES EVOLUTION
-2.3%
€ 330m
€ 173m +0.2% +0.6% -3.1%
€ 169m
2024 ORGANIC PERIMETERS FX 2025
2024 ORGANIC PERIMETERS FX 2025
3Q2025YTD GROUP SALES EVOLUTION
-0.8%
€ 1.588m
-1.7% +2.5% -1.6%
€ 1.576m
3Q2025YTD HYDRAULICS SALES EVOLUTION
2024 ORGANIC PERIMETERS FX 2025
+2.2%
-1.5%
€ 1.025m
-6.0%
€ 1.091m
3Q2025YTD WATER JETTING SALES EVOLUTION
+10.7%
-6.7%
+9.1% +3.1% -1.5%
€ 551m
€ 497m
2024 ORGANIC PERIMETERS FX 2025
2024 ORGANIC PERIMETERS FX 2025
WATER-JETTING 2020-2025 ORGANIC SALES EVOLUTION by QUARTER
30%
2021: +14.4% 2023: +8.5% 2023: +9.5% 2024: +4.6% 2025YTD: +9.1%
3Q: +8.6%
%
20%
10%
0
-10%
-20%
2020: -10.8%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q22 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2025 2Q2025 3Q2025
NFP EVOLUTION (1)
(€ m)
NFP of € 318m compared to € 409m as of December 2024(1)
FCF: € 163m, margin improvement and CAPEX normalisation
offset TWC absorption driven by sales growth
3Q2025YTD: CAPEX down by more than 27% to € 74m while sales recovery drove to an increase of receivable close to 8%
3Q2025: best quarter ever, with FCF up by 13%
to € 87m notwithstanding influence of
strong sales improvement
€ 409m € 163m
€ 16m € 3m € 7m
€ 318m
€ 16m
€ 36m
FCF Dividend Leasing IFRS16 2025
2024 Acquisition (2) Net Buy-back FX
FCF EVOLUTION
(€ m)
€ 346m € 38m
€ 25m
€ 45m
€ 74
€ 15
€ 13
€ 163m
EBITDA Change TWC Paid INTEREST Paid TAXES Paid CAPEX Leasing IFRS16 Other FCF
(1) Excluding € 68.2m and € 45.8m purchase commitments in 2025 and 2024 - (2)Includes € 6.7m of Padoan acquisition advance payment recorded in the CFS as "change in other
financial assets"