APPROVAL OF 2025 SEPARATED AND CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors has today approved the separated and the consolidated 2025 financial statements. In 2025, IRCE Group (hereinafter also the "Group") closed the financial year with a profit of € 6.18 million.
Consolidated turnover amounted to € 377.64 million, down by 5.0% compared to € 397.95 million in 2024. The decline was mainly driven by lower sales volumes, partly due to the closure of the subsidiary Smit Draad in May 2025, and only partially offset by higher copper prices. The average LME price in euros for 2025 was 4.1% higher than the previous year.
Throughout the year, market demand for both Group's business lines remained weak, with a progressive decline in volumes and a particularly negative fourth quarter. In the winding wire segment, the reduction in sales reflected difficulties in the end markets, namely household appliance and automotive manufacturers. The cable segment also contracted, affected by the slowdown in traditional markets such as construction and industry.
Results are reported in the following table:
Consolidated income statement data (€/million) | 31 December 2025 Value | 31 December 2024 Value | Change Value |
Turnover1 | 377.64 | 397.65 | (20.01) |
Turnover without metal2 | 86.10 | 96.19 | (10.09) |
EBITDA3 | 17.90 | 20.89 | (2.99) |
EBIT | 10.80 | 14.47 | (3.67) |
Result before tax | 10.33 | 12.90 | (2.57) |
Group Net Result of the period | 6.18 | 6.90 | (0.72) |
Adjusted EBITDA4 | 18.82 | 21.37 | (2.55) |
Adjusted EBIT⁴ | 11.72 | 14.95 | (3.23) |
Consolidated statement of financial position data (€/milioni) | 31 December 2025 Value | 31 December 2024 Value | Change Value |
Net invested capital5 | 223.56 | 197.13 | 26.43 |
Shareholders' equity | 155.96 | 150.62 | 5.34 |
Net financial position6 | 67.60 | 46.51 | 21.09 |
1 The item "Turnover" represents the "Sales revenues" reported in the income statement.
2 Turnover without metal corresponds to the total turnover less the metal component.
3 EBITDA is a performance indicator the Group's Management uses to assess the operating performance of the company and is not an IFRS measure; IRCE S.p.A. calculates it by adding depreciation/amortisation, provisions and write-downs to EBIT.
4 Adjusted EBITDA and EBIT are calculated as the sum of EBITDA and EBIT and the gains/losses on copper and electricity derivatives transactions if realized (€ +0.92 million in year 2025 and € +0.48 million in year of 2024). These are indicators the Group's Management uses to monitor and assess its own operating performance and are not IFRS measures. Given that the composition of these measures is not regulated by the reference accounting standards, the criterion used by the Group may not be consistent with that adopted by others and is therefore not comparable.
5 Net invested capital is the sum of net working capital, fixed assets, other receivables net of other payables, provisions for risks and charges and provisions for employee benefits.
6 The methods for measuring the net financial position as defined by Consob's Notice no. 5/21 of 29 April 2021, which incorporates the ESMA Guideline published on 4 March 2021.
The net financial position as of 31 December 2025 amounted to € 67.60 million, up compared to € 46.51 million at 31 December 2024. The increase is primarily attributable to investments made during the period, totalling to €19.58 million, regarding to the plants in the Czech Republic, Brazil and China, as well as, to a lesser extent, to the growth in working capital.
The year 2026 begins in a context of significant uncertainty regarding the outlook for the global economy and for the sectors in which the Group operates, influenced by intensifying geopolitical tensions, the outbreak of new conflicts, rising energy prices, and unbalanced protectionist policies. In this complex scenario, and based on the initial data available, we expect market demand to remain broadly stable at current levels, with a potential improvement only in the latter part of the year.
During 2026, the Group will begin to benefit from the effects of the ongoing rationalization process which, combined with the medium- to long-term growth strategy, will support improved operational efficiency and margins, with significant impacts on future results.
At the Czech Republic production plant, the increase in output continues, while in China the construction of the new facility has been completed and, over the course of the year, work will continue the plant setup and installation of part of the machinery.
Regarding the closure of the Dutch subsidiary Smit Draad, employment relationships with staff ended last July, and the sale of the company's assets is currently underway.
The Board of Directors also approved the Sustainability Reporting as required by Legislative Decree 6 September 2024 n.125 which implemented Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive CSRD) into national law. The purpose of the CSRD Directive is to promote transparency and disclosure of information by companies regarding the ESG impacts of their activities. The Sustainability Reporting covers issues relating to environmental, social and governance aspects.
The Board of Directors resolved a proposal to distribute a dividend of € 0.06 per share, with dividend date May 18, 2026, record date May 19, 2026, and day of payment May 20, 2026.
The Shareholder's Meeting is called for April 30, 2026 (first call) and for May 4, 2026 (second call).
The separate and consolidated financial statements as at 31 December 2025 are subject to a legal audit of the accounts by Deloitte & Touche S.p.A., which is in progress.
The 2025 Sustainability Reporting is subject to limited review (limited assurance engagement according to the criteria indicated by the ISAE 3000 Revised principle) by Deloitte & Touché S.p.A., which is currently in progress.
The manager responsible for preparing the company's financial reports, Mr. Massimiliano Bacchini, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to our books and accounting records.
Imola, 13 March 2026
IRCE SPA
Contacts:Investor relator: Mr. Sepriano Gianfranco
Tel. + 39 0382 77535 e-mail: gianfranco.sepriano@irce-group.com
Head of Corporate Information: Ms. Elena Casadio
Tel. + 39 0542 661220 e-mail: elena.casadio@irce-group.com
The IRCE Group is a major player in the winding conductors for electrical machinery and in the electrical cable sector. As of December 30, 2025, production was carried out in three plants in Italy and five abroad: Blackburn (UK), Joinville SC (Brazil), Ostrava (Czech Republic), Kochi (India), and Kierspe (Germany). The Group also includes five trading companies, four of which are abroad (in Germany, Spain, Switzerland, and Poland) and two currently inactive companies (China and India). In May 2025, the Nijmegen (NL) plant ceased production. The Group employs 620 people globally.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Thousand of Euro) | 2025 31 December | 2024 31 December |
ASSETS | ||
Non current assets | ||
Goodwill and other intangible assets | 55 | 50 |
Property, plant and machinery | 71,141 | 43,064 |
Equipments and other tangible assets | 2,056 | 1,731 |
Assets under constructions and advances | 26,728 | 41,609 |
Non current financial assets | 7 | 7 |
Deferred tax assets | 4,135 | 2,502 |
NON CURRENT ASSETS | 104,122 | 88,963 |
Current assets | ||
Inventories | 103,498 | 94,345 |
Trade receivables | 56,945 | 54,083 |
Tax receivables | 319 | 114 |
Other current assets | 3,699 | 5,316 |
Current financial assets | 295 | 412 |
Cash and cash equivalent | 17,952 | 13,859 |
CURRENT ASSETS | 182,708 | 168,129 |
TOTAL ASSETS | 286,830 | 257,092 |
(Thousand of Euro) | 2025 31 December | 2024 31 December |
EQUITY AND LIABILITIES Shareholders' equity Share capital Reserves Profit (loss) for the period | 13,739 136,349 6,176 | 13,756 130,268 6,900 |
Shareholders' equity attributable to shareholders of Parent company | 156,264 | 150,924 |
Shareholders equity attributable to Minority interests | (304) | (308) |
TOTAL SHAREHOLDERS' EQUITY | 155,960 | 150,616 |
Non current liabilities | ||
Non current financial liabilities | 39,482 | 38,023 |
Deferred tax liabilities | 251 | 280 |
Non current provisions for risks and charges | 558 | 558 |
Non current provisions for post employment obligation | 3,404 | 3,685 |
NON CURRENT LIABILITIES | 43,695 | 42,546 |
Current financial liabilities | 46,362 | 22,757 |
Trade payables | 30,397 | 26,010 |
Current tax payables | 1,217 | 1,277 |
(of which related parties) | 262 | 644 |
Social security contributions | 1,706 | 2,013 |
Other current liabilities | 7,381 | 8,513 |
Current provisions for risks and charges | 112 | 3,360 |
CURRENT LIABILITIES | 87,175 | 63,930 |
SHAREHOLDERS' EQUITY AND LIABILITIES | 286,830 | 257,092 |
CONSOLIDATED INCOME STATEMENT
(Thousand of Euro) | 2025 31 December | 2024 31 December |
Sales revenues | 377,643 | 397,654 |
Other revenues and income | 3,462 | 1,786 |
TOTALE REVENUES AND INCOME | 381,105 | 399,440 |
Raw materials and consumables | (293,442) | (307,617) |
Change in inventories of work in progress and finished goods | (45) | 3,519 |
Cost for services | (37,712) | (37,078) |
Personnel costs | (30,526) | (35,757) |
Amortization /depreciation/write off tangible and intagible assets | (6,777) | (6,862) |
Provision and write downs | (324) | 436 |
Other operating costs | (1,480) | (1,614) |
EBIT | 10,799 | 14,467 |
Financial income / (charges) | (473) | (1,568) |
RESULT BEFORE TAX | 10,326 | 12,899 |
Income taxes | (4,146) | (5,984) |
NET RESULT FOR THE PERIOD | 6,180 | 6,915 |
Net result attributable to non-controlling interests | 4 | 15 |
Net result attributable to shareholders of the Parent Company | 6,176 | 6,900 |
EARNINGS/(LOSS) PER SHARE (EPS) | 2025 31 December | 2024 31 December |
Basic EPS for the period attributable to the shareholders of the parent company | 0.234 | 0.261 |
Diluted EPS for the period attributable to the shareholders of the parent company | 0.234 | 0.261 |