PRESS RELEASE
First half 2025 results
September 10, 2025 - 6.00 PM CEST
IMS group division, specialized in engineering steels distribution and well established in this market, was particularly affected by the slowdown in industrial activity. At constant scope, volumes distributed by IMS group in H1 2025 were thus -7.3% lower than those of H1 2024.
The JACQUET and STAPPERT divisions, specialized in stainless steels distribution, were more resilient with a limited decline in volumes (-0.3% and -1.3% compared to H1 2024, respectively).
In H1 2025, the Group posted sales of €987 million, down -8.1% compared to a year earlier, while the gross margin represented 23.6% of sales, compared to 20.9% in H1 2024. The pressure exerted on the gross margin by the decrease in average sales prices was offset by the decrease in average inventory prices.
In these conditions, EBITDA amounted to €48 million, representing 4.9% of sales compared to 3.6% in H1 2024, while Net income (Group share) came to €6.4 million.
In H1 2025, the Group generated operating cash-flow of €50 million.
At the end of H1 2025, capital expenditure amounted to €10 million, with shareholders' equity of €647 million and a net debt to equity ratio (gearing) of 25% (27% at 2024 year-end).
The economic situation is not expected to improve in the coming months and, in the current troubled and uncertain geopolitical and economic context, the Group will focus on managing its working capital and costs, maintaining its financial strength, and pursuing its investment and development policy.
H1 2025 results
On September 10, 2025, the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the six months ended June 30, 2025, on which the Statutory Auditors had conducted a limited review.
Q2 2025 | Q2 2024 |
476 | 515 |
113 23.7% | 111 21.6% |
24 5.0% | 19 3.7% |
14 3.0% | 9 1.8% |
15 | 10 |
4 | 1 |
H1 2025 | H1 2024 |
987 | 1,074 |
232 23.6% | 225 20.9% |
48 4.9% | 39 3.6% |
29 2.9% | 18 1.7% |
29 | 24 |
6 | 4 |
€m
Sales |
Gross margin % of sales |
EBITDA* % of sales |
Adjusted operated income * % of sales |
Operating income |
Net income (Group Shares) |
* Adjusted for non-recurring items.
Consolidated sales amounted to €987 million, down -8.1% compared to H1 2024, including the following effects:- volumes sold: -4.1% (Q1 -5.7%; Q2 -2.2%);
- prices: -4.6% (Q1 -3.9%; Q2 -5.5% and -0.9% vs Q1 2025);
- scope: +0.6% (Q1 +1.1%) with the acquisition of COMMERCIALE FOND (Italy) in March 2024.
Gross margin amounted to €232 million representing 23.6% of sales (Q1 23.4%; Q2 23.7%), compared to €225 million in H1 2024 (20.9% of sales). Current operating expenses* amounted to €184 million, down -1.9% compared to those of H1 2024 at constant scope (-1.2% taking into account the Q1.2025 contribution of the acquisition made in 2024).Measures aiming to adapt the structure of the IMS group division continue and will result in a reduction of around
-35% of distribution capacities in Germany (staff and storage areas) over the coming quarters. These measures will generate annual savings of around €10 million (of which full impacts are expected in 2027).
* excluding depreciation, amortization €(22)m and provisions €2m.
EBITDA amounted to €48 million and represented 4.9% of sales compared to €39 million in H1 2024 (3.6% of sales). Adjusted operating income amounted to €29 million (2.9% of sales). Net income (Group Share) amounted to €6.4 million, compared to €3.6 million in H1 2024 (the latter included the recognition of a €4.4 million badwill).Financial position as of June 30, 2025
The Group generated positive operating cash-flow of €50 million in H1 2025.
Operating working capital amounted to €570 million (30.3% of sales) at the end of June 2025, compared to€564 million at 2024 year-end (28.6% of sales), with over the period net trade receivables up by €51 million and inventories down by €38 million (€577 million at the end of June 2025 compared to €615 million at 2024 year-end).
After the financing of capital expenditure, net debt stood at €161 million with shareholders' equity of €647 million, resulting in a net debt to equity ratio (gearing) of 25%, compared to 27% at 2024 year-end.
At the end of June 2025, cash amounted to €200 million while lines of credit totaled €797 million (of which €436 million is unused).
The €146 million Schuldscheindarlehen (SSD) (repayable at maturity in July 2026) was repaid in advance in the amount of €66 million, and the €80 million remaining balance refinanced by a new SSD (repayable at maturity in April 2030).
The €95 million term loans PPR were repaid in advance, in the amount of €80 million in Q2 2025, and the €15 million remaining balance in July 2025.
Finally, the maturity of the €160 million syndicated revolving loan (unused to date) was extended until July 2028.
H1 2025 earnings by division
JACQUET METALS markets its products through a portfolio of three divisions, each of which targets specific customers and markets:
Stainless steel quarto plates Stainless steel long products Engineering metalsQ2 2025 | ||
JACQUET Stainless steel quarto plates | STAPPERT Stainless steel long products | IMS group Engineering metals |
111 | 130 | 239 |
-6.9% | -6.5% | -8.6% |
-5.3% | -4.8% | -5.8% |
-1.7% | -1.7% | -2.8% |
n.a. | n.a. | n.a. |
5 | 5 | 5 |
4.7% | 4.1% | 2.0% |
3 | 6 | 3 |
3.0% | 4.3% | 1.4% |
H1 2025 | ||
JACQUET Stainless steel quarto plates | STAPPERT Stainless steel long products | IMS group Engineering metals |
233 | 273 | 488 |
-3.9% | -5.4% | -11.4% |
-3.6% | -4.1% | -5.3% |
-0.3% | -1.3% | -7.3% |
n.a. | n.a. | +1.2% |
12 | 14 | 9 |
5.0% | 5.1% | 1.8% |
8 | 13 | 6 |
3.3% | 4.9% | 1.3% |
€m
Sales Change 2025 vs 2024 Price effect Volume effect Scope effect |
EBITDA 1 2 % of sales |
Adjusted operating income 2 % of sales |
Excluding IFRS 16 impacts. As of June 30, 2025, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 -Leases contributed €3 million and €11 million to EBITDA respectively.
Adjusted for non-recurring items. n.a.: Not applicable.
JACQUET
The division specializes in the distribution of stainless steel quarto plates. It generates 61% of its sales in Europe and 33% in North America.
Sales amounted to €233 million, down -3.9% from €243 million in H1 2024:
- volumes sold: -0.3% (Q1 +1.0%; Q2 -1.7%);
- prices: -3.6% (Q1 -2.0%; Q2 -5.3% and -5.8% vs Q1 2025).
Gross margin amounted to €65 million, representing 28.0% of sales, compared to €62 million in H1 2024 (25.6% of sales).
EBITDA amounted to €12 million, representing 5.0% of sales, compared to €9 million in H1 2024 (3.9% of sales).
€m | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
Sales Change 2025 vs 2024 Price effect Volume effect | 111.4 -6.9% -5.3% -1.7% | 119.7 | 233.1 -3.9% -3.6% -0.3% | 242.7 |
Gross margin % of sales | 32.0 28.7% | 31.2 26.1% | 65.3 28.0% | 62.2 25.6% |
EBITDA % of sales | 5.3 4.7% | 4.5 3.7% | 11.7 5.0% | 9.5 3.9% |
Adjusted operating income % of sales | 3.3 3.0% | 2.6 2.2% | 7.7 3.3% | 5.6 2.3% |