Business
Jacquet Metals : Q1 2025 results
Jacquet Metals : Q1 2025
About this update from Jacquet Metals Sa
PRESS RELEASE Q1 2025 results 14.05.2025 - 6.00 PM CEST Sales: €511m (-8.5% vs Q1 2024) EBITDA: €24m (4.8% of sales vs 3.5% in Q1 2024) In 2025, market conditions are in line with those of 2024, characterized by low demand and pressure on prices. IMS group division, specialized in engineering steels distribution, was particularly affected by the slowdown in industrial activity, notably in Germany. At constant scope, volumes distributed by IMS group in Q1 2025 were thus -11% lower than those of Q1 2024 (-10% taking into account the activity of Commerciale Fond acquired in early 2024). The JACQUET and STAPPERT divisions, specialized in stainless steels distribution, were more resilient, with a slight increase in volumes distributed for JACQUET (+1%) and a limited decline in volumes for STAPPERT (-0.9%). In Q1 2025, the Group posted sales of €511 million, down -8.5% compared to the previous year, while the gross margin represented 23.4% of sales, compared to 20.3% in Q1 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 €24 million, representing 4.8% of sales compared to 3.5% in Q1 2024, while Net income (Group share) came to €2.3 million. At the end of March 2025, capital expenditure amounted to €5 million, with shareholders' equity of €654 million and a net debt to equity ratio ( gearing ) of 30% (27% at 2024 year-end). 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. The Board of Directors will propose a dividend of €0.2 per share to the General Meeting of Shareholders on June 27, 2025. Q1 2025 results On May 14, 2025 the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the period ended March 31, 2025. Q1 2025 Q1 2024 511 558 119 23.4% 114 20.3% 24 4.8% 19 3.5% 14 2.8% 9 1.6% 15 14 2.3 2.7 €m Sales Gross margin % of sales EBITDA * % of sales Adjusted operating income * % of sales Operating income Net income (Group share) * Adjusted for non-recurring items. Consolidated sales amounted to €511 million, down -8.5% compared to Q1 2024, including the following effects: volumes sold: -5.7%; - prices: -3.9% (-2.3% vs Q4 2024); scope: +1.1% with the acquisition of COMMERCIALE FOND (Italy) in March 2024. Gross margin amounted to €119 million and represented 23.4% of sales compared to €114 million in Q1 2024 (20.3% of sales). Current operating expenses * amounted to €95 million, down -0.8% compared to those of Q1 2024 at constant scope (+0.8% including the contribution of the 2024 acquisition). 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 and amortization €(11)m and provisions €1m EBITDA amounted to €24 million and represented 4.8% of sales compared to €19 million in Q1 2024 (3.5% of sales). Adjusted operating income amounted to €14 million (2.8% of sales, compared to 1.6% in Q1 2024). Net income (Group Share) amounted to €2.3 million, compared to €2.7 million in Q1 2024 (the latter included the recognition of a €4.4 million badwill). Financial position as of March 31, 2025 Operating working capital amounted to €603 million (31.4% of sales), compared to €564 million at 2024 year-end (28.6% of sales), with over the period net trade receivables up by €66 million and inventories down by €16 million (€599 million at the end of March 2025 compared to €615 million at 2024 year-end). After the financing of capital expenditure, net debt stood at €198 million with shareholders' equity of €654 million, resulting in a net debt to equity ratio (gearing) of 30%, compared to 27% at 2024 year-end. At the end of March 2025, cash amounted to €296 million while lines of credit totaled €916 million (of which €422 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 in April 2025 by a new SSD (repayable at maturity in April 2030). Q1 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 metals Q1 2025 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 122 144 250 -1.0% -4.3% -14.0% -2.0% -3.4% -4.9% +1.0% -0.9% -11.2% n.a. n.a. +2.2% 6 9 4 5.3 % 6.0 % 1.6 % 4 8 3 3.6 % 5.5 % 1.2 % €m Sales Changes 2025 vs 2024 Price effect Volume effect Scope effect EBITDA 1 2 % of sales Adjusted operating income 2 % of sales 1 Excluding IFRS 16 impacts. As of March 31, 2025, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €0.1 million and €5.4 million to EBITDA respectively. 2 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 €122 million, down -1.0% from €123 million in Q1 2024: - volumes sold: +1.0%; - prices: -2.0% (+1.1% vs Q4 2024). Gross margin amounted to €33 million, representing 27.4% of sales, compared to €31 million in Q1 2024 (25.2% of sales). EBITDA amounted to €6 million, representing 5.3% of sales, compared to €5 million in Q1 2024 (4.1% of sales). €m Q1 2025 Q1 2024 Sales 121.7 123.0 Changes 2025 vs 2024 -1.0% Price effect -2.0% Volume effect +1.0% Gross margin 33.3 31.0 % of sales 27.4% 25.2% EBITDA 6.4 5.0 % of sales 5.3% 4.1% Adjusted operating income 4.4 3.0 % of sales 3.6% 2.4%