Highlights
In the first nine months of 2025 SIT reports:- Consolidated revenues of Euro 238.0 million (+6.8% compared to the same period of 2024);
- Sales of the Heating&Ventilation Division of Euro 164.8 million (+6.0% compared to the first nine months of 2024);
- Sales of the Metering Division of Euro 68.2 million (+4.7% compared to the same period of 2024)
- EBITDA adj of Euro 32.5 million, 13.6% of revenues, up 81.4% compared to the first nine months of 2024;
- EBIT adj of Euro 12.9 million (5.4% of revenues), in improvement compared to the loss of Euro 3.0 million in the same period of 2024;
- Net income adj of Euro 4.6 million vs a loss of Euro 6.5 million in the first nine months of 2024;
- Net income of Euro 1.6 million vs a loss of Euro 8.3 million in the first nine months of 2024;
- Operating cash flow for the first nine months of 2025 positive for Euro 11.9 million after investments of Euro 6.9 million;
- Net financial position of Euro 141.9 million versus Euro 159.0 million as of September 30, 2024. In the third quarter of 2025 the results are:
- Consolidated revenues of Euro 84.3 million, +17.2% compared to the third quarter of 2024;
- Sales of the Heating & Ventilation Division of Euro 58.1 million, +11.6% compared to the third quarter of 2024;
- Sales of the Metering Division of Euro 24.4 million, +26.3% vs the same period of previous year.
"The results of the quarter mark a strong acceleration and these nine months confirm that the path taken is the right one. Growth involved all our business units, with revenues and profitability improving. We are reaping the fruits of the work done on improving the efficiency of the structure: today industrial costs are aligned with turnover and this has allowed us to almost double the adjusted EBITDA of these nine months compared to the same period in 2024.
This performance is the result of the work done to make SIT more efficient and more innovative. Investments in R&D and new products are reducing our dependence on the boiler market: the weight of revenues on products intended for residential gas boilers is now equal to 38.5% of SIT's consolidated turnover. We maintain a leadership position in that sector, but we are consolidating an increasingly significant presence in terms of turnover in the other applications in which we operate. And this is fundamental for the future. Our goal is to build a stronger, more competitive company, based on innovation, industrial quality and the ability to adapt over time".
KEY FINANCIALS(Euro,000) | 9M 2025 | % | 9M 2024 | % | Diff% |
Revenues from contracts with customers | 238,000 | 100.0% | 222,831 | 100.0% | 6.8% |
EBITDA adjusted | 32,473 | 13.6% | 17,903 | 8.0% | 81.4% |
EBITDA | 28,565 | 12.0% | 19,420 | 8.7% | 47.1% |
EBIT adjusted | 12,910 | 5.4% | (2,992) | (1.3)% | 531.5% |
EBIT | 9,002 | 3.8% | (1,476) | (0.7)% | 710.1% |
Net income adjusted | 4,629 | 1.9% | (6,452) | (2.9)% | 171.7% |
Net income | 1,629 | 0.7% | (8,301) | (3.7)% | 119.6% |
Cash flow from operations | 11,916 | 3,571 |
(Euro,000) | 30/09/2025 | 31/12/2024 | 30/09/2024 |
Net financial debt | 141,869 | 145,850 | 159,000 |
Net financial debt/EBITDA adj last 12 months | 3.4 | 5.3 | 6.4 |
Net trade working capital | 72,078 | 65,605 | 77,010 |
Net trade working capital /Revenus annualized | 22.7% | 21.9% | 25.9% |
Adjustments: refer to one-off costs for reorganization projects
Sales performance
Consolidated Revenues by Division
(Euro,000) | 9M 25 | % | 9M 24 | % | diff | diff % |
Heating & Ventilation | 164,813 | 69.2% | 155,531 | 69.8% | 9,282 | 6.0% |
Metering | 68,216 | 28.7% | 65,124 | 29.2% | 3,092 | 4.7% |
Total business sales | 233,030 | 97.9% | 220,656 | 99.0% | 12,374 | 5.6% |
Other revenues | 4,971 | 2.1% | 2,175 | 1.0% | 2,796 | 128.5% |
Total revenues | 238,000 | 100% | 222,831 | 100% | 15,170 | 6.8% |
(Euro,000) | Q3 25 | % | Q3 24 | % | diff | diff % |
Heating & Ventilation | 58,114 | 68.9% | 52,052 | 72.4% | 6,061 | 11.6% |
Metering | 24,389 | 28.9% | 19,307 | 26.8% | 5,082 | 26.3% |
Total business sales | 82,503 | 97.9% | 71,359 | 99.2% | 11,144 | 15.6% |
Other revenues | 1,805 | 2.1% | 580 | 0.8% | 1,226 | 211,4% |
Total revenues | 84,308 | 100% | 71,939 | 100% | 12,369 | 17.2% |
Consolidated revenues by geography
(Euro,000) | 9M 25 | % | 9M 24 | % | diff | diff % |
Italy | 75,317 | 31.6% | 69,995 | 31.4% | 5,321 | 7.6% |
Europe (excluding Italy) | 95,695 | 40.2% | 93,979 | 42.2% | 1,716 | 1.8% |
America | 46,416 | 19.5% | 35,726 | 16.0% | 10,690 | 29,9% |
Asia/Pacific | 20,571 | 8.6% | 23,130 | 10.4% | (2,558) | (11.1%) |
Total revenues | 238,000 | 100% | 222,831 | 100% | 15,170 | 6.8% |
(Euro,000) | Q3 25 | % | Q3 24 | % | diff | diff % |
Italy | 24,419 | 29.0% | 18,997 | 26.4% | 5,422 | 28.5% |
Europe (excluding Italy) | 34,822 | 41.3% | 31,654 | 44.0% | 3,169 | 10.0% |
America | 17,324 | 20.5% | 13,284 | 18.5% | 4,041 | 30.4% |
Asia/Pacific | 7,742 | 9.2% | 8,005 | 11.1% | (263) | (3.3%) |
Total revenues | 84,308 | 100% | 71,939 | 100% | 12,369 | 17.2% |
Consolidated revenues for the first nine months of 2025 amounted to Euro 238.0 million, an increase of 6.8% compared to the same period of 2024 (Euro 222.8 million). Consolidated revenues for the third quarter of 2025 recorded an increase of 17.2% compared to the same period of 2024.
Sales of the Heating & Ventilation Division in the nine months of 2025 amounted to Euro 164.8 million, up 6.0% compared to Euro 155,5 million in the same period of 2024.
The following table shows the sales by geographical area of the Heating & Ventilation Division:
(Euro,000) | 9M 25 | % | 9M 24 | % | diff | diff % |
Italy | 30,534 | 18.5% | 26,772 | 17.2% | 3,762 | 14.1% |
Europe (excluding Italy) | 69,879 | 42.4% | 71,965 | 46.3% | (2,086) | (2.9%) |
America | 42,429 | 25.7% | 32,742 | 21.1% | 9,687 | 29.6% |
Asia/Pacifico | 21,973 | 13.3% | 24,053 | 15.5% | (2,081) | (8.7%) |
Total sales | 164,813 | 100% | 155,531 | 100% | 9,282 | 6.0% |
(Euro,000) | Q3 25 | % | Q3 24 | % | diff | diff % |
Italy | 8,775 | 15.1% | 7,609 | 14.6% | 1,166 | 15.3% |
Europe (excluding Italy) | 25,324 | 43.6% | 24,662 | 47.4% | 662 | 2.7% |
America | 15,569 | 26.8% | 11,978 | 23.0% | 3,591 | 30.0% |
Asia/Pacifico | 8,446 | 14.5% | 7,804 | 15.0% | 642 | 8.2% |
Total sales | 58,114 | 100% | 52,052 | 100% | 6,061 | 11.6% |
Coming to geographies, growth in Italy was up 15.3% compared to the same period in 2024, confirming the positive trend recorded in recent quarters, due in particular to ventilation products. As for the first nine months, performance increased by 14.1% equal to Euro 3.8 million.
As for Europe, excluding Italy, in the third quarter there was a growth in sales of 2.7% compared to the same period of the previous year. This result marks a reversal compared to previous quarters, bringing the performance of the first nine months to a decline of 2.9% compared to 2024. In the quarter, growth was reported in Turkey, in particular in sales to the local market and to some OEMs operating in Central Heating. Other markets, such as Central Europe, recorded growth of 10.2% in the third quarter driven by Electronics, while the UK recorded revenues in line with the same quarter of 2024.
America recorded strong growth in the quarter compared to the third quarter of the previous year (+30.0%, +39.2% on a like-for-like exchange rate basis) for both the performance of fireplaces and Central Heating. In the first nine months of the year, the area grew by 29,6%, 35,2% at constant exchange rates.
The Asia Pacific area accounted a growth of 8.2% in the third quarter of 2025 compared to the same period of 2024, where China continues to record a weak market performance offset by the good performance of other geographies.
Sales of the Metering Division amounted to Euro 68.2 million in the first nine months of 2025, up 4.7% compared to the same period of 2024. In the third quarter, revenues of Euro 24.4 million were recorded, up 26.3%.
Sales in the Smart Gas Metering segment in the third quarter of 2025 amounted to Euro 15.9 million, up 34.6% compared to Euro 11.8 million in the same period of 2024. The regularity of production in recent quarters and the consistent order backlog brought the performance of the first nine months to Euro 44.5 million (+2.8% compared to the same period of 2024), while for the remaining part of the year the declared growth targets are expected to be achieved. More than 90% of sales for the period are made in Italy, as foreign turnover forecasts have been postponed to 2026.
Water Metering sales increased compared to the previous year, both in the quarter (Euro 8.5 million,
+13.2%) and in the first nine months (Euro 23.7 million, +8.7%). Sales were 29.0% in Spain, 19.3% in Portugal, 38.4% in the rest of Europe and 11.7% and 1.6% in America and Asia, respectively.
Economic performance
Consolidated revenues for the first nine months of 2025 amounted to Euro 238.0 million, up 6.8% compared to the same period of 2024 (Euro 222.8 million).
Adjusted EBITDA, amounting to Euro 32.5 million measuring 13.6% of revenues, increased by 81.4% compared to the first nine months of the previous year (equal to Euro 17.9 million, 8.0% of revenues) and was positively affected by the higher volumes and the consolidation of the efficiency improvements and reorganization carried out during 2024 and the first nine months of 2025.
Coming to the main cost items, purchase cost of raw materials and consumables, including changes in inventories, amounted to Euro 118,2 million, with an incidence of 49,7% on revenues, decreasing compared to 52.0% recorded in the same period of 2024.
Service costs amounted to Euro 35.1 million compared to Euro 33.2 million in the first nine months of 2024 (respectively equal to 14.8% and 14.9% of revenues).
Personnel costs reported Euro 53.1 million compared to Euro 56.2 million, meaning 22.3% compared to 25.2% on revenues of the previous year. It should be noted that net of the one-off costs for reorganization initiatives, personnel costs of the first nine months of 2025 were equal to Euro 50.3 million, 21.2% of revenues compared to the 24.8% of the same period of 2024.
Depreciation, amortization and impairment losses, amounting to Euro 19.6 million, are lower compared to the first nine months of 2024 which had recorded Euro 20.9 million, respectively 8.3% and 9.4% of revenues.
The operating result (EBIT) is positive and is equal to Euro 9.0 million, 3.8% of revenues, against a operating loss of Euro 1.5 million in the first nine months of 2024.
Adjusted operating profit (adjusted EBIT) for the first nine months of 2025 amounted to Euro 12.9 million, equal to 5.4% of revenues. In the same period of 2024 it was negative for Euro 3.0 million.
Net financial expenses for the first nine months of 2025 are Euro 4.4 million, compared to Euro 5.0 million in the same period of 2024. The previous year recorded higher charges for Euro 3.9 million accrued in accordance with IFRS 9 as a result of the agreements signed with the banks.
Income taxes for the period amounted to Euro 3.4 million, mainly representing taxes accrued in subsidiaries and, in line with the policies implemented in the 2024 financial statements, without the allocation of deferred tax assets implemented in the first nine months of 2024.
The net result for the period of nine months 2025 is a profit of Euro 1.6 million compared to a loss of Euro 8.3 million in the same period of the previous year.
The adjusted net result for the first nine months of the year is a profit of Euro 4.6 million (1.9% of revenues) compared to a loss of Euro 6.5 million (-2.9% of revenues) in the same period of the previous year.
Financial performance
As of September 30, 2025 net financial debt amounted to Euro 141.9 million compared to Euro 159.0 million as of September 30, 2024. The change in net financial position is shown in the following table:
(Euro,000) | 9M 2025 | 9M 2024 |
Cash flow from current activities (A) | 2G,G03 | 16,485 |
Change in inventories | (9,092) | (4,438) |
Change in trade receivables | (2,803) | 3,178 |
Change in trade payables | 7,392 | 3,692 |
Change in other current assets and liabilities | (6,561) | (3,583) |
Cash flow from changes in Working Capital (B) | (11,064) | (1,151) |
CASH FLOW FROM OPERATING ACTIVITIES (A + B) | 18,83G | 15,335 |
Cash flow from investing activities (C) | (6,923) | (11,764) |
CASH FLOW FROM OPERATING & INVESTING ACTIVITIES (A + B + C) | 11,G16 | 3,571 |
Changes for interest | (5,612) | (5,263) |
Changes MTM derivatives and amortised cost | 403 | (4,514) |
Changes in translation reserve and other equity items | (536) | (470) |
Changes to financial assets | (1,735) | 1,783 |
IFRS 16 | (455) | (417) |
Change in net debt | 3,981 | (5,310) |
Net financial position - initial | 145,850 | 153,6G0 |
Net financial position - final | 141,86G | 15G,000 |
The first nine months of 2025 shows the generation of cash flow from current operations of Euro
29.9 million, a significant improvement compared to Euro 16.5 million in the same period of 2024.
In the first nine months of 2025 working capital absorbed Euro 11.1 million compared to Euro 1.2 million in the first nine months of 2024 when the effects of the destocking in the industry were still manifesting.
In the period ended on 30 September 2025 the growth dynamics of trade working capital was consistent with the seasonality expected in the Heating & Ventilation business and with the robust order book of the Smart Gas Metering business. The growth in other working capital items consistently reflects the trend in VAT receivables linked to the volumes and the impact of corporate tax management.
Investment flows amounted to Euro 6.9 million compared to Euro 11.8 million in the first nine months of 2024.
Cash flows from operations after investments are therefore positive for Euro 11.9 million compared to Euro 3.6 million in the first nine months of the previous year.
Financial flows included interest payments for Euro 5.6 million in 2025 compared to Euro 5.3 million in the same period of 2024. In the first nine months of 2024 a total of Euro 4.5 million was recorded according to IFRS 9 as amortized cost of the bank renegotiation.
Net debt therefore improved during the first nine months of 2025 by Euro 4.0 million, from Euro
145.9 million to Euro 141.9 million.
We highlight that the net financial debt/adjusted LTM EBITDA indicator continued to improve compared to the previous year and also compared to the end of 2024, standing at 3.4 times at the end of September 2025, down by more than 35% since the beginning of the year.
Significant events occurring after the end of the period
No significant events occurred after the end of the half-year.
Outlook
SIT confirms that the 2025 financial year is focused on the recovery of margins along all items of the income statement and on the progressive decrease in net financial debt, in line with the guidelines already communicated to the market.
The targets for the year are aimed at consolidating operating profitability, with an expected adjusted EBITDA of approximately Euro 40 million obtained thanks to the consolidation of the efficiency and reorganization actions carried out; a further objective is the improvement of financial debt in line with guidance, around 140 million euros.
At the same time, the Company has implemented a rationalization of capex, maintaining a constant focus on product development and innovation, without compromising its quality, competitive capacity and prospects for sustainable growth.
***
Declaration of the manager responsible for the preparation of the Company's accountsThe manager responsible for the preparation of the Company's accounts, Paul Fogolin, hereby declares, as per article 154-bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the Company's accounts contained in this press release are fairly representing the accounts and the books of the Company. This press release and the results presentation for the period are available on the website https://www.sitcorporate.it in the Investor Relations section.
Today at 15:00 CET, SIT management will hold a conference call to present to the financial community and press the results for the period. You may participate through the following link: https://shorturl.at/KOdPe
The documentation shall be published in the "Investor Relations" section on the company website
(https://www.sitcorporate.it) before the conference call.
***SIT, through its Business Units Heating & Ventilation, Smart Gas Metering, and Water Metering, creates intelligent solutions for environmental condition control and consumption measurement for a more sustainable world. A multinational leader in its reference markets and listed on the Euronext Milan segment, SIT aims to be the leading sustainable partner for energy and climate control solutions serving client companies, paying great attention to experimentation and the use of alternative gasses with low environmental impact. The group has production sites in Italy, Mexico, Romania, China, Tunisia, and Portugal, and has a commercial structure covering all global reference markets. SIT adheres to the United Nations Global Compact and its related principles that promote a responsible way of doing business and has obtained the Gold sustainability rating by EcoVadis. SIT is also a member of the European Heating Industry and the European Clean Hydrogen Alliance, as well as the Water Value Community for Italy - https://www.sitcorporate.it/en
Contacts SIT Investor Relations Investor Relations Advisors TWIN SIT Media RelationsPaul Fogolin - CFO
+39 049 829 3111
paul.fogolin@sitgroup.it
Mara Di Giorgio
+39 335 7737417
sit-group@twin.services
Andrea Schiavon
+39 338 3018790
andrea.schiavon@sitgroup.it
Annex 1 BALANCE SHEET(Euro,000) | 30/09/2025 | 31/12/2024 |
Goodwill | 63,278 | 63,278 |
Other intangible assets | 42,267 | 46,978 |
Property, plants and equipment | 85,628 | 95,229 |
Investments | 1,581 | 1,081 |
Non-current financial assets | 3,971 | 2,573 |
Deferred tax assets | 11,419 | 12,665 |
Non-current assets | 208,143 | 221,804 |
Inventories | 81,364 | 72,263 |
Trade receivables | 63,117 | 60,274 |
Other current assets | 9,203 | 10,517 |
Tax receivables | 1,810 | 2,372 |
Other current assets | 3,094 | 5,505 |
Cash and Cash Equivalents | 14,599 | 14,038 |
Current assets | 173,188 | 164,971 |
Total assets | 381,331 | 386,775 |
Share capital | 96,162 | 96,162 |
Total Reserves | 2,665 | 35,972 |
Net Profit | 1,629 | (31,573) |
Minority interests net equity | 1,132 | 862 |
Shareholders' Equity | 101,588 | 101,422 |
Medium/long-term loans and borrowings | 66,887 | 76,610 |
Other non-current financial liabilities and derivative financial instruments | 52,894 | 54,560 |
Provisions for risks and charges | 9,722 | 9,337 |
Post-employment benefit provision | 4,171 | 4,504 |
Other non-current liabilities | 4,097 | 3,825 |
Deferred tax liabilities | 9,218 | 10,629 |
Non-current liabilities | 146,989 | 159,465 |
Short-term bank loans | 25,674 | 19,356 |
Other current financial liabilities and derivative financial instruments | 14,107 | 14,868 |
Trade payables | 72,403 | 66,933 |
Other current liabilities | 18,468 | 22,957 |
Tax payables | 2,102 | 1,774 |
Current liabilities | 132,753 | 125,888 |
Total Liabilities | 279,743 | 285,353 |
Total Shareholders' Equity and Liabilities | 381,331 | 386,775 |
(Euro,000) | 9M 2025 | 9M 2024 |
Revenues from sales and services | 238,000 | 222,831 |
Raw materials, ancillaries, consumables and goods | 127,908 | 120,331 |
Change in inventories | (9,694) | (4,491) |
Services | 35,112 | 33,185 |
Personnel expense | 53,090 | 56,174 |
Depreciation, amortisation and write-downs | 19,649 | 20,901 |
Provisions | 1,199 | 250 |
Other charges (income) | 1,735 | (2,044) |
EBIT | 9,002 | (1,476) |
Financial income | 205 | 311 |
Financial charges | (4,649) | (9,233) |
Net exchange gains (losses) | 436 | 243 |
Profit before taxes | 4,994 | (10,154) |
Income taxes | (3,365) | 1,854 |
Net profit for the year | 1,629 | (8,301) |
Minority interest result | 271 | (30) |
Group net profit | 1,358 | (8,271) |
(Euro,000) | 9M 2025 | 9M 2024 |
Net profit | 1,629 | (8,301) |
Amortisation & depreciation | 19,563 | 20,895 |
Non-cash adjustments | 902 | (3,178) |
Income taxes | 3,366 | (1,854) |
Net financial charges/(income) | 4,443 | 8,923 |
CASH FLOW FROM CURRENT ACTIVITIES (A) | 29,903 | 16,485 |
Changes in assets and liabilities: | ||
Inventories | (9,092) | (4,438) |
Trade receivables | (2,803) | 3,178 |
Trade payables | 7,392 | 3,692 |
Other assets and liabilities | (3,843) | (2,885) |
Income taxes paid | (2,718) | (698) |
CASH FLOW GENERATED (ABSORBED) FROM CHANGES IN WORKING CAPITAL (B) | (11,064) | (1,151) |
CASH FLOW FROM OPERATING ACTIVITIES (A + B) | 18,839 | 15,335 |
CASH FLOW FROM INVESTING ACTIVITIES (C) | (6,923) | (11,764) |
CASH FLOW FROM OPERATING & INVESTING ACTIVITIES (A + B + C) | 11,916 | 3,571 |
Financing activities: | ||
Interest paid | (4,146) | (3,394) |
Repayment of non-current financial payables | (4,528) | (8,135) |
Increase (decrease) current financial payables | 362 | 2,235 |
Increase (decrease) other financial payables | (2,508) | (2,342) |
New loans | - | 2,288 |
Parent company financing | - | 5,000 |
Other changes in Equity | - | 460 |
CASH FLOW FROM FINANCING ACTIVITIES (D) | (10,820) | (3,888) |
Change in translation reserve | (536) | (930) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C + D) | 560 | (1,247) |
Cash & cash equivalents at beginning of the year | 14,038 | 8,700 |
Increase (decrease) in cash and cash equivalents | 560 | (1,247) |
Cash & cash equivalents at end of the period | 14,598 | 7,453 |