Q1 2025 Results
April 24, 2025
Olivier PROUST - CFO
Maria Beatrice DE MINICIS - Head of Planning and Control
AGENDA
- Q1 2025 Results
- A resilient business model and a Sustainable Transformation
- Market Outlook 2025
Revenues at €256.0m
Vs 263.2 in Q1 24
EBITDA at € 33.8m
vs €33.7m in Q1 24
EBIT
Net Income
FCF1 at € 11.2m
vs €28.8m in Q1 24
NFP (cash) at € 0.8m
vs € debt of 9.5m Dic '24
Divided Approval
Q1 2024: FINANCIAL HIGHLIGHTS
- -3.3%at constant exchange (-2.7% at current), mainly reflecting the market decline in Europe and North America.
- Contribution margin € 74.7m vs € 75.7m in Q1 24 (up from 28.4% to 29.6%)
- EBITDA excluding non-recurring: € 33.5 m vs € 33.6m in Q1 2024
- Fixed costs decreasing vs Q1 2024 in % and value
- € 15.1m vs € 14.6m in Q1 2024 (excluding non-recurring € 16.8m vs € 14.5m) thanks to the recovery of Suspensions margin
Net income of operating activities (Suspensions and A&C at € 9.8m vs € 5.6m in Q1 24).
Free Cash Flow positive at € 11.2m, vs €28.8m in Q1 24 (benefiting of positive WC effect linked to Filtration's deconsolidation) and despite higher investment in new products
Net debt end of March 2025 at € 0.8m vs a Net debt end December 2024 of € 9.5m (€ 170.7m end of March 2024).
Shareholders assembly approved for FY 2024 dividend distribution of €0.15 per share (€ 17.8m). Record date" on 13 May 2025.
1. | FCF and Net debt excluding IFRS 16 | 3 |
Q1 2025: SALES BY GEOGRAPHY
constant | reference | performance | weight | ||||
Q1 24 | Q1 25 | change | exchange | market | vs market | based on | |
€m | rates | production | (bps) | Q1 25 | |||
Europe 27 | 152.1 | 138.4 | -9.0% | -9.0% | -7.2% | -180 | 54.1% |
North America | 56.1 | 56.3 | 0.4% | 1.1% | -5.3% | 640 | 22.0% |
South America | 25.1 | 26.5 | 5.6% | 0.6% | 8.1% | -750 | 10.4% |
Cina | 25.8 | 30.9 | 19.6% | 17.3% | 11.5% | 580 | 12.1% |
India | 4.9 | 4.1 | -16.3% | -15.5% | 1.4% | -1690 | 1.6% |
Intercompany | (0.7) | (0.1) | |||||
Total | 263.2 | 256.0 | -2.7% | -3.3% | 1.3% | -460 | 100.0% |
- -3.3% at constant exchange mainly reflecting the decline in Europe (-9.0%), a result affected by a difficult market (-7.2%)
- China and North America overperforming the market
- India down due to product mix
Source: Sogefi and S&P Global (IHS) data. Passenger cars and Light commercial vehicles only.
4
Q1 2025: SALES BY BUSINESS UNIT
constant | ||||
Q1 24 | Q1 25 | change | exchange | |
€m | rates change | |||
Air&Cooling | 117.1 | 117.3 | 0.2% | 0.3% |
Suspensions | 146.5 | 138.5 | -5.5% | -6.5% |
Intercompany | (0.4) | 0.2 | ||
Total | 263.2 | 256.0 | -2.7% | -3.3% |
- Suspensions reflecting the difficult market in Europe, especially in heavy duty (-25.9%)
- Air and Cooling with better-than-market performance especially in China and Nord America
5
OUR CUSTOMERS (% of sales)
Q1 2024 | Chinese OEMs and German Premium gaining shares |
Q1 2025 |
6
Q1 2025: EBIT PERFORMANCE BREAKDOWN VS Q1 24
6.6 % | 5.9 % | ||
5.6% | 5.4% | of sales | of sales |
of sales | of sales |
(*) Variances calculated at stable FX
(**) Exchange rate impact net of Argentinian inflation | 7 |
. | Q1 2025 : P&L |
€m | Q1 2024 | % | Q1 2025 | % | |
REVENUES | 263.2 | 100.0% | 256.0 | 100.0% | |
CONTRIBUTION MARGIN | 74.7 | 28.4% | 75.7 | 29.6% | |
Gross Fixed Costs | 43.6 | 16.6% | 41.8 | 16.3% | |
Restructuring | 0.7 | 0.2% | 0.3 | 0.1% | |
Exchange Differences | -0.7 | -0.3% | 0.7 | 0.3% | |
EBITDA | 33.7 | 12.8% | 33.8 | 13.2% | |
EBITDA excluding non-recurring | 33.6 | 12.8% | 35.5 | 13.9% | |
D&A | 19.2 | 7.3% | 18.7 | 7.3% | |
Write downs | -0.1 | 0.0% | 0.0 | 0.0% | |
EBIT | 14.6 | 5.6% | 15.1 | 5.9% | |
EBIT excluding non-recurring | 14.5 | 5.5% | 16.8 | 6.6% | |
Financial results | 5.1 | 1.9% | 2.7 | 1.1% | |
Income Tax | 3.9 | 1.5% | 2.6 | 1.0% | |
NET INCOME OF OPERATING | 5.6 | 2.1% | 9.8 | 3.8% | |
ACTIVITIES | |||||
Minority Interest | -1.0 | -0.4% | -0.7 | -0.3% | |
Net income from discontinued | 10.4 | - | |||
operations | |||||
NET INCOME | 15.0 | 5.7% | 9.0 | 3.5% |
Higher contribution margin thanks to slight decrease in raw material costs, more than offsetting the
increase in energy costs Fixed costs down
Up in % and absolute value
Up in % and absolute value
Cash Interests down from € 4.2m to € 1.5m
Lower taxes reflecting mainly due to non-recurring charges recorded in 2024
Includes Filtration net profit up to end of May 2024
8
Q1 2025 : FREE CASH FLOW NEW PERIMETER
€m | Q1 2024 |
FUNDS PROVIDED BY OPERATIONS | 25.4 |
Working Capital | 15.2 |
Capex (Tangible, Intangibles & IFRS15) | -12.1 |
Others | 0.4 |
FREE CASH FLOW (NET) EX DISPOSAL | 28.8 |
Q1 2025
26.6 0.3 -16.91.1
11.2
The reduction is due to the collection in Q1 24, before the sale, of the intercompany debts of
Filtration (€ 12.7m)
Higher capex for new product
NET FINANCIAL POSITION | 170.7 |
FACTORING | 63.6 |
0.8 | After the dividends payment and cash-in of the | |
Filtration Disposal | ||
57.6 | Lower use of factoring (€ 48.8m at the | |
end of 2024)
FCF and Net debt excluding IFRS 16 | 9 |
Q1 2025: SUSPENSIONS
SALES (€m) | EBITDA (€m) excluding non-recurring |
EBITDA Margin | 9.7% | 11.7% |
- 2024 down 6.5% at constant (-5.5% at current exchange and net of Argentina's inflation) mainly affected by the difficult market in Europe, especially in heavy duty (-10.9% in Q1)
- Sales up in China (+18.8% at constant exchange) thanks to ramp up of new products also supplied to local players
- In South America up at current exchange while in India down 15.5% at constant exchange due to a different product mix
- EBITDA growth in absolute value and in %
- 1Q 2025 contribution margin up in % (from 28.0% to 30.0%) thanks to reduction in raw materials prices compensating higher energy costs
- Margin improvements thanks to the actions
implemented in Europe (concentration of production | |
capacity after footprint optimization and Romania | |
EBIT positive for the first time) | 10 |