Olivier PROUST - CFO
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Maria Beatrice DE MINICIS - Head of Planning and Control
AGENDA
- 9M 2025 Results
- A resilient business model and a Sustainable Transformation
- Market Outlook 2025
Revenues at €744.9m
Vs 766.7 in 9M 24
EBITDA at € 103.1m
vs €96.7m in 9M 24
EBIT
FCF1 at € 15.0m vs €19.8m in 9M 24
NFP at € 13.9m
vs € debt of 9.5m Dic '24
Net Income
1. FCF and Net debt excluding IFRS 16
9M 2025: FINANCIAL HIGHLIGHTS
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Net income of operating activities at € 29.9m vs € 15.1m in 9M 24 |
Net debt end of September 2025 at € 13.9m vs a Net debt end December 2024 of € 9.5m (€
16.1m end of September 2024, after the sale of Filtration and the payment of extraordinary
dividends)
Free Cash Flow positive at € 15.0m, vs €19.8m in 9M 24 despite higher investment in new products and 9M 24 benefiting of the collection, before the sale, of the intercompany debts of Filtration (€ 13.1m)
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9M 2025: SALES BY GEOGRAPHY
€m Europe 27 | 9M 24 426.2 | 9M 25 398.8 | change -6.4% | constant exchange rates -6.3% | reference market production -1.9% | performance vs market (bps) -440 | weight based on 9M 25 53.5% |
North America | 162.0 | 166.5 | 2.8% | 7.5% | -1.4% | 890 | 22.4% |
South America | 85.3 | 82.1 | -3.8% | 7.2% | 4.4% | 279 | 11.0% |
Cina | 82.1 | 87.1 | 6.1% | 9.4% | 11.9% | -250 | 11.7% |
India | 13.1 | 11.2 | -14.4% | -8.4% | 4.3% | -1273 | 1.5% |
Intercompany Total | (2.0) 766.7 | (0.8) 744.9 | -2.8% | -0.1% | 3.8% | -391 | 100.0% |
-0.1% at constant exchange mainly reflecting the decline in Europe (-6.4%), a result affected by a difficult market (-1.9% passenger cars) and the decrease in the Heavy-Duty segment
North America overperforming the market
Cina and South America up in a growing market
India down due to product mix
Source: Sogefi and S&P Global (IHS) data. Passenger cars and Light commercial vehicles only. 4
€m Air&Cooling | 9M 24 342.9 | 9M 25 339.8 | change -0.9% | constant exchange rates change 1.9% |
Suspensions | 424.8 | 405.1 | -4.6% | -2.0% |
Intercompany | (1.0) | 0.0 | ||
Total | 766.7 | 744.9 | -2.8% | -0.1% |
Suspensions reflecting the difficult market in Europe
Air and Cooling with better-than-market performance especially in Nord America, China and
South America
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OUR CUSTOMERS (% of sales)
Chinese OEMs gaining shares
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7.0%
on sales
6.5%
on sales
5.0%
on sales
5.5%
on sales
9M 2025: EBIT PERFORMANCE BREAKDOWN VS 9M 24
(*) Variances calculated at stable FX
(**) Exchange rate impact net of Argentinian inflation 7
. 9M 2025 : P&L
€m | 9M 2024 | % |
REVENUES | 766.7 | 100.0% |
CONTRIBUTION MARGIN | 224.8 | 29.3% |
Gross Fixed Costs | 128.9 | 16.8% |
Restructuring | 3.3 | 0.4% |
Exchange Differences | 1.4 | 0.2% |
EBITDA | 96.7 | 12.6% |
EBITDA excluding non-recurring | 101.0 | 13.2% |
D&A | 58.7 | 7.7% |
Write downs | 0.0 | 0.0% |
EBIT | 38.0 | 5.0% |
EBIT excluding non-recurring | 42.3 | 5.5% |
Financial results | 11.7 | 1.5% |
Income Tax | 11.2 | 1.5% |
NET INCOME OF OPERATING ACTIVITIES | 15.1 | 2.0% |
Minority Interest Net income from discontinued operations | -2.0 136.4 | -0.3% |
NET INCOME | 149.5 | 19.5% |
9M 2025 | % |
744.9 | 100.0% |
223.7 | 30.0% |
122.4 | 16.4% |
0.9 | 0.1% |
1.8 | 0.2% |
103.1 | 13.8% |
106.5 | 14.3% |
54.9 | 7.4% |
-0.4 | -0.1% |
48.5 | 6.5% |
51.9 | 7.0% |
7.4 | 1.0% |
11.2 | 1.5% |
29.9 | 4.0% |
-2.4 | -0.3% |
0.5 | |
28.1 | 3.8% |
Higher contribution margin in % thanks to slight decrease in raw material costs
Fixed costs down in % and absolute value
Up in % and absolute value
Up in % and absolute value
Cash Interests down from € 10.7m to € 4.7m
Flat taxes as 2024 included non-recurring
In 2024 includes Filtration disposal
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9M 2025 : FREE CASH FLOW NEW PERIMETER
€m | 9M 2024 | 9M 2025 | ||
FUNDS PROVIDED BY OPERATIONS | 64.6 | 79.3 | ||
Working Capital | -1.4 | -9.0 | ||
Capex (Tangible, Intangibles & IFRS15) | -45.0 | -51.8 | ||
Others | 1.6 | -3.5 | ||
FREE CASH FLOW (NET) EX DISPOSAL | 19.8 | 15.0 | ||
NET DEBT | 16.1 | 13.9 | ||
FACTORING | 52.0 | 48.7 |
The reduction is due to the collection in 9M 24,
before the sale, of the intercompany debts of
Filtration (€ 13.1m)
Higher capex for new product
After the dividends payment
Stable use of factoring (€ 48.8m at the
end of 2024)
FCF and Net debt excluding IFRS 16 9
EBITDA (€m) excluding non-recurring
9M 2025: SUSPENSIONS
SALES (€m)
EBITDA Margin
10.1% 12.4%
EBITDA growth in absolute value and in %
9M 2025 contribution margin up in % (from 28.9% to 30.7%) 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 with a positive EBIT)
2025 down 2.0% at constant (-4.6% at current exchange and net of Argentina's inflation) with Passenger Cars more resilient (-2.0%, in line with market) while Heavy-Duty experienced a further decline (-15.3%) due to market and customer mix
Sales up in China (+7.5% at constant exchange) thanks to
ramp up of new products also supplied to local players
In South America up 7.2% at constant exchange while in India down due to a different product mix
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