Published on November 14th 2025
Uzin Utz in figures
Uzin Utz on the capital market
Economic conditions
Earnings situation, capital and financial status
Employees
Further information
Outlook
Disclaimer
2
vs. Q3 2024
+0.2
EUR
(+12.3%)
* Earnings Per Share
3
vs. Q3 2024
+11.9
EUR MILLION
(+10.1%)
vs. Q3 2024
+0,6
%-POINTS
vs. Q3 2024
+1.8
EUR MILLION
(+18.5%)
Both the DAX, the S&P 500 and the Nasdaq Composite were able to set new all-time highs in July 2025 despite the ongoing geopolitical and economic uncertainties. Hopes of progress in trade talks between the US and major trading partners contributed significantly to the positive sentiment. The adoption of the extensive investment package by the German government also boosted the mood of market participants in the short term. However, the initial optimism was then followed by a wait-and-see attitude in the stock markets. The agreement on a trade agreement between the US and the EU likewise failed to provide any new impetus. Speculation that US sanctions could reduce deliveries of Russian crude oil had caused price increases, particularly during the final trading days of July. Renewed uncertainties regarding the US tariffs led to significant price corrections on the stock markets at the beginning of August. After the record hunt in July, investors realized profits before a recovery began in the further course. The Dax approached recent record levels, supported by revived hopes of US interest-rate cuts and expectations of a timely ceasefire in Ukraine. At the beginning of September, the DAX share price, weighed down by economic worries and profit-taking in the technology sector, moved sideways below the 24,000-point mark in a trading range of around 700 points. Until the end of the month, the leading index did not record a significant recovery and lost 0.76% on a monthly basis. The US Federal Reserve cut the key interest rate by 25 basis points to 4.00-4.25% on 17 September 2025 - the first interest rate step since December 2024. In addition, the Fed signaled that further adjustments are conceivable in 2025. The S&P 500 (+5.5%) and the Nasdaq (+5.4%) posted significant gains, some of which marked their best September performance in many years. The upward trend in the Uzin Utz SE's share price continued in the third quarter of 2025, rising by 20.5%. The highest price was EUR 77.00, and the closing price as of 30.09.2025 recorded EUR 73.50.
80
75
70
65
60
55
50
45
40
Freefloat
20%
Alberdingk Boley GmbH
26%
54% Family Utz
Pool contract
01.01.2025
31.03.2025
30.06.2025
30.09.2025
4
The global economy is adapting to an environment reshaped by new policies. Some significant increases in US tariffs were mitigated by subsequent agreements and redefinitions. However, the macroeconomic environment remains volatile, and temporary factors that supported the economy in the first half of 2025, such as "front-loading effects", are fading. Compared with the previous quarter, the seasonally adjusted gross domestic product (GDP) in the euro area increased by 0.2% in the third quarter of 2025, according to Eurostat. Annual inflation in the euro area increased to 2.2% in September 2025, up from 1.7% a year earlier.
Germany's GDP was unchanged in the third quarter of 2025, following a 0.2% decline in the previous quarter compared with the first quarter. Following the decreasing inflation rate since the beginning of the year, the inflation rate increased by 2.4% in September 2025 compared with the same month a year earlier. This represents the second rise in a row. Structural problems and the increased US tariffs continue to affect the industry. Production, real sales and real exports of goods have recently declined. A noticeable recovery in the construction industry has not yet set in. According to the Federal Statistical Office, new orders in main construction from June to August 2025 were 3.2% lower than in the previous three-month period (building construction: +2.1%, civil engineering: -7.6%).
According to current estimates by the Dutch Statistical Office (CBS), GDP in the Netherlands rose 0.4% in the third quarter of 2025 compared to the second quarter of 2025. Government consumer spending and exports contributed most to this growth. The inflation rate rose by 3.3% in September 2025 compared with the previous year. In the construction industry, production in the Netherlands recorded a year-on-year decline of 6.2% as of August 2025, despite a massive housing shortage with around 400,000 apartments missing, according to CBS. Due to the breakup of the government alliance and the new elections in October 2025, delays in planned public investments are expected.
The Swiss economy is being slowed by US tariffs. Since 7 August 2025, imports from Switzerland have been subject to a US tariff rate of 39.0%, instead of 10.0% previously. According to the Federal Department of Finance, exports fell by 3.9% to 66.5 billion francs in the third quarter of 2025 compared with the previous quarter, while imports fell slightly by 0.6% to 56.3 billion francs. According to the construction index, construction activity rose by 0.6% compared with the same quarter a year earlier and by 0.1% compared with the previous quarter. The growth driver is building construction, especially because the number of new residential buildings exceeds previous forecasts.
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According to current projections, real GDP growth in the USA is projected at 3.9% in the third quarter of 2025. In September 2025, the US Federal Reserve lowered the key interest rate for the first time since December 2024. This was corrected downwards by a quarter of a percentage point and is now in the range of 4.00 to 4.25%. According to Rider Levett Bucknall's quarterly report, the US national construction cost index continued to rise in the third quarter of 2025 (Q2 2025: 276.51; Q3 2025: 279.82).
The UK economy grew by 0.1% month-on-month in August 2025 after recording a 0.1% contraction in July. Deutsche Bank expects growth in the third quarter to be about half the Bank of England's estimate of 0.4%. The consumer price index (CPI) rose by 3.8% in the twelve months to September 2025. After a sharp decline in new orders in the construction sector in the second quarter, there was a partial recovery in August 2025, supported by large projects in the healthcare and commercial sectors. However, optimism remains subdued as companies point to low order backlogs, regulatory delays and weak consumer confidence.
According to the national statistics office Insee, GDP in France rose by 0.5% in the third quarter of 2025, after +0.3% in the second quarter. The CPI decreased by 1.0% month-on-month in September 2025 and increased by 1.2% year-on-year. In France, the construction sector's downturn intensified in September. Residential construction remained the weakest segment. Commercial construction also recorded a significant decline, while civil engineering declined again after a brief improvement in August.
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[EUR Mio.]
3.6
360.2
8.2%
29.5
-2.9
48.4
22.2
15.2
97.1
148.5
360.9 331.4
385.4 353.6
Total performances Expenses EBIT
Sales | Change in | Other operating | Cost of Material | Personnel expenses | Depreciation | Local transport | Rest of | EBIT | EBIT-Margin |
inventories | income | (other operating expenses) | other operating expenses |
0.2 3.7
381.6
155.3
104.2
23.2
55.2
Other operating expenses /Other operating income: incl. other gains / losses
EBIT
Expenses
Total performances
8.3%
31.8
15.8
7
[EUR Mio.]
461.3
194.0
(42.1%)
170.5
(39.6%)
430.4
461.3
30.09.2024
30.09.2025
101.5
(23.6%)
124.5
(27.0%)
47.1
(10.2%)
289.6
(62.8%)
62.2
(14.5%)
430.4
267.2 | ||
259.9 | (57.9%) | 266.7 |
(60.4%) | (62.0%) |
30.09.2024 30.09.2025
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The number of employees in the Group as of September 30, 2025 was 1,567 (1,491). In addition, 43 (47) young people were offered apprenticeships. The personnel cost ratio was 27.3% (27.0%). In absolute terms, personnel expenses rose by around EUR 7.2 million from EUR 97.1 million to EUR 104.2 million.
(as of 30.09.2025, in percent) (Full-time equivalent, without trainees, as of 30.09.2025)
1,6
00
1,567
50
1,545
1,511
1,522
00
1,477 1,483
1,491
50
00
Q1.2024 Q2.2024 Q3.2024 Q4.2024 Q1.2025 Q2.2025 Q3.2025
1,5
1,5
1,4
1% 9% 3%
16%
30%
42%
1,4
9
There were no changes to the scope of consolidation in the third quarter of 2025.
There were no significant events in the third quarter of 2025.
There are no known significant events after the reporting period.
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The IMF reports a continued slowdown in the global economy and expects growth of 3.2% in 2025 after an increase in real GDP of 3.3% in 2024. However, the negative consequences of US trade policy have been less severe than initially feared. In the fourth quarter of 2025, the current moderate global inflation level and the resulting potential for interest rate cuts are expected to have a relieving effect - especially in the US, but also in parts of the Far East, where deflationary scenarios are occurring in some cases (including China and Thailand). The euro area economy grew more strongly than expected in the first half of 2025. The initial impulse due to front-loading effects before the US tariffs came into force has weakened. Since the second quarter of 2025, higher US tariffs and trade uncertainties have weighed on exports. Subdued growth is expected for the remainder of 2025, with a forecast of 1.0% for the euro area as a whole.
After the German economy stagnated in the first half of 2025, price-adjusted GDP growth of 0.2% for the year as a whole is expected in autumn 2025, according to the IMF and the ifo economic forecast. According to current estimates, the inflation rate this year is 2.2%. For the main construction industry, the Main Association of the German Construction Industry forecasts a real decline in production of 1.0% in 2025. In addition, the number of employees is to fall by 6,000 to an annual average of 910,000.
The Dutch central bank expects the Dutch economy to grow by 1.1% in 2025. Prospects for the construction industry in 2025 are significantly improved compared with the previous year. The Federation of the European Construction Industry (FIEC) expects total construction output to grow by about 1.5% compared with 2024. However, this follows a 3.0% decline in the construction sector in the previous year. The current goal of the Dutch government is to build 100,000 apartments per year. Between 2025 and 2039, 1.2 million apartments are to be built in the Netherlands, including around 700,000 considered affordable.
The Expert Group on Economic Forecasts continues to expect significantly below-average economic growth of 1.3% for Switzerland in 2025. The forecast assumes a weak second half of 2025, especially with regard to goods exports. Inflation has been revised up by 0.1 percentage point compared with the June forecast and is expected to be 0.2% in 2025. Investment in the construction sector is at a historically low level. The KOF Institute expects real construction investment to increase 1.4% year-on-year in 2025, after a forecast increase of 2.2% in the summer of 2025. On the one hand, the recovery in residential construction is progressing only moderately (2025: 1.6%) and could be slowed by the current and further slowdown in the labour market. On the other hand, investment in construction for economic purposes (industry, commerce, services) is likely to decline by 2.6% in 2025.
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For the USA, the OECD expects a significant slowdown in growth from 2.8% in 2024 to 1.8% in 2025, driven by higher tariffs, moderate net immigration and job cuts in the federal administration. In the fourth quarter edition of the FMI North American Engineering and Construction Outlook, the forecast for total expenditure on engineering and construction services was adjusted and a decline of 1.0% was forecasted for 2025 after an increase of 6.0% in 2024. While the residential real estate and industrial sectors are expected to decline in the short term, infrastructure and some institutional segments continue to grow.
According to the OECD Economic Outlook, the UK's GDP will grow by 1.4% in 2025. This corresponds to a decrease of 0.3 percentage points compared to the previous year. The construction industry in the UK is prepared for sustainable growth until 2027, driven by renovation activity currently 24% above pre-pandemic levels. Non-residential construction is robust despite economic challenges and is expected to grow by 2.0% in 2025. While new construction projects are expected to increase moderately, renovation and repair, in particular, continue to drive growth in the sector.
According to the macroeconomic forecast of September 2025, the French central bank expects real GDP growth of 0.7% for France in the current financial year. Compared to the June forecast, growth was revised slightly upward due to a stronger contribution in the first half of the year and a better development in the third quarter (+0.3%), based on the latest business surveys. While production in non-residential construction is expected to decline again in 2025 (-1.0%), the renovation sector is benefiting from favourable political and economic conditions, such as the MaPrimeRénov' funding programme.
Subdued global economic growth, ongoing uncertainties from trade-policy escalations and geopolitical risks, as well as the cautious interest-rate stance of the ECB and the Fed, are shaping the current macroeconomic situation and continue to pose considerable challenges for UZIN UTZ. Despite the declining developments in the construction sector in some of UZIN UTZ's core and growth countries in the current financial year, the Management Board is confident about further business development and expects to achieve slight sales growth overall in 2025. However, due to continuing uncertainties, the forecast for EBIT and the EBIT margin is not adjusted, and a slight decline is still expected for these two performance indicators.
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This interim statement contains forward-looking statements about expected developments. These statements are based on current estimates of Uzin Utz and are inherently subject to risks and uncertainties. Actual results may differ from the statements formulated here. Uzin Utz SE assumes no obligation and does not intend to update such statements in light of new information or future events.
In November 2025 Uzin Utz SE
The Management Board
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