Cembre (CMB) investor relations material

Executive summary

• Consolidated revenues for the first nine months of 2025 rose 5.0% year-over-year to €179.9 million, with October marking the highest monthly turnover in company history.

• Net profit increased by 10.4% to €32.2 million (17.9% margin), and EBITDA rose 12.1% to €55.4 million (30.8% margin), with EBIT up 13.5% to €44.9 million (25.0% margin).

• Sales growth was driven by a 9.9% increase abroad, while Italian sales declined by 1.3%.

• The group operates globally with 928 employees, a diversified product mix, and serves around 5,000 clients.

• Maintains a strong dividend history, with a 20-year average payout ratio of 51.9% and a 5-year average yield of 4.4%.

Financial highlights

• Revenues in other European markets grew 12.5% to €85.6 million, while Italian sales declined 1.3% to €74.0 million; non-European sales remained stable at €20.3 million.

• Net financial position as of September 30, 2025, was negative €6.8 million, down from a positive €2.0 million at year-end 2024, mainly due to dividend payments and capital expenditures.

• Personnel costs rose 4.0% due to increased headcount, but as a percentage of turnover, decreased from 26.8% to 26.6%.

• Investments in property, plant, and equipment totaled €18.0 million, and €1.2 million in intangible assets.

• Cash flow from operating activities was €42.2 million, up from €33.4 million in the prior year.

Outlook and guidance

• Focus on business development through new product innovation, expanding distributor channels, and higher penetration in foreign markets, especially the US and Germany.

• Continued investment in automation and manufacturing efficiency to drive cost management and operational scale.

• Despite economic uncertainty and geopolitical tensions, consolidated revenues and economic results are expected to remain positive for the full year 2025.

• Progressive sales in the first ten months of 2025 grew 5.3% year-over-year, with October achieving record turnover.