AD Plastik (ADPL) Q1 2025 earnings summary

Executive summary

• Secured new deals worth €54.8M in 2024 and €126.8M expected in Q1 2025, supporting revenue growth and diversification in the European market.

• Focused on deleveraging, restructuring, and sustainability, with significant improvements in recycled material use and waste recycling.

• Profitability gains driven by higher serial production, improved capacity utilization, and positive effects from affiliated companies and exchange rates.

• Financial stability improved through continued deleveraging and successful restructuring of financial obligations, reducing repayment pressure and improving maturity structure.

• Launched key development projects, including new bumpers, spoilers, front grilles, and roof rails.

Financial highlights

• 2024 operating revenue rose 17.9% year-over-year to €152.4M for the group; Q1 2025 group revenue declined 16.9% to €35.2M, mainly due to lower tool revenue.

• 2024 EBITDA increased to €13.4M (8.8% margin); Q1 2025 EBITDA margin improved to 12.5% with EBITDA at €4.4M.

• Net profit for 2024 reached €2.1M (1.4% margin); Q1 2025 net profit margin rose to 11.3% with net profit at €1.1M.

• Net financial debt reduced by 12.1% to €40.4M in 2024 and further to €39.2M in Q1 2025; NFD/EBITDA ratio improved to 2.77.

• EAPS (JV) in Q1 2025 delivered €42.4M revenue, €6.3M EBITDA (14.9% margin), and €4.4M net profit.

Outlook and guidance

• Targets annual revenue growth of 6% and EBITDA margin of 12% over the next three years.

• Full production volumes on new projects expected to support further revenue and profitability growth.

• Plans annual CAPEX of €5M from own products, with future investments expected to remain subdued.

• Management maintains a moderately optimistic outlook, focusing on disciplined management and gradual development.

• Continued deleveraging and favorable interest rate trends anticipated to further reduce financing costs.