Akwel (AKW) H2 2025 earnings summary

Executive summary

• Net income for 2025 was €16.2 million, a 33% decrease year-over-year.

• Revenue declined by 5.1% to €938.3 million compared to 2024.

• Recurring operating income increased by 15.3% to €44.3 million, with a margin of 4.7%.

• Proposed dividend maintained at €0.30 per share for 2025.

Financial highlights

• EBITDA dropped 58% to €36.7 million, impacted by a customer dispute settlement and partially offset by warranty provision reversals.

• Operating income fell 23.6% to €30.3 million, including €13.1 million in non-recurring industrial restructuring costs.

• Net margin decreased to 1.7% from 2.4% year-over-year.

• Net cash position at year-end was €100.4 million, down from €133.4 million in 2024.

• Free cash flow for 2025 was €17.5 million.

Outlook and guidance

• 2026 revenue is expected to decline by 12% to 15% due to planned volume reductions, market difficulties, and geopolitical uncertainties.

• The company will continue adapting production facilities and investing to balance risks across engine types.