Akwel (AKW) Q4 2025 TU earnings summary

Executive summary

• 2025 consolidated revenue reached €938.3 million, a 5.1% decrease compared to 2024.

• Fourth-quarter revenue declined 10.2% year-over-year, sharper than previous quarters.

• Restated net cash flow stood at €142.0 million at year-end.

Financial highlights

• Revenue for 2025: €938.3 million, down 5.1% from 2024.

• Negative currency impact for the year totaled €10.5 million, mainly due to the US dollar.

• Adjusted net cash at December 31, 2025: €142.0 million, down from €145.1 million at end-2024.

• Annual investment budget was €37.2 million, down from €49.9 million in 2024.

Outlook and guidance

• 2026 is expected to see a more significant, double-digit decline in consolidated revenue.

• Market inertia, slower EV development, and increased competition from Chinese automakers are causing project delays and cancellations.

• Cost control and project management will be prioritized to adapt to the downward trend.