ALSO (ALSN) H2 2025 earnings summary

Executive summary

• Net sales before PvA rose 39% year-over-year to €15,244M, with strong growth across all business segments.

• EBITDA increased 22% to €286M, reflecting operational improvements and successful integration of acquisitions.

• Cash position improved by €99M to €830M, supporting a higher proposed dividend.

Financial highlights

• Supply segment sales up 53% to €9,723M; Solutions up 16% to €3,806M; Service up 30% to €1,715M; Cloud up 38% to €1,568M year-over-year.

• Gross profit increased 30% to €899M; net profit slightly decreased by €5M to €110M due to higher depreciation and financial costs.

• EBITDA margin improved, with profit improvements from vendor, reseller, and product mix optimizations.

Outlook and guidance

• 2026 EBITDA guidance set at €300–340M, with mid-term target of €425–525M.

• ROCE expected to exceed 20% in 2026 and 25% mid-term, up from 16.1% in 2025.

• Continued focus on efficiency, product category, and vendor mix optimizations.