Aumovio (AMV0) Q4 2025 earnings summary

Executive summary

• Achieved adjusted consolidated sales of €18.5bn in FY 2025, down 5% year-over-year, fully within guidance despite market challenges and portfolio adjustments.

• Adjusted EBIT rose 45% to €717mn, with margin improving to 3.9%, driven by cost discipline, improved project mix, and transformation efforts.

• Positive adjusted free cash flow of €159mn, despite €491mn in restructuring and spin-off costs; normalized free cash flow reached €650mn.

• Transformation initiatives included active portfolio management, cost reduction, footprint optimization, SG&A savings, R&D efficiency, and significant headcount reductions.

• Completed spin-off from Continental in September 2025, establishing independent operations and focus.

Financial highlights

• Adjusted sales for 2025 were €18.5bn, down 5% year-over-year, with organic sales down 2.5% due to FX and lower volumes.

• Adjusted EBIT margin improved to 3.9% from 2.5% in 2024.

• Net income after minorities was -€655mn, reflecting higher interest, tax, restructuring, and spin-off expenses.

• Normalized free cash flow (excluding one-offs) increased to €650mn, with strong underlying cash conversion.

• Net liquidity at year-end 2025 was €1.4bn, with gross financial debt at €340mn and no drawdown on the syndicated credit line.

Outlook and guidance

• 2026 is expected to be a transition year: adjusted sales guidance €17.0–18.5bn, EBIT margin 3.5–5.0%, normalized free cash flow €500–800mn.

• CapEx discipline maintained, with CapEx/Sales at 4.1% and CapEx expected below 5% of sales.

• Net income and EPS expected to improve significantly in 2026, assuming lower special items and normalized tax rate.

• All segments anticipate moderately lower sales in 2026 due to FX and market conditions, but profitability focus remains.

• Further cost savings, footprint optimization, and R&D efficiency targeted for 2026.