B&C Speakers (BEC) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €50.7 million, down 1.1% year-over-year, with EBITDA at €10.96 million (down 4.6%) and EBIT at €9.49 million (down 6.9%).

• Net profit dropped sharply to €5.1 million, mainly due to higher financial expenses and the absence of the prior year's €3.9 million Patent Box tax benefit.

• New orders reached €58.2 million, up 6% from H1 2024, reflecting continued demand and a positive market climate.

• The group continued its treasury share buyback program and paid a €1.0 per share dividend (€10.8 million total) in May 2025.

Financial highlights

• Gross margin remained stable at 37.8% of revenue, with cost of sales improving to 62.2% of revenue.

• EBITDA margin was 21.6% (vs. 22.4% in H1 2024); EBIT margin was 18.7% (vs. 19.9%).

• Operating cash flow was €6.6 million, supporting dividend payments and a positive cash flow for the period of €2.6 million.

• Net financial position was negative €4.97 million, deteriorating from negative €0.92 million at year-end 2024, mainly due to dividend payments and loan repayments.

• Net equity decreased to €50.9 million from €55.2 million at year-end 2024.

Outlook and guidance

• The group expects continued positive demand, with potential Q4 2025 demand growth from new product launches, but notes risks from US tariffs, geopolitical tensions, and supply chain disruptions.

• Management does not foresee significant uncertainties regarding business continuity, citing strong liquidity and order backlog.

• Supply chain disruptions from Chinese magnet export halts have largely been resolved.