B&C Speakers (BEC) Q4 2025 earnings summary

Executive summary

• Revenue remained essentially stable at €99.1 million, down 1.3% year-over-year, mainly due to adverse exchange rates; at constant rates, turnover would have matched the prior year.

• EBITDA declined to €19.2 million from €21.8 million, with margin dropping to 19.3% from 21.7% year-over-year.

• Net profit fell to €9.6 million from €18.1 million, reflecting the absence of a prior-year non-recurring tax benefit and higher costs.

• Cash flow generation remained strong at €13 million, supporting a solid net financial position of €0.2 million.

• A dividend of €0.70 per share is proposed, with a payout ratio of 86% and a yield of 5.5%.

Financial highlights

• Revenue: €99.1 million (down 1.3% year-over-year); at constant FX, €100.3 million.

• EBITDA: €19.2 million (19.3% margin), down from €21.8 million (21.7% margin).

• EBIT: €16.2 million (16.4% margin), down from €19.0 million (19.0% margin).

• Net profit: €9.6 million (9.7% of revenue), down from €18.1 million (18.1%).

• Cash flow from operations: €13 million, up slightly from €12.97 million.

Outlook and guidance

• 2026 is expected to see turnover consolidation despite ongoing geopolitical uncertainty.

• Strategic focus on expanding product range, launching a US online platform, and strengthening ESG initiatives.