Basler (BSL) Q1 2025 earnings summary

Executive summary

• Sales grew 37% year-over-year to €59.5 million, driven by major projects in China and the USA and improved cost discipline.

• Net income reached €4.8 million, rebounding from a €3.9 million loss in Q1 2024, with a 10% EBT margin.

• Gross profit margin improved to 48.1% from 44.6% year-over-year, reflecting higher production utilization and cost measures.

• Free cash flow improved to €-2.2 million from €-3.4 million year-over-year.

• Share price rose 42% to €8.70 at quarter-end, with market capitalization at €267.5 million.

Financial highlights

• Incoming orders increased 18% year-over-year to €52.1 million.

• EBITDA rose to €10.1 million from €1.0 million year-over-year; EBIT reached €6.3 million from €-3.3 million.

• Equity increased to €128.8 million, with an equity ratio of 55.3%.

• Net cash from operating activities was €0.4 million, up from €-1.1 million year-over-year.

• Cash and cash equivalents decreased to €16.1 million from €21.3 million at year-end due to increased receivables and tax payments.

Outlook and guidance

• 2025 sales forecast confirmed at €186–198 million, with a pre-tax margin of 0–5%.

• Visibility remains limited due to short order horizons, geopolitical risks, and new US tariffs.

• Management is taking steps to mitigate tariff impacts and considers risks reflected in the forecast.