Bet Shemesh Engines Holdings (1997) (BSEN) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, grew by 25.1% year-over-year, driven by increased activity and the consolidation of Turbine Standard Ltd (TS), contributing $9.3M in sales.

• Net income for the period was $36.4M, up from $26.3M in the prior year, with EPS of $4.23.

• Gross margin for the period was 24.6%, slightly down from 26.1% in the prior year, reflecting higher input costs.

• The company completed the acquisition of TS in March 2025, expanding its MRO capabilities.

Financial highlights

• Operating income for the nine months was $48.3M, up from $34.5M year-over-year.

• EBITDA reached $59.6M, compared to $45.8M in the prior year.

• Cash flow from operations was $35.5M, a significant increase from $4.7M in the prior year.

• Net financial debt to banks rose to $64.4M from $36.3M at September 2024.

• Current ratio declined to 1.6 from 2.0 a year earlier.

Outlook and guidance

• Backlog of expected orders stands at $3.3B, up from $1.7B at year-end 2024, spanning up to 20 years.

• New long-term supply agreements, including a 15-year contract worth $1.2B (plus $400M option) signed in October 2025.

• Management expects continued growth in both business segments, with further improvement in profitability as new programs ramp up.