Biesse (BSS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was €153.3 million, down 21.7% year-over-year, with a net loss of €2.8 million and adjusted EBITDA of €4.4 million, reflecting sharp declines across all regions and segments.

• Order intake increased by 3.7% to €176.9 million, with a late surge in March, but order intake for the first four months is €9 million below last year; backlog rose 13% from December to €288.4 million.

• The company is present in over 90 markets, with EMEA accounting for 64% and the Americas 22% of Q1 sales; best performing countries were Taiwan, Nordic, and Korea, while the USA, Italy, and France underperformed.

• Ongoing organizational transformation and cost rationalization are underway, including headcount reduction to 3,800–3,830, plant and office closures, and process optimization.

• The Board withdrew the 2024–2026 plan due to macroeconomic and geopolitical uncertainties, but strategic guidelines and transformation initiatives continue.

Financial highlights

• Revenue: €153.3 million (–21.7% YoY); Adjusted EBITDA: €4.4 million (–73.9% YoY); Adjusted EBIT: –€4.7 million; Net loss: €2.8 million.

• Net financial position: €5.0 million positive at March-end, down from €25.0 million in December 2024.

• Net operating working capital increased by €6.0 million since December, mainly due to higher inventories.

• Personnel expense decreased 5.8% year-over-year, with headcount reduced by 440–444 units year-over-year.

• No significant CapEx in Q1; €346.5 million in available credit lines, mostly unsecured.

Outlook and guidance

• Economic and financial targets from the three-year plan have been withdrawn due to market uncertainty; management does not expect Q1's negative performance to persist at the same level, but targets are out of reach for 2025.

• The Board will consider a new business plan when market conditions stabilize; continued volatility and uncertainty are expected due to geopolitical tensions, US trade policy, and weak European demand.

• Tariff increases in the US are anticipated to impact sales, especially in 2026.