Biesse (BSS) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues were €755 million, down 3.9% year-over-year, with a significant contribution from the GMM Group acquisition.

• Net result for 2024 was €3.8 million, a decrease of 70% year-over-year, mainly due to lower sales, market normalization after government incentives ended, and non-recurring items.

• The group continued its organizational transformation, including rightsizing in Italy and a focus on strengthening the commercial workforce globally.

Financial highlights

• Adjusted EBITDA for 2024 was €59 million (7.8% of revenues), down €18 million or 23.5% year-over-year.

• Net financial position at year-end was €25 million, down €93.5 million from the prior year, mainly due to the GMM acquisition, CapEx, dividend distribution, and severance payments.

• Backlog at year-end stood at €255 million, down 10% from the prior year but remaining solid.

• Net working capital increased by €35.9 million, primarily due to the GMM Group consolidation and lower down-payments.

Outlook and guidance

• No significant improvement is expected in 2025; early trends mirror 2024, with continued market challenges, especially in the US due to policy uncertainty.

• Net financial position is expected to remain stable or slightly improve in 2025, with CapEx in the €15–30 million range.

• Order intake increased 3% year-over-year to €691 million, driven by the GMM Group, while Biesse orders declined due to market slowdowns and tighter credit conditions.