Brembo (BRE) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues reached €1,881 million, down 6.2% year-over-year, with EBITDA margin at 16.0% and net profit at €97.9 million, reflecting ongoing challenges in the automotive sector, especially in Europe and North America.

• Q2 2025 sales were €924.0 million, down 7.6% year-over-year, with net result falling 42.4% to €46.7 million.

• The aftermarket segment delivered positive results, offsetting pressure in original equipment applications.

• The Öhlins acquisition contributed to a 42.9% increase in the racing segment.

• The company marked its 30th anniversary on the Milan Stock Exchange and entered the bicycle sector through a partnership with Specialized.

Financial highlights

• EBITDA was €300.9 million (margin 16%), down 14.4% year-over-year; EBIT €162.4 million (margin 8.6%), down 25.8%; net profit €97.9 million (margin 5.2%), down 37.4%.

• Net financial debt rose to €935.5 million, mainly due to the Öhlins acquisition.

• Net financial expenses increased to €21.4 million from €6.9 million, mainly due to higher debt and currency losses.

• Net investments in H1 2025 totaled €199.8 million.

• Cost of sales and other net operating costs were €1,192.3 million (63.4% of sales, down from 64.4%).

Outlook and guidance

• Full-year 2025 revenues expected to be in line with 2024 at constant FX, including Öhlins, assuming geopolitical stabilization in H2.

• EBITDA margin forecasted above 16% for FY 2025.

• Capex guidance for 2025 is €400 million; net debt projected at €780 million by year-end.