Brunel International (BRNL) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue was EUR 304 million, down 10% year-over-year (7% organically), stabilizing sequentially after five quarters of decline.

• Gross profit declined 16% year-over-year (14% organically), with underlying EBIT at EUR 11.9 million, down 31% year-over-year but improved from earlier quarters.

• Cost reduction programs totaling EUR 30 million over two years have been fully executed, with an additional EUR 10 million plan for 2025 implemented.

• Digital transformation and AI-driven platforms are being deployed to enhance operational efficiency and recruitment processes.

• Strategic focus remains on core markets: conventional energy, renewables, mining, defense, and utilities, with a strategy update planned for March 2026.

Financial highlights

• 9M 2025 revenue was EUR 917.3 million, down 11% year-over-year (8% organically), with gross profit at EUR 165.3 million, down 18% (15% organically).

• Free cash flow for the first nine months was negative EUR 13.7 million, compared to positive EUR 36.1 million last year.

• Net cash balance at 30 September 2025 was EUR 11.2 million, down from EUR 64.7 million at year-end 2024.

• Q3 2025 gross margin was 18.6%, down from 19.8% in Q3 2024.

• Q3 2025 underlying EBIT margin was 3.9% (Q3 2024: 5.1%).

Outlook and guidance

• Q4 2025 is expected to follow the same trend as Q3, with no significant change anticipated.

• Management is confident in a return to profitable growth in 2026, supported by technology and market focus, with a strategy update to be presented in March 2026.