Brunel International (BRNL) Q4 2025 earnings summary

Executive summary

• Revenue stabilized at approximately EUR 300 million per quarter in Q4 2025, with full-year revenue down 11% to EUR 1,217.7 million; operational efficiency and cost control improved, supported by EUR 20 million in annual cost savings, part reinvested in business development.

• Gross profit and underlying EBIT declined 17% and 35% respectively for FY 2025, with Q4 showing stabilization and improved cost discipline.

• Major cost-saving programs were completed, including an additional EUR 10 million in Q4, with restructuring costs totaling EUR 14 million for the year.

• AI-driven recruitment and matching solutions piloted in Germany and rolled out to other regions, enhancing operational speed and efficiency.

• Performance stabilized in recent quarters, with global segments improving despite European weakness.

Financial highlights

• Q4 2025 revenue was EUR 300.4 million, down 10% year-over-year (4% organically); FY 2025 revenue was EUR 1,217.7 million, down 11% (7% organically).

• Q4 gross profit was EUR 52.8 million, down 15% (11% organically); FY 2025 gross profit was EUR 218.1 million, down 17% (14% organically).

• Underlying EBIT for Q4 was EUR 11.6 million, down 20% (15% organically); FY 2025 underlying EBIT was EUR 38.2 million, down 35% (26% organically).

• Net cash at year-end was EUR 31.6 million, down from EUR 64.7 million in 2024, mainly due to lower net results and collections.

• Free cash flow for 2025 was EUR 8.7 million, down from EUR 74.6 million in 2024; Q4 free cash flow was EUR 22.4 million, down from EUR 38.5 million the previous year.

Outlook and guidance

• Year-on-year trend expected to improve in Q1 2026, with DACH region returning to growth and the Netherlands facing a slow start.

• Strategy update scheduled for May 2026, focusing on macroeconomic and technological developments.

• Continued investment in digital and AI-driven solutions, with broader IT upgrades planned for 2026.

• Anticipate normalization in the Dutch market after recent legislative changes.