Consti (CONSTI) Q3 2025 earnings summary

Executive summary

• Net sales for Q3/2025 grew by 5.6% year-over-year to EUR 90.8m, with 1-9/2025 net sales up 2.9% to EUR 241.2m, driven by strong growth in Housing Companies and Corporations, but declines in Public Sector and Building Technology.

• Operating result (EBIT) for Q3/2025 was EUR 3.1m (3.5% margin), and for 1-9/2025 EUR 5.5m (2.3% margin), both down year-over-year, impacted by a construction sector downturn and resource allocation to tendering.

• Free cash flow improved to EUR 3.4m in Q3 and EUR 5.9m YTD, with a strong cash conversion ratio and low gearing.

• Order backlog at period end was EUR 239.9m, down 4.2% year-over-year; Q3 order intake fell 36.4% to EUR 41.2m, but YTD order intake rose 7.6% to EUR 206.4m.

• Projects progressed as planned, but profitability was impacted by a prolonged construction downturn, resource allocation to tendering, and low service business performance.

Financial highlights

• Q3/2025 net sales: EUR 90.8m (+5.6% y/y); 1-9/2025 net sales: EUR 241.2m (+2.9% y/y).

• Q3/2025 EBIT: EUR 3.1m (3.5% margin, down from 3.9%); 1-9/2025 EBIT: EUR 5.5m (2.3% margin, down from 2.8%).

• Q3/2025 free cash flow: EUR 3.4m (up 101% y/y); 1-9/2025 free cash flow: EUR 5.9m (up 144% y/y).

• Net working capital at Q3/2025: EUR -10.1m (improved by EUR 0.7m y/y); cash and cash equivalents: EUR 13.3m.

• Net debt at Q3/2025: EUR 1.7m; equity ratio: 41.8%; gearing: 3.8%.

Outlook and guidance

• Operating result for 2025 is estimated to be in the range of EUR 9–12m, unchanged from previous guidance.

• Construction market expected to grow by 0.8% in 2025; renovation construction to decrease by 0.5%; new residential construction up 1%.

• No significant improvement in demand outlook for construction expected over the next six months due to ongoing uncertainty.