Consti (CONSTI) Q4 2025 earnings summary

Executive summary

• Net sales for FY 2025 reached EUR 336.2m, up 2.9% year-over-year, with Q4 net sales at EUR 95.0m, a 3.0% increase from Q4 2024.

• Operating result (EBIT) for FY 2025 was EUR 9.4m (2.8% margin), down from EUR 10.2m (3.1% margin) in 2024; Q4 EBIT was EUR 3.9m, margin 4.1%.

• Free cash flow more than doubled to EUR 16.8m for the year; Q4 free cash flow was EUR 10.9m, up from EUR 4.8m.

• Order backlog declined 13.3% to EUR 208.2m; order intake for FY 2025 was EUR 250.7m, down 3.2% year-over-year; Q4 order intake fell 34.1% year-over-year.

• Board proposes a dividend of EUR 0.72 per share, to be paid in two instalments, representing 83.5% of 2025 EPS.

Financial highlights

• EBITDA for 2025 was EUR 13.0m (3.9% margin), down from EUR 14.3m (4.4% margin) in 2024.

• Earnings per share (undiluted) was EUR 0.86, compared to EUR 0.91 in 2024.

• Equity ratio improved to 43.1% (from 41.3%), and gearing was -10.9% (from 6.1%).

• Net interest-bearing debt at year-end was EUR -4.9m, a significant improvement from EUR 2.7m the previous year.

• Return on investment (ROI) was 16.0%, down from 17.4% in 2024.

Outlook and guidance

• Operating result for 2026 is estimated to be in the range of EUR 8–11m.

• No significant improvement in construction demand is expected in H1 2026; renovation market expected to return to moderate growth or remain flat.

• Competition remains intense and demand outlook is uncertain for H1 2026.