De'Longhi (DLG) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenues of €877.2 million, up 8.9% year-over-year (11.5% at constant currency), and nine-month revenues of €2,461.4 million, up 10.4% (11.7% at constant currency), driven by strong household and accelerating professional coffee segments.

• Adjusted EBITDA margin reached 17.0% in Q3 and 15.8% for the nine months, with net income up 5.0% in Q3 and 8.0% for the nine months.

• Professional Division posted over 40% organic growth in Q3, led by La Marzocco and Eversys, benefiting from premiumization trends in out-of-home coffee.

• Household Division grew 7.6% at constant FX, with coffee category leading and successful marketing campaigns; nutrition and food preparation declined mid to high single digits due to U.S. tariffs and tough comps.

• Net financial position strengthened to €309 million as of September 2025, despite €252 million in dividends and buybacks.

Financial highlights

• Q3 adjusted EBITDA: €148.8 million (17.0% margin), up 13.4% year-over-year; nine-month adjusted EBITDA: €389.5 million (15.8% margin), up 16.0%.

• Q3 EBIT: €105.3 million (12.0% margin); Q3 net income: €71.0 million (8.1% margin); nine-month net income: €187.6 million (7.6% margin), up 8.0%.

• Free cash flow before dividends, buybacks, and acquisitions: €298 million positive over 12 months, but negative €82.2 million for nine months due to inventory build-up.

• Net industrial margin for 9M 2025 was 52.8% of revenues; Q3 margin at 52.6%.

Outlook and guidance

• Full-year 2025 revenue growth guidance raised to 7.5%-8.5%, with adjusted EBITDA expected between €610 and €620 million, factoring in tariff effects, higher marketing investments, and La Marzocco consolidation.

• Expect continued positive contributions from both divisions in Q4, despite tough comparisons and tariff headwinds.

• Ongoing investments in advertising and promotion, with controlled Opex increases.