De'Longhi (DLG) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues grew 10.4% year-over-year at constant FX, driven by strong organic growth in both household and professional divisions, with professional division accelerating over 30% pro-forma.

• Adjusted EBITDA margin reached 16.4%, up 40bps, supported by professional division expansion and stable household margins excluding tariffs.

• Net financial position improved to €770 million, providing strategic flexibility for capital allocation.

• Free cash flow before dividends, buybacks, and acquisitions was €384 million for the year.

• Maintained strong operational performance, generating significant free cash flow and delivering attractive shareholder returns.

Financial highlights

• FY 2025 revenues: €3,801.5 million, up 8.7% year-over-year; Q4 revenues: €1,340 million, up 5.7%.

• Adjusted EBITDA: €625.1 million (16.4% margin), up 11.7% year-over-year.

• Adjusted net income: €368 million, up 10.4% year-over-year; net income: €341.4 million, up 5.1%.

• Net working capital at -€149.4 million; net cash position at €770 million, up €126.8 million from prior year.

• Capital expenditures totaled €101 million, down €27 million from 2024.

Outlook and guidance

• Projecting mid-single-digit revenue growth for 2026, consistent with medium-term targets.

• Adjusted EBITDA expected in the €640–660 million range for 2026.

• Household segment expected to be flattish at constant currency, with professional division driving growth.

• Guidance incorporates potential currency headwinds, incremental A&P investment, and logistics/labor cost increases.

• Ongoing monitoring of geopolitical uncertainties and macroeconomic impacts.