Delticom (DEX) Q4 2025 earnings summary

Executive summary

• Achieved revenues of €483.7 million in 2025, a 0.4% increase year-over-year, meeting the original forecast range but falling short of the revised target due to weaker Q4 demand.

• Gross margin improved to 26.7% from 25.5% year-over-year, driven by project business reclassification and profitability-focused sales management.

• Operating EBITDA reached €20.1 million, within the forecast range, but down from €22.7 million in 2024 due to negative currency effects and inventory write-downs.

• Net income rose slightly to €4.1 million (€0.28 per share), with a proposed dividend of €0.12 per share.

• Equity ratio increased to 25.2% from 22.0%, reflecting strengthened equity and a reduced balance sheet.

Financial highlights

• Revenues: €483.7 million (+0.4% year-over-year).

• Gross profit: €149.5 million (+0.8% year-over-year).

• EBITDA: €19.8 million (-2.4% year-over-year); operating EBITDA: €20.1 million.

• EBIT: €8.9 million (-13.1% year-over-year).

• Net income: €4.1 million (+1.0% year-over-year).

• EPS: €0.28 (undiluted and diluted).

• Equity: €54.3 million (+4.4% year-over-year); equity ratio: 25.2%.

• Free cash flow: €7.2 million (up from €-1.0 million in 2024).

Outlook and guidance

• 2026 revenue guidance: €480–520 million, reflecting ongoing market uncertainty.

• Operating EBITDA targeted at €19–24 million, with continued focus on cost management and efficiency.

• Planned investments in logistics and warehouse expansion in the high single-digit million euro range.

• Free cash flow for 2026 expected in the low single-digit millions.