Dr. Hönle (HNL) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2024/25 was €47.2 million, down 2.0% year-over-year, with a significant sales uptick in Q2 after a weak Q1.

• EBITDA improved by 14.2% to €3.0 million, and EBIT turned positive at €0.3 million, reflecting cost-cutting and discontinuation of unprofitable lines.

• Net loss narrowed to €-0.4 million from €-0.7 million, and EPS improved to €-0.07 from €-0.13 year-over-year.

Financial highlights

• Gross profit was €29.9 million, down 0.7% year-over-year, with a material cost ratio improvement to 37.9%.

• Operating cash flow dropped 62.8% to €1.2 million, and cash flow from operating activities fell 68.7% to €0.6 million.

• Cash and cash equivalents decreased by €2.0 million to €5.5 million at period end.

• Equity ratio increased to 52.1% from 51.3% at the previous year-end.

Outlook and guidance

• Management expects full-year sales between €95 million and €105 million, compared to €98.7 million last year.

• EBITDA is forecast to be significantly higher than the prior year’s adjusted €5.5 million, driven by cost control and restructuring.

• Growth is anticipated in all business units, with new product launches and expanded market presence.