Dr. Hönle (HNL) Q4 2025 earnings summary

Executive summary

• Revenue declined by 5.1% year-over-year to €93.7 million, but gross profit improved to €61.7 million and EBITDA nearly doubled to €5.8 million, reflecting a better product mix and cost control measures.

• Net loss for the year was €3.1 million, a significant improvement from the prior year's €13.0 million loss.

• The group remains solidly financed with an equity ratio of 52.9% and cash and cash equivalents of €7.8 million.

Financial highlights

• Revenue: €93.7 million (down 5.1% year-over-year).

• EBITDA: €5.8 million (up 94.4% year-over-year).

• EBIT: €0.1 million (up from €-10.3 million year-over-year).

• Net loss: €3.1 million (improved from €13.0 million loss year-over-year).

• Operating cash flow: €6.0 million (down 22.1% year-over-year).

• Equity ratio: 52.9%.

Outlook and guidance

• Moderate revenue growth expected in 2025/26 to €95–105 million, assuming stable macroeconomic conditions.

• EBITDA forecasted between €6–9 million, with the upper end dependent on a revival in project activity.

• Focus remains on core business units, after-sales expansion, and efficiency measures.