Duro Felguera (MDF) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €116.8M, down 21.9% year-over-year, with declines across all business lines.

• Operating loss reduced to €9M from €36.8M in H1 2024, impacted by €5.2M restructuring and €8M project provisions.

• Net loss for H1 2025 was €26M, compared to €52.4M in H1 2024.

• Contracting fell sharply to €25.6M (down 76%), and backlog at period-end was €77.5M.

• The group initiated a pre-insolvency process and is negotiating a restructuring plan with creditors.

Financial highlights

• Revenue: €116.8M (H1 2025) vs €149.6M (H1 2024).

• EBITDA: -€18M (H1 2025) vs -€33.8M (H1 2024).

• Net loss: €26M (H1 2025) vs €52.4M (H1 2024).

• Net financial debt: €137.4M at June 2025.

• Cash and equivalents: €19.6M at June 2025.

• Equity: -€289M at June 2025.

Outlook and guidance

• Management expects viability if the restructuring plan is approved and judicially homologated.

• The company is focused on operational transformation and cost structure optimization.

• Market uncertainty and commercial risk remain high due to ongoing restructuring.