Eagle Filters Group (EAGLE) H1 2025 earnings summary

Executive summary

• Order intake fell 47% year-over-year to EUR 1.7 million for H1 2025; revenue dropped 52% to EUR 1.9 million due to delayed deliveries and lower demand.

• EBITDA for H1 2025 was EUR -1.6 million, and operating result was EUR -2.2 million, both significantly worse than the prior year.

• A major delivery was delayed, consuming operating capital and prompting negotiations with lenders and consideration of additional funding.

• Automation investments were implemented in H1 to increase manufacturing capacity and support future growth.

• H2 2025 is targeted to be EBITDA- and cash flow positive, with significant revenue expected from delayed deliveries.

Financial highlights

• Q2 2025 order intake decreased 76% to EUR 0.7 million; revenue down 34% to EUR 1.2 million.

• H1 2025 EBITDA was EUR -1.6 million (vs. EUR -0.5 million in H1 2024); operating result EUR -2.2 million (vs. EUR -1.1 million).

• Net result for H1 2025 was EUR -2.7 million; EPS at EUR -0.01.

• Equity ratio at 7.5% at period end, down from 21.2% a year earlier.

• Net debt increased to EUR 5.9 million from EUR 4.5 million year-over-year.

Outlook and guidance

• No short-term outlook published; long-term targets for subsidiary include >30% annual revenue growth and >20% EBITDA margin.

• H2 2025 expected to be EBITDA- and cash flow positive, driven by higher delivery volumes.

• Management does not expect geopolitical instability to impact long-term targets.