Eurogroup Laminations (EGLA) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 7.3% year-over-year to €221.1m, driven by E-mobility and strong growth in Asia, despite a challenging environment.

• E-mobility volumes rose 20% vs Q1 2024, with strong growth in China and increased hybrid share.

• Net result turned negative at €2–2.1m, compared to €8–8.3m profit in Q1 2024, mainly due to €5.9m in unrealized forex losses and higher financial costs.

• Adjusted EBITDA was €23.5m, down 3.5% year-over-year; EBIT fell 41% to €9.0m, impacted by higher D&A costs.

• Order backlog for E-mobility as of April 30, 2025, stood at €5.2bn, with a pipeline of €3.2bn.

Financial highlights

• Revenues: €221.1m (+7.3% vs Q1 2024); E-mobility €135.9m (+6.1%), Home & Industrial €85.2m (+9.3%).

• Adjusted EBITDA: €23.5m (margin 10.6%, down from 11.8%); EBIT: €9.0m (down from €15.2m).

• Net financial debt: €286.8–287m as of March 31, 2025, up from €225.5m at year-end 2024.

• Net result: loss of €2–2.1m (vs. €8–8.3m profit in Q1 2024); EPS: -0.01 (vs. 0.05).

• Capex increased to €26.5m (vs €22.1m in Q1 2024), mainly for E-mobility expansion.

Outlook and guidance

• FY2025 guidance: ~10% YoY sales growth, ~12% adjusted EBITDA margin, ~€70m capex, positive operating FCF.

• 2025–2028 plan: 10–15% sales CAGR, ~13% average EBITDA margin, 4–5% capex intensity, 15–20% ROCE by 2028.

• Growth to be driven by China, India, client base expansion, and new market penetration.

• Planned 2025 investments of ~€70m and positive operating free cash flow expected.