Eurogroup Laminations (EGLA) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenues were €614.1 million, down 5.4% year-over-year, mainly due to a Q3 slowdown in North America from new tariffs and BEV tax credit changes, while Asia, especially China and India, showed strong double-digit growth offsetting weakness in North America and Europe.

• Adjusted EBITDA for the period was €69.8 million (11.4% margin), down 14.9% from the prior year, reflecting lower volumes and reduced operating leverage in North America and Europe.

• Net profit dropped sharply to €2.6–3 million, impacted by lower revenues, higher depreciation, and macroeconomic/geopolitical headwinds.

• Industrial & Infrastructure revenues grew slightly, supported by robust growth in Asia, particularly India, offsetting slowdowns in the US and Europe.

Financial highlights

• Group revenues for 9M 2025 were €614.1 million, down 5.4% year-over-year; adjusted EBITDA was €69.8 million (11.4% margin), down 14.9%.

• EBIT for the period was €23.9 million (3.9% margin), down from €48.4 million (7.5%) in 9M 2024, mainly due to higher depreciation from prior E-mobility investments.

• Net debt at September-end was €299–299.5 million, up from €225.5–226 million at year-end 2024, with net leverage at 2.9x LTM adjusted EBITDA.

• CapEx for the period was €54–54.4 million, with about 77–80% allocated to E-mobility; full-year guidance at €70 million.

• Cash and cash equivalents at period end were €142.4 million, down from €187.2 million at the start of the year.

Outlook and guidance

• 2025 revenue guidance revised to -10% versus 2024, down from previous +5% expectation; adjusted EBITDA margin targeted at 11–12%.

• Positive operating free cash flow and €70 million CapEx confirmed for the year.

• Mid-term guidance: revenue CAGR of 10–12%, average EBITDA margin of ~13%, capex at 4–5% of revenues, and ROCE of 13–15% by 2028.

• Industrial efficiency and operational excellence programs underway to enhance margins and cash flow.