Fuchs (FPE3) Q4 2025 earnings summary

Executive summary

• 2025 delivered solid financial results, slightly exceeding the previous all-time high set in 2024, with strong cash flow and the 24th consecutive dividend increase proposed.

• Growth was achieved despite significant currency headwinds and challenging market environments, particularly in Europe.

• Strategic acquisitions (LUBCON, STRUB, BOSS, AZUR, ASEOL, IRMCO, Peru partner) and organic growth in Asia-Pacific and the Americas contributed positively.

• The FUCHS2025 transformation program concluded, emphasizing decentralization, local-for-local strategy, and cultural evolution.

• EPS rose 2% year-over-year to €2.34 (preference share) and €2.33 (ordinary share).

Financial highlights

• Sales reached €3.6 billion, up 1% year-over-year, marking a new all-time high.

• EBIT was €435 million, €1 million above last year, with a margin of 12.2%.

• Free cash flow before acquisitions was €316 million, up 3% year-over-year.

• Gross margin improved to 34.9%, up 40 basis points.

• Capex increased to €92 million, mainly due to investments in strategic projects.

Outlook and guidance

• 2026 sales expected to rise to around €3.7 billion, including the Opet Fuchs acquisition in Turkey.

• EBIT forecasted at approximately €450 million, with FVA at €250 million.

• Free cash flow before acquisitions projected at €270 million due to increased NOWC.

• Continued focus on profitable growth, cash generation, and monitoring macroeconomic and geopolitical risks.