GEA Group (G1A) Q1 2025 earnings summary

Executive summary

• Achieved a strong start to Q1 2025 with increases in order intake, revenue, and profitability, driven by service business expansion and improvements across all major financial KPIs.

• Order intake rose 3.7% year-over-year to EUR 1.415 billion, following an extraordinary Q4 2024.

• Sales increased 1.4% to EUR 1.258 billion, with organic sales growth of 0.9%.

• EBITDA before restructuring expenses increased 9.8% year-over-year to EUR 198 million, with margin reaching a record 15.8%.

• Net liquidity declined to EUR 185.9 million, mainly due to a EUR 400 million share buyback program, leaving the company largely debt-free.

Financial highlights

• Order intake up 3.7% year-over-year, supported by large orders and strong service sales; organic service sales grew 10.3% year-over-year.

• New machine sales declined organically by 4.9% year-over-year.

• Free cash flow improved to negative EUR 48.8 million from negative EUR 57.5 million in the prior year quarter; cash conversion ratio improved to 63%.

• Net working capital to sales ratio at 7.1%, at the lower end of the guided corridor.

• Book-to-bill ratio improved to 1.12 for Q1 2025.

Outlook and guidance

• Fiscal 2025 guidance confirmed: organic sales/revenue growth of 1%-4%, EBITDA margin before restructuring between 15.6%-16%, and return on capital employed of 30%-35%.

• Divisional guidance: SFT revenue +0–3%, LPT +2–6%, FHT +5–8%, FT -12 to -6%, HRT +1–4%.

• Optimism for continued positive order intake trend and acceleration in new machine sales expected in the second half of 2025.

• No change to divisional expectations despite global trade tensions and slower economic growth forecasts.