Gesco (GSC1) H1 2025 earnings summary

Executive summary

• Demonstrated resilience amid challenging macroeconomic conditions, with stable sales and improved earnings despite lower order intake year-over-year.

• Portfolio optimization through divestments at the end of 2024 and a new segmentation structure effective January 2025.

• Announced acquisition of Eckart GmbH, expected to contribute to future growth but not materially impact 2025 earnings.

Financial highlights

• Incoming orders fell 12.8% to €240.3m; sales declined 6.2% to €237.2m compared to H1 2024.

• EBITDA rose 5.1% to €16.5m; EBIT up 26.4% to €8.3m; EBT increased 58.2% to €6.5m year-over-year.

• Net income after minorities more than doubled to €4.5m; EPS at €0.44 vs. €0.19 in H1 2024.

• EBITDA margin improved to 6.9% (H1 2024: 6.2%); cost of materials and personnel expenses ratios reduced.

• Cash and cash equivalents increased to €43.2m (+29.7% vs. year-end 2024); equity ratio at 60.5%.

Outlook and guidance

• 2025 sales expected at €485–515m (2024 adj.: €480.1m); net income forecasted at €13–17m (2024 adj.: €13.1m).

• Acquisition of Eckart GmbH to add €20m in sales but not significantly affect 2025 earnings due to transaction costs.

• Ongoing geopolitical tensions and US trade policy seen as key uncertainties for the remainder of 2025.