Gesco (GSC1) Q1 2025 earnings summary

Executive summary

• Q1 2025 started as expected, with order intake stable year-over-year at €132.1 million (adjusted prior year: €132.8 million).

• Sales rose 6% on an adjusted basis to €121.7 million (prior year adjusted: €114.7 million), but declined 2.1% unadjusted due to divestitures.

• Group earnings after minority interests increased 12.9% to €2.0 million; EPS up 21.8% to €0.19.

• Workforce reduced to 1,471, mainly due to the sale of AstroPlast and Doerrenberg divisions at end-2024.

Financial highlights

• EBITDA was €8.2 million, down 4.6% year-over-year; EBIT rose 1.5% to €4.1 million.

• EBT increased 8.8% to €3.2 million; net income after minorities at €2.0 million.

• Equity ratio at 61.7%, slightly down from 62.3% at year-end 2024; total assets up 1.2% to €438.7 million.

• Cash and cash equivalents at €31.1 million, with a solid balance sheet and low gearing.

Outlook and guidance

• 2025 sales expected at €485–515 million (2024 adj.: €480.1 million); net income after minorities forecast at €13–17 million (2024 adj.: €13.1 million).

• Forecast excludes planned transactions; outlook shaped by geopolitical and economic uncertainties.