Gesco (GSC1) Q3 2025 earnings summary

Executive summary

• Stable sales with significant earnings improvements despite a challenging macroeconomic environment and declining order intake year-over-year.

• Portfolio optimization included the acquisition of Eckart and divestment of AstroPlast and Doerrenberg's Foundry and Steelworks divisions.

• New segment structure implemented as of January 2025, focusing on Materials Refinement & Distribution, Health Care & Lifescience, and Industrial Assets & Infrastructure.

Financial highlights

• Incoming orders fell 6.4% to €375.0 million; sales declined 4.7% to €364.7 million compared to the same period last year.

• EBITDA rose 6.4% to €28.2 million; EBIT increased 20.4% to €15.3 million; EBT up 36.8% to €12.6 million.

• Group earnings after minority interests grew 55.1% to €8.3 million; EPS up 55.1% to €0.80.

• ROS improved to 4.2% from 3.3% year-over-year.

• Employee count decreased by 10.7% to 1,668 due to disposals and efficiency measures.

Outlook and guidance

• Forecast for 2025 revised downward: sales expected at €480–500 million (previously €485–515 million), group earnings after minority interests at €9–12 million (previously €13–17 million).

• Ongoing geopolitical tensions, economic uncertainty, and customer reluctance are expected to impact order intake and earnings.