Grupa Kety (KTY) Q2 2025 earnings summary

Executive summary

• Achieved strong financial results in Q2 and H1 2025 despite challenging market conditions, with Q2 EBITDA up 15% and H1 revenue up 10% year-over-year, supported by Selt consolidation and high capacity utilization.

• Q2 net profit rose 2% year-over-year, while H1 net profit declined 9% due to higher taxes and finance costs.

• Sales revenue increased 11% in Q2 and reached PLN 2,796 million in H1 2025.

• Maintained high production capacity utilization (80-90%) across segments.

• Ongoing integration of Selt and increased investment activity planned for H2 2025.

Financial highlights

• Q2 2025 sales reached PLN 1,442m (+11% y/y); EBITDA at PLN 295m (+15% y/y); net profit at PLN 169m (+2% y/y).

• H1 2025 sales were PLN 2,796m (+10% y/y); EBITDA at PLN 523m; EBITDA margin 18.7%.

• Operating profit rose 14% y/y in Q2 and 7% y/y in H1; Q2 EBITDA margin improved to 20.5%.

• Net financial costs increased due to higher loan interest and taxes; net cash flow from operations stable at PLN 428m.

• Dividend of PLN 545m (PLN 55.50/share) approved for 2024, with payment in September and November 2025.

Outlook and guidance

• No significant changes expected in the economic environment for Q3; continued market fluctuations anticipated.

• Management sustains the 2025 forecast; net debt expected to rise by PLN 190m in H2 2025 due to capex and dividends.

• Interest rates anticipated to decrease by 25-50 basis points by year-end.

• Sales outlook for Q3: positive for Aluminium Systems, stable for Extruded Products and Flexible Packaging.

• Planned increase in investment intensity and continued Selt integration.