Hexaom (ALHEX) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €306.3M, down 26.5% year-over-year, reflecting a cyclical low in production, with operational results in line with objectives.

• Net income for the period was €5.6M, a 44% decrease compared to H1 2024; group share was €5.4M, down 48.6%.

• The business model showed resilience, with positive effects from rapid structural adaptation, increased diversification, and cost adjustments.

• Integration of the HDV subgroup from January 2025 supported margin improvement.

Financial highlights

• Operating income for H1 2025 was €12.2M, down 14.1% year-over-year; current operating income was €9.2M, down 33.3%.

• Operating margin improved to 4.0% from 3.4% in H1 2024.

• Net cash position (excluding IFRS16) stood at €32.7M at June 30, 2025; cash position was €133.5M.

• Group equity at June 30, 2025 was €229.2M; total assets €618.1M.

• All business segments maintained positive operating margins.

Outlook and guidance

• Production is expected to decline by 10–15% versus 2024 on a non-constant perimeter, with operational profitability targeted at or above 3% for 2025.

• Anticipation of a return to growth in 2026, supported by a robust order book, diversification, and a more favorable environment.

• The group maintains a cautious stance due to ongoing global economic and geopolitical volatility.