Immsi (IMS) H2 2025 earnings summary

Executive summary

• 2025 was marked by volatile macroeconomic conditions, yet margins remained stable and the EBITDA margin reached a record high at 15.9% compared to 15.5% in 2024.

• Consolidated net sales declined 8.9% year-over-year to €1,592.8 million, while net profit including minorities dropped 63.7% to €10.7 million.

• The naval sector nearly doubled revenues, driven by defense contracts, and the industrial sector (Piaggio Group) maintained positive margins despite external pressures.

• No dividend will be distributed for 2025, and the Board seeks renewed authorization for share buybacks.

Financial highlights

• Consolidated EBITDA was €252.9 million (-6.7% year-over-year), with EBIT at €99.9 million (-22.7%).

• Pre-tax profit fell to €26.7 million (-49%), and net financial debt increased to €986.6 million from €947.3 million.

• Capital expenditure was €158.2 million, down from €204.8 million in 2024.

• Group shareholders' equity decreased to €350.5 million from €385.4 million.

Outlook and guidance

• The industrial sector will focus on innovation, sustainability, and competitiveness, aiming to consolidate its leadership and ESG commitment.

• Naval sector expects further revenue growth and stable margins, leveraging a €1.2 billion order backlog and new defense opportunities.

• Real estate and hospitality will continue marketing and client acquisition for newly upgraded facilities.