Immsi (IMS) Q1 2025 earnings summary

Executive summary

• Investments in production plants increased despite global uncertainty, with positive performance in the defence sector and a strong order backlog exceeding €1 billion.

• Global trade tensions slowed Piaggio Group sales, impacting volumes and earnings, and increasing seasonal debt.

• Hotel sector investments are ongoing to strengthen commercial operations.

Financial highlights

• Consolidated net sales were €385.2 million, down 11.4% year-over-year from €434.9 million.

• EBITDA was €60.5 million, a 14.9% decrease from €71.1 million; EBITDA margin at 15.7% (vs. 16.3%).

• EBIT fell 39.2% to €22.2 million; EBIT margin at 5.8% (vs. 8.4%).

• Net profit including minorities was €1.4 million, down from €8.4 million; profit before tax was €4.8 million, down 70.9%.

• Net financial debt increased to €1,018.2 million from €947.3 million at year-end 2024.

• Capital expenditure was €40.8 million, slightly down from €42.6 million.

Outlook and guidance

• Guidance for 2025 remains dependent on geopolitical and economic stability to boost consumer spending.

• Piaggio Group to focus on productivity management and continued investment in brands, R&D, and manufacturing.

• Intermarine aims to advance production on key contracts and expand its order book for future returns.

• Is Molas to continue marketing and rental activities for its hospitality and golf facilities.