Immsi (IMS) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was €385.2 million, down 11.4% year-over-year, with EBIT at €22.2 million, a 39.2% decrease from Q1 2024; net profit attributable to shareholders was €1.4 million, compared to €8.4 million in Q1 2024.

• Net financial debt increased to €1,018.2 million from €947.3 million at year-end 2024, mainly due to seasonal factors and higher investments.

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

• The group operates in three segments: industrial (Piaggio), naval (Intermarine), and real estate/holding, each showing distinct performance trends.

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

Financial highlights

• EBITDA for Q1 2025 was €60.5 million (15.7% margin), down from €71.1 million (16.3%) in Q1 2024.

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

• Net profit for the period was €1.4 million, a sharp decline from €8.4 million in Q1 2024.

• Net financial debt rose by €70.9 million since December 2024 and by €123.6 million year-over-year.

• Gross investments/capital expenditure totaled €40.8 million, slightly down from €42.6 million in Q1 2024.

Outlook and guidance

• Future performance is highly dependent on geopolitical and macroeconomic stability, with guidance for 2025 contingent on these factors.

• The industrial segment will focus on productivity, investment in iconic brands, R&D, and technology.

• The naval segment aims to develop its major defense contract, expand its order book, and advance production on key contracts.

• The real estate/tourism segment will continue commercial and rental activities, especially at Is Molas, which completed major facility restyling.