Immsi (IMS) Q3 2026 earnings summary

Executive summary

• Margins were maintained through careful financial management despite revenue declines in some sectors.

• Naval sector saw a sharp rise in turnover and EBIT, driven by the defense division and a strong order book exceeding €1 billion.

• Industrial sector (Piaggio Group) improved gross margin percentage despite lower sales due to macroeconomic factors and trade tensions.

• Hotel sector is investing to strengthen commercial operations.

Financial highlights

• Consolidated net sales: €1,267.1 million, down 8.9% year-over-year.

• EBITDA: €201 million, down 9.8% year-over-year; EBITDA margin 15.9%.

• EBIT: €82.9 million, down 28.4% year-over-year; EBIT margin 6.5%.

• Profit before tax: €28.3 million, down 50.2% year-over-year.

• Net profit including minorities: €14.5 million, down 57.7% year-over-year.

• Capital expenditure: €114.5 million, down from €133.6 million year-over-year.

• Net financial debt: €928.4 million, improved from €947.3 million at end-2024.

• Shareholders' equity: €354.8 million, down from €385.4 million at end-2024.

Outlook and guidance

• Industrial sector guidance for 2025 depends on geopolitical and economic stability; focus remains on liquidity, productivity, and flexible investment.

• Naval sector aims to complete current contracts and expand production capacity, leveraging a strong order book.

• Real estate and hospitality sector to continue marketing and rental activities, targeting increased resort clientele.

• Interim dividend for 2025 will not be distributed due to macroeconomic uncertainty; final dividend decision postponed.