Jacquet Metals (JCQ) H2 2025 earnings summary

Executive summary

• Sales reached €1.84bn in 2025, down 6.6% year-over-year amid persistent low demand and price pressure.

• Net income (Group share) rose to €10m, up from €6m in 2024, despite a challenging environment.

• Gross margin improved to 24.2% of sales, up from 22.4% in 2024.

• EBITDA increased to €94m (5.1% of sales) from €87m (4.4%) in 2024, reflecting margin resilience.

• Operating cash flow was €103m, supporting investment and debt reduction.

Financial highlights

• Volumes sold declined 1.2% year-over-year; sales fell by €130m.

• Adjusted operating income reached €53m (2.9% of sales), up from €36m (1.8%).

• Net debt decreased to €140m (gearing 21%), down from €175m (27%) at 2024 year-end.

• Shareholders' equity stood at €654m at year-end.

• Earnings per share increased to €0.48 from €0.27 in 2024.

Outlook and guidance

• Market conditions remain challenging and uncertain due to economic, geopolitical, and regulatory factors, including the new EU Carbon Border Adjustment Mechanism.

• Ongoing focus on organic growth projects and investment strategy in Spain, the US, and China.

• 2026 capital expenditures expected to rise to €50m, focused on expanding distribution and real estate.

• The group will continue tight cost and working capital management.