LU-VE (LUVE) Q3 2025 earnings summary

Executive summary

• Achieved record order backlog, up 38.7% year-over-year to €238.6 million, and best-ever Q3 adjusted EBITDA margin at 15.5% (vs 14.9% in Q3-24).

• Revenues for 9M-25 reached €440.2 million, up 0.4% year-over-year; product sales increased 3.4% in Q3-25.

• Net profit attributable to the group was €27.1 million, a 5.2% increase year-over-year, with net margin rising to 6.4% of revenues.

• Adjusted EBITDA for 9M-25 was €65.6 million, reflecting non-recurring costs for US plant expansion.

• Strategic focus on order intake, operational improvements, and growth CapEx in the USA for datacenter and industrial cooling markets.

Financial highlights

• Q3-25 sales rose 2.5% year-over-year to €145.5M; 9M-25 sales €440.2M (+0.4%).

• Adjusted EBITDA for Q3-25 at €22.5M (15.5% margin); 9M-25 adjusted EBITDA €65.6M (14.9% margin).

• Adjusted net income for Q3-25 €12.2M (8.4% margin); 9M-25 €34.8M (7.9% margin), up 13.4% year-over-year.

• Net financial debt reduced to €103.7M (NFD/EBITDA LTM 1.24x); total assets increased to €930.6M.

• Cash and cash equivalents rose to €281.2M; cash generation from operations in 9M-25 was €47.8M (10.9% of sales).

Outlook and guidance

• Focus on accelerating growth in Q4-25 and 2026, leveraging strong order book and ongoing operational improvements.

• Medium to long-term growth supported by secular trends in refrigeration, heat pumps, and datacenter cooling.

• U.S. plant expansion phase two underway; capital expenditure plans under review.

• Macroeconomic volatility and tariffs may delay large project decisions, but long-term growth drivers remain intact.