LU-VE (LUVE) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with adjusted EBITDA of €88.7 million (14.7% margin), up 7.5% year-over-year, and a 34% increase in order backlog to €233.7 million.

• Turnover reached €605.4 million, up 2.8% from 2024, with Q4 2025 sales surging 10.2% due to volume and mix improvements.

• Adjusted net income reached a record €47.5 million, up 17.7% year-over-year, and net financial position improved to €72.7 million.

• Growth driven by sales efforts, efficiency improvements, and diversified market presence, especially in Data Center, heat pumps, and refrigeration.

• Strategic investments included completion of a new U.S. plant, start of operations in China, and expansion in datacenter and industrial cooling.

Financial highlights

• FY25 sales reached €605.4 million, up 2.8% year-over-year; Q4-25 sales rose 9.6% compared to Q4-24.

• Adjusted EBITDA grew to €88.7 million (14.7% margin), up from €82.5 million (14.0%) in FY24.

• Adjusted net income increased 17.7% year-over-year to €47.5 million, representing 7.8% of sales.

• Net financial position improved to €72.7 million, a €24.8 million reduction in debt from 2024.

• Cash flow from operations (adjusted) was €54.5 million; liquidity at year-end was €394.5 million.

Outlook and guidance

• Entering 2026 with a record order backlog of €233.7 million, up 34.2% year-over-year, and a strong financial position.

• Growth anticipated in data centre, power generation, heat pumps, and commercial refrigeration markets.

• Expectation to be in line with plans and consensus for volumes, revenues, and financial position improvement.

• Confident in achieving medium- and long-term growth and margin targets.

• Monitoring macroeconomic, geopolitical, and supply chain risks; energy costs expected to have limited direct impact.