Martifer (MAR) H2 2025 earnings summary

Executive summary

• Operating income reached €296.4M, up over 12% year-over-year, with strong contributions from Metallic Constructions (€156.5M), Naval Industry (€129.4M), and Renewables (€13.0M).

• EBITDA was €32.2M (11% margin), and net profit attributable to the Group was €9.5M; excluding a one-off provision, net profit would have been €17.4M.

• 70% of turnover was generated outside Portugal, highlighting robust international activity.

• The order book for Metallic Constructions and Naval Industry stood at €662M, with 60% scheduled for 2025 and 40% for subsequent years.

Financial highlights

• Gross value added was €82M, representing 29% of turnover.

• Gross debt increased by €3M to €89M, and net debt rose by €71M to €49M compared to December 2024.

• Net Debt/EBITDA ratio was 1.5x; average debt maturity exceeded 7 years.

• Equity stood at €79.2M, with capital attributable to the Group at €75.4M.

• Gross dividend proposed at €0.093 per share, with €0.023 from 2025 net income and €0.070 from reserves.

Outlook and guidance

• Strategic plan Horizon 2030 focuses on sustainable growth, innovation, and energy transition, aiming to strengthen competitiveness in Metal Construction, Shipbuilding, and Energy.

• Expansion in shipbuilding capacity and increased focus on renewables and digital transformation are key priorities.