PFISTERER (PFSE) Q1 2025 earnings summary

Executive summary

• Order intake reached EUR 144.2 million to EUR 196.9 million in Q1 2025, up 35.4% to 44.9% year-over-year, with order book at EUR 285.3 million, and revenue stable at €100.1 million.

• Gross margin improved by 3.7 percentage points to 42.0%, driven by favorable product mix and cost reductions.

• Adjusted EBITDA margin rose to 20.9% in Q1 2025 from 16.9% in FY 2024 and 19.7% in Q1 2024, despite one-off IPO and relocation costs.

• Net income increased to €11.7 million, with EPS at €0.80, and a dividend payout of €11.7 million for 2024.

• Successful IPO in May 2025 raised €95 million gross proceeds for production expansion, R&D, and HVDC technology investments.

Financial highlights

• Order intake up 35.4% to 44.9% YoY; order book at €285.3 million; revenue at €100.1 million, down 1.4% YoY.

• Gross margin rose to 42.0% (up 3.7 pp YoY); adjusted EBITDA margin at 20.9% (up 1.2 pp YoY); EBIT at €16.6 million.

• Net income for the period increased 10.8% to €11.7 million; EPS at €0.80.

• Net debt increased to €74.8 million, mainly due to higher working capital and lower factoring usage.

• Operating cash flow was negative, impacted by working capital build-up, IPO, and relocation costs.

Outlook and guidance

• Double-digit revenue and order intake growth expected for FY 2025, with management leaning toward the upper end of 9–12% guidance.

• Sequential revenue growth anticipated, with Q1 as the lowest quarter and ramp-up in subsequent quarters.

• First HVDC cable connection system revenues expected in Q1 2027.

• IPO proceeds to fund production expansion, machinery, and HVDC technology investments.

• Positive outlook supported by strong order book and favorable margin mix, especially in HVA.