PFISTERER (PFSE) Q2 2025 earnings summary

Executive summary

• Achieved record order intake (+44.7% year-over-year) and order book (+57.3% year-over-year), with strong growth across all product segments and regions, especially the Middle East and India (+180% order intake).

• Revenue for H1 2025 rose 9.5% year-over-year to €213.6 million, driven by high-voltage and medium-voltage segments.

• Gross margin improved to 42.1% (up 3.1 percentage points year-over-year), supported by high-margin OHL products and cost efficiencies.

• Net debt reduced by 87.2% to €8.1 million, aided by IPO proceeds of up to €94.5 million.

• Expanded international presence through acquisitions and site expansions, including the UK and Saudi Arabia.

Financial highlights

• H1 2025 revenue: €213.6 million (+9.5% year-over-year); Q2 2025 revenue: €113.4 million (+21.3% year-over-year).

• Order intake H1 2025: €290.2 million (+44.7% year-over-year); order book as of June 30, 2025: €312.5 million (+57.3% year-over-year).

• Gross margin: 42.1% (H1 2025), 42.3% (Q2 2025); gross result H1 2025: €90.0 million (+18.2% year-over-year).

• Adjusted EBITDA H1 2025: €39.5 million (18.5% margin, +13.2% year-over-year); EBITDA: €36.8 million (+12.2% year-over-year).

• Net profit: €21.8 million (+33.1% year-over-year); EPS at €1.38 (up from €1.13).

• Operating cash flow H1 2025: €0.5 million (down from €33.2 million in H1 2024) due to higher working capital.

Outlook and guidance

• Management expects continued positive development in revenues and order intake, with analyst consensus for FY 2025 revenues around €430 million.

• Adjusted EBITA margin projected to remain in the high teens in the medium term.

• No quantitative guidance provided, but confidence in meeting or exceeding analyst expectations.

• Favorable order book and margin profile support a positive outlook for coming quarters.

• Production ramp-up in OHL segment expected to unlock further revenue growth.