PFISTERER (PFSE) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue and earnings growth in 2025, with record revenues, order intake, and net profit, supported by global electrification, grid modernization, and decarbonization trends.

• Completed strategic milestones including a successful IPO, expansion of production facilities, and acquisition of subsea business and Power CSL.

• Maintained a global presence with operations in 19 countries and sales in over 90 countries, with Europe as the largest market.

• Expansion and recovery initiatives included relocation of insulator production and investment in a new HVDC Qualification Center.

• Order intake and backlog reached record highs, supporting continued growth momentum.

Financial highlights

• FY 2025 revenue rose 17.4% year-over-year to EUR 449.9 million; Q4 revenue up 25.8% YoY to EUR 123.3 million.

• Order intake grew 29.6% to EUR 548.6 million; order book increased 42% to EUR 334.4 million.

• Gross margin improved to 40.6% for FY 2025 (+1.0pp YoY); Q4 gross margin: 38.3% (-3.7pp YoY due to ramp-up costs).

• Adjusted EBITDA for FY 2025 increased 24.0% YoY to EUR 80.1 million; EBITDA margin improved to 17.8%.

• Net profit surged 53.2% to EUR 51.7 million; EPS rose to EUR 3.04 (+38% YoY) despite a higher share count.

• Net debt turned into net liquidity of EUR 19.2 million, reflecting strong cash inflow from IPO and loan repayment.

• Operating cash flow increased to EUR 47.5 million; adjusted operating cash flow up 36% to EUR 58 million.

• Investments expanded to EUR 38.8 million, focusing on capacity and strategic acquisitions.

Outlook and guidance

• Revenue expected to grow at least 12% in 2026, targeting EUR 500–525 million, with book-to-bill ratio above 1.

• Midterm guidance projects revenues of EUR 800–900 million by 2030, with a CAGR of 13.6% and EBITDA margin in the high teens to low twenties.

• No price increases assumed in guidance; growth driven by volume and operational leverage.

• HVDC segment expected to contribute less than 10% of revenue by 2030.

• Outlook and growth targets are subject to geopolitical stability and market adaptation.