Racing Force (RFG) H2 2025 earnings summary

Executive summary

• Achieved record revenue of €73.1 million in FY 2025, up 11.4% year-over-year, with a 10-year CAGR of 13.4% and 5-year CAGR of 16.8%.

• Completed major investment plans, expanding production and logistics capacity in Italy (+40%) and Bahrain (+50%).

• Strengthened global brand visibility through partnerships with top motorsport teams, including adidas and Mercedes-AMG PETRONAS F1, and secured major motorsport victories such as F1 World Champion and WRC Manufacturers' titles.

• Significant EBITDA growth and strong operating cash flow, with cash conversion improving to 83.4%.

• Proposed dividend of €0.095 per share for 2025.

Financial highlights

• FY25 revenues reached €73.1 million, up 11.4% from €65.7 million in FY24; sales growth was 12.3% at constant FX.

• Gross profit increased by €6.2 million to €46.3 million (63.3% margin), up from €40.0 million (61.0%) in 2024.

• Adjusted EBITDA rose 21.2% year-over-year to €12.8 million (17.5% margin), up from €10.5 million (16.0%) in 2024.

• Adjusted net income grew to €6.3 million (margin 8.6%–9.8%), up from €5.9 million in 2024.

• Operating cash flow increased to €10.6 million, with cash conversion on EBITDA at 83.4%.

Outlook and guidance

• 2026 started with record sales and order intake, with strong momentum across all geographies and segments.

• Recurring CapEx for 2026 expected at 5-6% of sales, with no major extraordinary investments planned unless regional conditions change.

• LIFT Airborne helmet project expected to ramp up after summer 2026, with significant contribution anticipated in Q1 2027.

• Strategic focus on operational efficiency, margin improvement, and maximizing free cash flow post-investment cycle.

• Continued monitoring of geopolitical risks, especially in the Middle East, with limited direct operational impact so far.