Sabaf (SAB) Q1 2025 earnings summary

Executive summary

• Q1 2025 normalised revenue rose to €74.6 million, up 15.4% from Q4 2024 and 8.1% year-over-year.

• Normalised EBITDA reached €10.4 million (14% margin), up 26.3% sequentially but down 1.2% year-over-year.

• Normalised EBIT was €5.2 million, up 61.4% from Q4 2024 but down 9.8% from Q1 2024.

• Normalised group net result was €3.5 million, stable sequentially but below €4.7 million in Q1 2024.

• Strong sales growth driven by international expansion and improved demand in mature markets.

Financial highlights

• Reported revenue: €73.6 million (+3.4% vs Q4 2024, +7% vs Q1 2024).

• Reported EBITDA: €10.3 million (-5.1% vs Q4 2024, -3% vs Q1 2024).

• Net financial debt at €70.6 million, down from €73.9 million at end-2024 and €77.1 million a year ago.

• Investments in Q1 2025 totaled €6.9 million, including €2.1 million for a photovoltaic plant.

• Free cash flow positive at €5.3 million, compared to negative €2.9 million in Q1 2024.

Outlook and guidance

• Order backlog indicates a positive trend, with sales expected to remain in line with Q1.

• Growth to be supported by the Mexico plant and new product launches across divisions.

• Management reaffirms confidence in 2025 growth and business plan sustainability.