Sabaf (SAB) Q2 2025 earnings summary

Executive summary

• H1 2025 normalised revenue was €145.7M, up 1.8% year-over-year, with Q2 2025 normalised revenue at €71.1M, down 4% from Q2 2024.

• H1 2025 normalised EBITDA was €21.3M (14.6% margin), down 7% year-over-year; Q2 2025 normalised EBITDA was €10.9M, down 12% from Q2 2024 but up sequentially.

• H1 2025 normalised EBIT was €11.1M (7.6% margin), down 18% year-over-year; Q2 2025 normalised EBIT was €5.8M, down 24.2% from Q2 2024.

• H1 2025 normalised net profit was €6.7M, a 34% decrease year-over-year; Q2 2025 normalised net profit was €3.2M, down 41.5% from Q2 2024.

• The group operates 15 production plants globally and maintains a diversified product portfolio in gas parts, hinges, electronic components, and induction kits.

Financial highlights

• H1 2025 normalised revenue: €145.7M (+1.8% YoY); normalised EBITDA: €21.3M (14.6% margin); normalised EBIT: €11.1M (7.6% margin).

• H1 2025 net profit: €5.2M (3.7% margin); normalised net profit: €6.7M (4.6% margin).

• Net financial debt at 30 June 2025: €79.4M, up from €73.9M at end-2024.

• Free cash flow for H1 2025: €7.6M; closing liquidity: €33.7M.

• Investments in H1 2025 totaled €12.1M, with a full-year forecast of €18M.

Outlook and guidance

• Order backlog and management guidance indicate moderate revenue growth for the full year, with H2 2025 demand stable but below historical averages due to international uncertainties.

• Profitability for the year is forecasted in line with or slightly better than H1, aided by energy savings and more favorable labor cost comparisons.

• Planned investments for 2025 are approximately €18M.

• Mexico sales expected to reach €10–12M in 2026, driven by new projects.