Sabaf (SAB) Q3 2025 earnings summary

Executive summary

• Q3 2025 normalised EBITDA rose 8.6% year-over-year to €10 million, with margin up to 14.7% from 13.3% last year, and EBIT increased 12.8% to €5 million.

• Q3 2025 net result was €2.5 million, up 3.7% year-over-year, while nine-month net profit declined 22.8% due to higher non-operating costs and hyperinflation impacts in Turkey.

• Nine-month 2025 revenue was €213.8 million, up 0.7% year-over-year at constant exchange rates, but EBITDA and EBIT were slightly down due to non-operating costs and currency/labor headwinds.

• Operating profitability improved in Q3 2025 despite a challenging macroeconomic environment, with stable demand and moderate sales growth expected for the full year.

• The group continues to expand market share, supported by a diversified product portfolio, new offerings, and strategic partnerships.

Financial highlights

• Q3 2025 normalised revenue was €68.1 million, down 1.6% year-over-year; reported revenue was €69.3 million, up 0.2% year-over-year.

• Q3 2025 normalised EBITDA margin improved to 14.7% from 13.3% year-over-year.

• Nine-month 2025 normalised EBITDA was €31.3 million (14.7% margin), down 2.5% year-over-year.

• Nine-month 2025 normalised EBIT was €16.1 million (7.5% margin), down 10.3% year-over-year.

• Net financial debt at 30 September 2025 was €83.8 million, up from €73.9 million at year-end 2024.

Outlook and guidance

• Q4 2025 is expected to see stable demand and a moderate increase in annual sales versus 2024, with volumes about 10% below historical averages.

• Customers are expected to increase orders in January-February as they manage year-end working capital.

• Price negotiations for 2025 are underway, with anticipated price increases of 1-2%.

• Growth in Mexico and India expected to continue, with Mexico projected to exceed €11 million in sales next year and India to grow 60-70%.

• Full-year sales anticipated to slightly improve over the previous year, supported by strategic projects and M&A opportunities.