Sabaf (SAB) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached €279.2 million, up 0.8% year-over-year (+2.2% at constant exchange rates), with EBITDA of €41.4 million, up 2.4%, and margin improving to 14.8%.

• Profitability improved despite weak demand in mature markets, with market share gains in North America, Mexico, and Brazil.

• Strategic expansion included new production in India and Mexico, and the acquisition of Mansfield (MEC), strengthening North American presence.

• CEO transition followed the passing of the former CEO; Gianluca Beschi confirmed as CEO and CFO, Andrea Bonfadelli appointed as General Manager.

Financial highlights

• Normalised revenue was €279.2 million, up 0.8% year-over-year; at constant FX, growth was 2.2%.

• EBITDA for the year was €41.4 million, up 2.4%; EBITDA margin rose to 14.8%.

• Adjusted net profit attributable to the group was €12.9 million, down 19.3% year-over-year.

• Q4 sales were €65.4 million, up 0.8% year-over-year; Q4 EBITDA grew 21.5% to €10 million, margin at 15.3%.

• Net financial debt at year-end was €75.2 million, including €15 million for the MEC put option.

Outlook and guidance

• Order intake at the start of 2026 is stable versus 2025; Q1 faces tough comparison due to strong prior year.

• Major new projects in 2026 expected to generate €16 million in additional turnover, with 41 projects across gas, hinges, and electronics.

• Growth expected in Mexico, Brazil, India, and China; stability in Europe and U.S.; weakness anticipated in Turkey, Middle East, and North Africa.

• Profitability expected to improve further in 2026, supported by efficiency gains and operational leverage.

• Energy cost volatility being monitored; 40% of Italian energy costs hedged.