Schoeller-Bleckmann Oilfield Equipment (SBO) H2 2025 earnings summary

Executive summary

• 2025 saw sales decline to MEUR 455.3, down 18.8% year-over-year, due to oil oversupply, low prices, and reduced customer CAPEX, but diversification and expansion into new markets and technologies advanced.

• Resilient Energy Equipment division performance offset some weakness in Precision Technology.

• Strategic acquisitions, including 3T Additive Manufacturing, and expansion into geothermal, CCS, helium, lithium, and subsea flow control supported diversification.

• New facilities were opened in Saudi Arabia, the US, and Vietnam to support growth.

• Focus remained on operational excellence, cost discipline, and long-term value creation.

Financial highlights

• Sales declined 18.8% year-over-year to MEUR 455.3, with FX-adjusted decline at 15.5%.

• EBITDA was MEUR 71.0 (margin 15.6%), EBIT MEUR 38.5 (margin 8.5%), and profit after tax MEUR 23.6; EPS at EUR 1.50.

• Free cash flow was positive at MEUR 25.5 despite acquisitions and strategic CAPEX.

• Dividend proposal of EUR 0.75 per share, representing a 50% payout ratio.

• Order backlog at year-end was MEUR 89.5, down from MEUR 141.8 in 2024.

Outlook and guidance

• CapEx for 2026 is expected to normalize after an increase in 2025 due to selective growth investments in the US and Vietnam.

• Precision Technology is expected to recover in H2 2026 after a subdued H1; Energy Equipment to benefit from international expansion and energy transition projects.

• Margin improvement is expected in the second half of the year as higher bookings convert to sales and capacity utilization increases.

• Sales in new business areas are on track to reach EUR 200 million by 2030, with strong growth in additive and energy transition applications.

• Long-term fundamentals for oil & gas remain strong, with demand and CAPEX expected to rise through 2050.