Seco/Warwick (SWG) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached PLN 387.3m, up 7% year-over-year, with net profit at PLN 9.8m, slightly above H1 2024 levels.

• Gross margin improved to 20.8% from 19.5% year-over-year, driven by higher sales in vacuum furnaces and aftersales services.

• The group completed the merger of US subsidiaries and deconsolidated its Russian entity due to loss of control.

• Dividend of PLN 8.7m was paid in June 2025, with the remainder of 2024 profit allocated to reserves.

Financial highlights

• H1 2025 revenue: PLN 387.3m (+7% y/y); net profit: PLN 9.8m (vs. PLN 9.7m y/y).

• Operating profit for H1 2025: PLN 19.2m (up from PLN 11.9m y/y).

• Cash at period end: PLN 98.4m, down from PLN 145.8m at 2024 year-end.

• Dividend payout: PLN 8.7m in June 2025.

• Basic EPS for H1 2025: PLN 1.10 (vs. PLN 1.03 y/y).

Outlook and guidance

• Management sees no material uncertainties for going concern, but notes ongoing risks from the Ukraine war and global trade tensions.

• US tariffs and global supply chain disruptions may impact future order flow and margins.