Seco/Warwick (SWG) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached 569 million PLN, up 6.7% year-over-year, with gross margin improving to 22.1% from 19.7% in the prior year period.

• Net profit attributable to equity holders rose 61% year-over-year to 21.6 million PLN, and EBITDA increased by 54% to 49.0 million PLN.

• The Aluminium Process segment saw the highest sales growth (59%), while Aftersales and Vacuum Furnaces segments experienced declines.

• The order backlog at the end of September 2025 stood at 562.1 million PLN, despite a year-over-year decrease in new orders.

Financial highlights

• Operating profit for the period was 33.9 million PLN, up from 18.4 million PLN year-over-year.

• Net cash from operating activities was negative at -60.3 million PLN, compared to +33.5 million PLN in the prior year.

• Cash and cash equivalents at period end were 47.5 million PLN, down from 145.8 million PLN at the start of the year.

• Basic EPS for the nine months was 2.23 PLN, up from 1.52 PLN year-over-year.

Segment performance

• Aluminium Process segment sales grew 59% year-over-year; Melting Furnaces up 6%; Aftersales and Vacuum Furnaces declined by 12% and 13%, respectively.

• Aftersales services achieved the highest gross margin at 32.2%, followed by Aluminium Process (24.4%), Vacuum Furnaces (24.0%), and Melting Furnaces (13.6%).

• Geographically, sales were strongest in the EU and USA, with notable growth in Asia.