Seco/Warwick (SWG) Q4 2025 earnings summary

Executive summary

• Revenue increased to PLN 745.9m in 2025, up 4.6% year-over-year, with net profit at PLN 26.7m, a 8.2% rise from 2024.

• Strongest sales growth was in the Aluminium Process and Aftersales segments.

• The group completed the buyback and cancellation of 1.6m shares, reducing share capital to 8.4m shares.

• The group exited the Russian market, fully deconsolidating its Russian subsidiary.

Financial highlights

• Gross profit from sales rose to PLN 167.4m from PLN 149.6m year-over-year.

• EBITDA and operating profit improved, with operating profit at PLN 43.1m (up from PLN 31.8m in 2024).

• Net cash from operations was negative at PLN -4.4m, compared to PLN 101.4m in 2024, mainly due to contract settlement cycles.

• Cash and equivalents at year-end were PLN 59.6m, down from PLN 145.8m.

• Total assets decreased to PLN 650.0m from PLN 708.9m.

• Dividend of PLN 1 per share paid in June 2025.

Outlook and guidance

• Management expects gradual improvement in leverage and cash flows as investment projects complete.

• No significant post-balance sheet events affecting financial position; new credit lines secured in early 2026.