SIT (SIT) H1 2025 earnings summary

Executive summary

• Revenues grew 1.9% year-over-year to €153.7M in H1 2025, with adjusted EBITDA up 78.9% to €20.6M (13.4% margin) and a return to adjusted net profit of €2.2M from a €4.7M loss in H1 2024.

• Heating & Ventilation drove growth, especially in Italy (+13.5%) and America (+29.4%), while Metering declined but showed signs of recovery in Q2.

• Net financial debt improved to €150.8M from €160.9M year-over-year, with leverage ratio reduced to 4.1x from 6.2x and positive cash flow from operations.

• Operational improvements and cost efficiencies contributed to margin expansion and positive cash flow after investments.

• One-off restructuring costs of €3.7M impacted net income in H1 2025.

Financial highlights

• Adjusted EBIT reached €7.5M (4.9% of revenues), a significant improvement over the previous year’s €2.2M loss.

• Adjusted net income was €2.2M, reversing a €4.7M loss year-over-year.

• Reported EBITDA increased 24.4% to €16.9M; reported net income improved to €-0.7M from €-6.1M.

• CapEx for H1 was €3.6M, down from €9.4M in H1 2024 and under tight control.

• Net trade working capital as a percentage of revenues decreased to 24.9% from 27.5% year-over-year.

Outlook and guidance

• Full-year outlook confirmed, with Heating & Ventilation expected to return to normal seasonality and Metering forecasted to improve, especially in Gas and Water Metering.

• Water Metering is forecast to grow 15–20% in H2; EBITDA margins to remain in double digits despite currency headwinds.

• Net financial position projected to improve further, targeting around €140M by year-end.

• Recent US/EU tariff agreements and USMCA regulations are not expected to materially impact results.