STEICO (ST5) Q4 2025 earnings summary

Executive summary

• Revenue grew 1.8% year-over-year to €382.9 million, with solid earnings despite sector headwinds and a production disruption in June that extended lead times into autumn.

• EBITDA declined 14.9% to €67.9 million, while EBIT was stable at €35.9 million, reflecting margin improvements from efficiency initiatives.

• Net income decreased 7.6% to €17.8 million, mainly due to a higher tax rate and increased personnel expenses.

• The company maintained a strong equity ratio of 61.2% and ended the year with €43.6 million in cash.

Financial highlights

• Revenue: €382.9 million (+1.8% year-over-year); EBITDA: €67.9 million (-14.9%); EBIT: €35.9 million (-0.4%).

• Net income: €17.8 million (-7.6%); EBT: €29.5 million (+6.8%).

• Gross profit: €198.5 million (flat year-over-year); EBITDA margin: 17.7%; EBIT margin: 9.4%.

• Equity increased to €360.6 million, with an equity ratio of 61.2%.

• Cash flow from operating activities: €54.0 million; net debt/equity ratio improved to 1.58.

Outlook and guidance

• 2026 revenue expected to range from €375 million to €398 million (-2% to +4% year-over-year), with EBIT between €30 million and €38 million (margin 8.0% to 9.5%).

• Management anticipates a revival in construction activity in 2026, but notes ongoing geopolitical and inflationary risks.