TKH Group (TWEKA) Q3 2025 earnings summary

Executive summary

• Achieved 8% organic turnover growth in Q3 2025, driven by Vision Technology and Electrification segments.

• Adjusted EBITA declined 6.4% organically in Q3 2025, with return on sales (ROS) at 9.2% versus 10.7% a year earlier.

• Dewetron divestment completed in October; total turnover divested since 2019 is €458 million, with an additional €250 million in non-core turnover, including Digitalization, to be divested.

• Signed a new contract for 140 km inter-array cables for the Gennaker offshore wind farm, strengthening the order book.

Financial highlights

• Q3 2025 turnover reached €419.4 million, up from €393.3 million in Q3 2024, with added value at 50.2%.

• EBITA for Q3 2025 was €38.7 million, down from €42.1 million in Q3 2024.

• Smart Vision systems turnover grew 11.4% organically; Smart Connectivity systems up 21.2%; Smart Manufacturing systems declined 8.9%.

• Q3 output limited by new cable type releases and type approval tests; EBITDA down due to higher costs and underutilization in connectivity, especially offshore wind.

• Orderbook at quarter-end was €1,028 million, down from €1,080 million at June 30, 2025.

Outlook and guidance

• Turnover and adjusted EBITDA/EBITA for H2 2025 expected to be substantially higher than H1 and above H2 2024, driven by large secured orders and improved output.

• Smart Vision and Smart Connectivity systems projected to continue strong growth in H2 2025; Smart Manufacturing systems expected to see lower turnover and EBITDA/EBITA due to a lower orderbook.

• Onshore energy demand growth anticipated to continue; Digitalization expected to benefit from lower costs and higher utilization.

• Guidance for H2 2025 EBITDA is at least €108 million, matching H2 2024 levels.