Troax Group (TROAX) Q4 2025 earnings summary

Executive summary

• Q4 and full-year order intake and sales declined, reflecting weak demand across most regions except APAC, which showed strong growth.

• Three strategic acquisitions (Vichnet, d-flexx/Dancop, STOMMPY) expanded the product portfolio and market reach, especially in China/Asia.

• Major supply chain transitions and factory relocations were completed in Europe and are ongoing in the US, leading to significant non-recurring costs.

• Market softness persisted, particularly in automotive, while warehousing and general industry segments showed early signs of recovery.

Financial highlights

• Q4 order intake: EUR 64.4 million, down 5% year-over-year; Q4 sales: EUR 61.2 million, down 8%; full-year sales: EUR 262.4 million, down 6%.

• Q4 EBITDA: EUR 6.6 million (10.8% margin), down from EUR 11.5 million (17.2%) last year; full-year EBITDA: EUR 49.1 million (18.7% margin).

• Q4 EPS: EUR 0.07, down from EUR 0.15; full-year EPS: EUR 0.40, down from EUR 0.56; proposed dividend: EUR 0.24 per share.

• Net debt at EUR 75.3 million or 1.7x EBITDA, below the 2.5x target, mainly due to acquisitions.

• Q4 operating cash flow: EUR 4.8 million; full-year cash flow from operations: EUR 29.9 million.

Outlook and guidance

• Profitability is expected to improve in 2026 as pricing actions in the US take effect and operational issues ease.

• Full cost savings from European factory moves and new US facility to be realized from 2026.

• Cautious optimism for 2026, with warehousing and general industry segments showing increased activity.

• New financial targets: sales of at least EUR 550 million by 2030 (15% CAGR), adjusted EBITA margin above 20% over a business cycle.