Wacker Neuson (WAC) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 6.3% year-over-year to €550.3m, while 9M 2025 revenue declined 5.6% to EUR 1.625 billion due to a weak Q1 and persistent weak demand in the U.S.

• Profitability improved in Q3 with EBIT margin at 7.5% (up from 4.8% YoY); 9M EBIT margin slightly down at 6.0%.

• Free cash flow remained positive at €48.1m in Q3 and €115.8m for 9M 2025, with six consecutive quarters of positive free cash flow.

• Efficiency measures and operational recovery contributed to profitability stabilization.

• Net debt reduced to €258 million, the lowest since Q1 2023; leverage ratio at 0.9 and equity ratio at 60%.

Financial highlights

• Q3 gross profit margin increased by 0.4pp to 23.3%; 9M gross margin at 23.3%.

• Q3 EBIT up 67.2% YoY to €41.3m; 9M EBIT down 10.2% to €97.4m.

• Q3 EPS at €0.39 (>100% YoY); 9M EPS at €0.82 (-13.7% YoY).

• Operating costs as a percentage of revenue decreased in Q3 to 15.8% from 18.2% YoY.

• Free cash flow for 9M 2025 at €115.8m, up from €91.5m YoY.

Outlook and guidance

• 2025 revenue guidance narrowed to €2,150m–€2,250m, with EBIT margin expected between 6.5% and 6.8%.

• Investment guidance for 2025 reduced to €80m; net working capital expected at 34% by year-end.

• Market recovery in Europe and normalization in the U.S. anticipated for 2026, but outlook remains cautious due to business cycle and geopolitical risks.