Core Insights - LACROIX reported consolidated revenue of €445.5 million for the fiscal year 2025, reflecting a decline of 6.5% on a like-for-like basis compared to €476.5 million in 2024, with a return to growth in Q4 2025 at +0.9% [1][3][10] Revenue Performance - In Q4 2025, consolidated revenue reached €110.5 million, slightly up from €109.5 million in the same quarter of the previous year, marking a growth of 0.9% [2][4] - The full year revenue for 2025 was €445.5 million, down from €494.5 million in 2024, with a like-for-like decline of 6.5% after excluding the divested Road signs segment [3][4] - The Electronics segment generated €74.3 million in Q4 2025, a decrease of 6.4% from €79.5 million in Q4 2024, while the Environment segment saw a significant increase of 20.3% to €36.1 million [6][8] Segment Analysis - The Electronics revenue for the full year fell by 13.8% to €304.2 million, impacted by project delays and the end of major programs in the Automotive sector [7] - The Environment segment's full year revenue rose by 14.4% to €141.2 million, driven by strong performance across various markets, particularly in the international Water market [9] Strategic Outlook - LACROIX confirmed its financial targets for 2025, aiming for an EBITDA margin of around 7.5% and a net debt to EBITDA ratio below 3x [10] - The company reaffirmed its roadmap to 2027, focusing on strategic refocusing, reduced exposure to the Automotive market, and strengthening its Environment business, with targets of revenue between €475 million and €500 million and an EBITDA margin above 8% [11][12]