Core Insights - The company achieved an EBITDA margin of 7.6%, aligning with its target, despite a decline in revenue due to the exit from Electronics North America and the impact of non-cash depreciations [1][2][3] - The company reported a significant positive Free Cash Flow of €36.6 million and a sharp reduction in net debt from €126.7 million to €87.8 million, resulting in a leverage ratio of 2.6x [1][12][13] - The company confirmed its financial targets for 2027, aiming for revenue between €475 million and €500 million with an EBITDA margin above 8% [19] Financial Performance - In 2025, the company recorded revenue of €445.5 million, a decrease of 6.5% on a like-for-like basis, primarily due to the decline in the Electronics segment [2][3] - Recurring EBITDA for the year was €34.1 million, maintaining a margin of 7.6%, slightly down from 7.9% in 2024 [3][9] - The Electronics segment generated revenue of €304.2 million, down 13.8% from the previous year, while the Environment segment grew by 14.4% to €141.2 million [5][7] Segment Analysis - The Electronics activity maintained positive profitability with a recurring EBITDA of €3.1 million, despite a revenue decline, reflecting disciplined financial management [6][5] - The Environment activity's recurring EBITDA rose by 36.2% to €32.8 million, achieving a margin of 23.2%, benefiting from strong sales acceleration [8][7] Strategic Outlook - The company plans to focus on moderate revenue growth in 2026, supported by favorable market dynamics in Avionics & Defense and stabilization in the Automotive and Industry segments [16][17] - The company aims to continue the repositioning of its Electronics activity with reduced exposure to Automotive and an emphasis on strategic programs in Defense and Industry [18] - The Environment activity will pursue ambitious development, particularly in international markets and digitalization of offerings [18]

Core Insights - The company reported consolidated revenue of €335.0 million for the first nine months of 2025, reflecting an 8.8% decline compared to €385.2 million in the same period of 2024 [3][10] - The third quarter of 2025 showed a slight decrease in consolidated revenue to €107.0 million, down 1.4% from €108.6 million a year earlier, with contrasting performance in different segments [2][4] Revenue Breakdown - **Electronics Activity**: - Q3 2025 revenue was €72.0 million, down 9.2% from €79.3 million in Q3 2024, with a total of €229.9 million for the first nine months, down 16.0% from €273.7 million in the previous year [4][5][6] - The decline was attributed to project delays and program terminations, although the decrease was less severe than in the first half of the year [5][6] - **Environment Activity**: - Q3 2025 revenue reached €35.0 million, up 19.7% from €29.2 million in Q3 2024, with a total of €105.1 million for the first nine months, reflecting a 12.3% increase from €93.6 million in the previous year [4][7][8] - Growth was driven by strong performance in the Water segment and HVAC solutions [7][8] Future Outlook - The company confirmed its full-year revenue target of approximately €455 million, with an expected EBITDA margin of around 7.5% and a net debt/EBITDA ratio below 3x [10] - Continued strong momentum is anticipated in the Environment segment, while stability is expected in Electronics due to a favorable base effect [9][10]