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Ariston Holding N.V.
Earnings Release • May 7, 2025
9974_rns_2025-05-07_298d9ea3-b514-4b07-b30f-e9b26f338969.pdf
Earnings Release
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7 May 2025
Ariston Group reports solid Q1 performance with 2.4% organic revenue growth and 100bps improvement in adjusted EBIT margin; 2025 guidance confirmed
Q1 2025 RESULTS HIGHLIGHTS
- Net revenues 1 : 648 million euro, up 2.4% organic like-for-like vs. Q1 2024.
- Adjusted EBIT1 : 35 million euro, increasing by 26.3% compared with Q1 2024, with adj. EBIT margin expansion of 100bps YoY to 5.4%, thanks to efficiency plan execution.
- Free cash flow: -17 million euro, compared with -51 million euro in Q1 2024, thanks to EBITDA increase and continuous effort on working capital improvement.
- Net debt2 : 627 million euro, compared with 603 million euro as of year-end 2024, limiting the seasonal increase (69 million euro increase in Q1 2024).
- Russian subsidiary returned to Ariston Group management as of March 26th: expected gradual contribution in 2025, with revenue figure kept detached from Q2 onwards for clearer reporting (subsidiary re-consolidated from Q2).
2025 GUIDANCE AND MID-TERM VIEW
- 2025 guidance is confirmed:
- o Organic net revenues growth between 0% and +3% YoY on a like-for-like basis1 . Thanks to European heating demand, continued water heating performance and an optimised product mix.
- o 2025 adjusted EBIT margin higher than 7%, thanks to efficiency initiatives program.
- Mid-term outlook remains unchanged, with expectations of mid-single-digit organic growth, supported by market demand recovery and an improved country-product mix.
The guidance does not incorporate the potential demand-side implications of ongoing tariff discussions or prospective adjustments across our key markets.
Maurizio Brusadelli, Chief Executive Officer said: "Market dynamics in the first part of the year confirmed our expectations of gradual normalization in 2025, with demand in our core markets progressively stabilizing. Ariston Group's product portfolio and geographical diversification drove positive Q1 performance, allowing us to maintain our guidance unchanged amidst global uncertainties. Moreover, the margin expansion demonstrates that we are successfully implementing our operating model simplification without hindering future growth."
1 Ariston Thermo Rus LLC deconsolidated from 2024 and excluded from 2025 figures (unaudited).
2 Calculated according to ESMA 32-382-1138 guidelines.
The Board of Directors of Ariston Holding N.V. (MTA/EXM; Bloomberg ticker: ARIS IM) met today and approved the disclosure of additional periodic financial information for the quarter ending on 31 March 2025 ("Q1 2025").
Q1 2025 CONSOLIDATED RESULTS
Net revenue1 amounted to 648.2 million euro, an increase of 2.1% compared with 634.7 million euro in the first quarter of 2024; organic growth was of +2.4% with foreign exchange effect of - 0.3%.
| €M | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Thermal Comfort | 604.6 | 592.9 | +2.0% |
| Components | 22.1 | 20.4 | +8.4% |
| Burners | 21.6 | 21.5 | +0.3% |
| Total | 648.2 | 634.7 | +2.1% |
| €M | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Europe | 459.1 | 449.6 | +2.1% |
| Asia/Pacific & MEA | 118.4 | 114.5 | +3.4% |
| Americas | 70.7 | 70.6 | +0.2% |
| Total | 648.2 | 634.7 | +2.1% |
EBITDA1 stood at 62.5 million euro, +15.0% compared with 54.3 million euro in Q1 2024, while EBIT1 amounted to 28.3 million euro, compared with 20.4 million euro in the first quarter of last year.
These margins are also presented in an adjusted form which is more suitable to appreciate the trend of the normal business operations, with the exclusion of costs or revenues not representative of them; the most significant adjustment for the period is related to the PPA amortization related to past acquisitions.
Adjusted EBITDA1 totalled 64.1 million euro, with a 9.9% margin on net revenue, compared with 55.8 million euro (8.8% margin) in Q1 2024. The improvement was driven by our delivery on cost efficiencies and a moderate positive effect of operating leverage.
Adjusted EBIT1 amounted to 35.1 million euro, compared with 27.8 million euro in Q1 2024; the corresponding margin on net revenue lifted to 5.4% from 4.4% in the first quarter of last year.
Free cash flow in the period amounted to -17.0 million euro, versus -50.5 million euro for Q1 2024. The improvement was due to higher EBITDA generated by the business enhanced by halved working capital absorption compared to Q1 2024.
Net Financial Indebtedness at the end of the period (calculated according to ESMA 32-382-1138 guidelines) went from 602.7 million euro at 31 December 2024 to 627.0 million euro.
For comparative purposes, applying the calculation method used before the adoption of ESMA guidelines, net financial indebtedness went from 579.1 to 600.4 million euro. The main differences are ESMA's inclusion – among liabilities – of put & call options related to acquisitions, and the neutralization of positive mark-to-market from derivatives.
OTHER RESOLUTIONS OF THE BOARD OF DIRECTORS
Following the completion of the 2024 Sustainability Statement – prepared in alignment with the European Sustainability Reporting Standards (ESRS) – the Company has decided to merge the Audit Committee and the ESG Committee into a single body.
Effective 7 May 2025, the Audit Committee will be renamed the Audit and Sustainability Committee, underscoring the commitment to a more cohesive integration of ESG-related initiatives within the Committee's established reporting frameworks. The newly formed committee will comprise Antonia Di Bella (Chair), Katja Gerber, and Laurent Jacquemin.
* * * * *
Additional periodic financial information is disclosed by Ariston on a voluntary basis and is not subject to auditing.
The Board of Directors is responsible for preparing additional periodic information as of 31 March 2025, in accordance with the Dutch Financial Supervision Act and applicable international financial standards (IFRS).
The Q1 2025 Analyst Presentation, which includes management's outlook on the remaining part of the year, will be made available at the authorized repository and on the website www.aristongroup.com in the "Investors" section.
A conference call dedicated to financial analysts and investment professionals will be held today at 15:00 CEST; you can join it here: Registration | Q1 2025 Results
CONTACTS
www.aristongroup.com
Investor Relations
Claudia Introvigne [email protected]
Corporate Communication Federica Bruschetta [email protected]
Media Relations
Barabino & Partners [email protected]
About Ariston Group
Ariston Group is a global leader in sustainable thermal comfort that offers a unique, extensive range of solutions for climate comfort, water heating and air handling, as well as components and burners. Listed on Euronext Milan since November 2021, in 2024 the group reported over 2.6-billion-euro revenues, with over 10,000 employees, direct presence in 40 countries in 5 continents, 28 production sites and 28 research and development centers. The group demonstrates its commitment to sustainability through the development of renewable and high efficiency solutions, such as heat pumps, water heating heat pumps, hybrids, domestic ventilation, air handling and solar thermal systems. The group also stands out for its continuous investment in technological innovation, digitalization, and advanced connectivity systems. The group operates under global strategic brands Ariston, Elco and Wolf, and brands such as Calorex, NTI, HTP, Atag, Brink, Chromagen, Racold, as well as Thermowatt and Ecoflam in the components and burners business.
Alternative Performance Measures (APMs)
This document contains certain financial performance measures that are not defined in IFRS standards (non-GAAP measures). These measures comply with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority ('ESMA') in its communication ESMA/2015/1415. For a full presentation and discussion of alternative performance measures, please refer to chapter 4.11 "Definition and reconciliation of the Alternative Performance Measures (APMs or non GAAP measures) to GAAP measures" in the half-year report.
Forward-looking statements
This announcement may contain certain forward-looking statements, estimates and forecasts reflecting management's current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group operates or intends to operate. Forward-looking information is based on information available to the Group as of today and is based on certain key assumptions; as such, forward-looking statements speak only as of the date of this announcement. No assurance can be given that such future results will be achieved; actual events may materially differ as a result of risks and uncertainties faced by the Group, which could cause actual result to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forwardlooking statements as a prediction of actual results. Except as required by applicable laws and regulations, the Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based; the Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document, and in any related oral presentation, including responses to questions following the presentation, or in connection with any use by any third party. Further information on the Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Group deposited with the AFM and CONSOB.
Attachments:
(PARTIAL) RECLASSIFIED Q1 2025 INCOME STATEMENT
RECLASSIFIED Q1 2025 CASH FLOW STATEMENT
| (€M) - unaudited | Q1 2025 | Q1 2024 | ||
|---|---|---|---|---|
| REVENUE AND INCOME | ||||
| Net revenue | 648.2 | 100.0% | 653.2 | 100.0% |
| Other revenue and income | 6.8 | 1.1% | 16.5 | 2.5% |
| Revenue and income | 655.1 | 101.1% | 669.7 | 102.5% |
| Total operating expenses | 626.7 | 96.7% | 647.0 | 99.1% |
| OPERATING PROFIT (EBIT) | 28.3 | 4.4% | 22.6 | 3.5% |
| Adjustment on operating profit | 6.8 | 1.0% | 7.4 | 1.1% |
| ADJUSTED OPERATING PROFIT (ADJ. EBIT) | 35.1 | 5.4% | 30.0 | 4.6% |
| Financial income and expense | -8.4 | -1.3% | -10.9 | -1.7% |
| Profit (loss) on investments | 0.2 | 0.0% | 0.1 | 0.0% |
| PROFIT BEFORE TAX | 20.1 | 3.1% | 11.9 | 1.8% |
| Total depreciation & amortization | 34.2 | 5.3% | 34.2 | 5.2% |
| EBITDA | 62.5 | 9.6% | 56.8 | 8.7% |
| ADJUSTED EBITDA | 64.1 | 9.9% | 58.3 | 8.9% |
| (€M) - unaudited | Q1 2025 | Q1 2024 |
|---|---|---|
| NET FINANCIAL POSITION ADJ. - BEGINNING OF PERIOD | -579.1 | -575.0 |
| EBITDA | 62.5 | 56.8 |
| Taxes paid | -15.3 | -13.5 |
| Provisions and other changes from operating activities | -3.6 | -1.8 |
| Change in net operating working capital | -36.1 | -72.2 |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 7.4 | -30.6 |
| Capital expenditure | -15.3 | -11.5 |
| IFRS16 leasing payments | -9.4 | -8.7 |
| Other changes | 0.3 | 0.3 |
| FREE CASH FLOW | -17.0 | -50.5 |
| Cash flow from financial investment activities | -8.6 | -21.3 |
| Cash flow from other activities | -11.6 | -12.4 |
| TOTAL CHANGE IN NET FINANCIAL POSITION | -37.2 | -84.3 |
| Non-cash items | 15.9 | 13.5 |
| NET FINANCIAL POSITION ADJ. - END OF PERIOD | -600.4 | -645.9 |