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Brembo
Earnings Release • Nov 6, 2025
4472_rns_2025-11-06_a67b7d2b-7d98-4081-89a6-5c4bab391074.pdf
Earnings Release
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Bergamo, 6 November 2025
BREMBO: SOLID RESULTS IN Q3
REVENUES AT €909 MILLION (+1.4% ON A LIKE-FOR-LIKE EXCHANGE RATE BASIS)
EBITDA AT €162 MILLION (EBITDA MARGIN: 17.8%)
NET PROFIT AT €65 MILLION (+59%)
****
REVENUES AT 30.09.2025 AT €2.8 BILLION (-4.7% WITH THE SAME PERIMETER)
EBITDA AT €463 MILLION (EBITDA MARGIN: 16.6%)
AFTERMARKET ONGOING GROWTH (14.8% OF SALES)
OPERATING CASH FLOWS AT €53 MILLION
Results of the third quarter and of the first 9 months 2025
| (€ million) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Revenue | 909.0 | 923.0 | -1.5% | 2,790.0 | 2,927.8 | -4.7% |
| EBITDA % of sales |
161.9 17.8% |
149.7 16.2% |
+8.2% | 462.8 16.6% |
501.1 17.1% |
-7.6% |
| EBIT % of sales | 93.5 10.3% |
83.2 9.0% |
+12.4% | 255.9 9.2% |
302.0 10.3% |
-15.3% |
| Net profit % of sales |
65.0 7.1% |
40.9 4.4% |
+58.9% | 162.8 5.8% |
197.2 6.7% |
-17.4% |
Brembo Executive Chairman Matteo Tiraboschi stated: "The performance in the third quarter reflects the still complex global market scenario. However, our results show the Group's solidity in facing the current challenging phase of the automotive industry. The EBITDA margin, at 17.8%, is above the guidance provided to the market at the beginning of 2025. Although we have implemented a buy-back plan and are forging ahead with our strategic investment plan, we have reduced our debt. We also completed the expansion of the production capacity of high-tech carbon-ceramic discs of our German-Italian joint venture (BSCCB), in addition to launching the first caliper made with recycled aluminium. These developments confirm once again our relentless commitment to innovation."
Results at 30 September 2025
Brembo's Board of Directors, chaired by Matteo Tiraboschi, examined and approved the Group's results at 30 September 2025.
Consolidated net revenues amounted to €2,790.0 million, down 4.7% (-3.3% on a like-for-like exchange rate basis) compared to the first nine months of the previous year.
In the reporting period, Brembo's car segment declined by 6.0%, partly offset by the good performance of the aftermarket segment.
Motorbike applications decreased by 12.3% and applications for commercial vehicles by 12.0% compared to the first nine months of 2024. The racing segment, which included the revenues from the newly acquired Öhlins, grew by 47.7%.
At geographical level, Brembo's sales rose by 2.0% in Italy, by 9.6% in France and by 2.4% in the United Kingdom (+1.8% on a like-for-like exchange rate basis), whereas they declined by 4.7% in Germany.
India dropped by 1.8% (+4.7% on a like-for-like exchange basis) and China by 9.4% (-6.8% on a like-for-like exchange basis).
The North American market (USA, Mexico and Canada) declined by 9.1% (-6.8% on a like-for-like exchange rate basis), whereas the South American market (Brazil and Argentina) grew by 9.7% (+21.2% on a like-for-like exchange rate basis).
At 30 September 2025, the cost of sales and other net operating costs amounted to €1,759.9 million, with a 63.1% ratio to sales, declining in percentage terms compared to the same period of the previous year (64.6% of sales, equal to €1,892.6 million).
Personnel expenses amounted to €573.6 million, with a 20.6% ratio to sales, increasing compared to the same period of the previous year (18.7% of sales, equal to €546.1 million). At 30 September 2025, Brembo People numbered 15,973, compared to 15,849 at 30 September 2024 and 15,461 at 31 December 2024.
EBITDA amounted to €462.8 million (EBITDA margin: 16.6%) at 30 September 2025 compared to €501.1 million (EBITDA margin: 17.1%) for the same period of 2024.
EBIT amounted to €255.9 million (EBIT margin: 9.2%) compared to €302.0 million (EBIT margin: 10.3%) for the same period of 2024.
Net interest expense for the period totalled €27.0 million (€37.1 million at 30 September 2024) and included interest expense amounting to €26.0 million (€21.6 million at 30 September 2024) and net exchange losses of €1.0 million (€15.5 million at 30 September 2024).
Pre-tax profit was €229.0 million compared to €276.0 million at 30 September 2024. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €62.5 million (€76.1 million at 30 September 2024), with a tax rate of 27.3% in line with 27.6% for the same period of the previous year.
The period ended with a net profit of €162.8 million compared to €197.2 million for the same period of the previous year.
In the reporting period, net investments amounted to €291.4 million, of which €14.2 million due to increases in leased assets.
Net financial debt at 30 September 2025 amounted to €847.2 million, down €88.3 million compared to 30 June 2025.
Outlook
In a still complex and unstable geopolitical and macroeconomic scenario, for 2025 Brembo expects, assuming constant exchange rates and with the same perimeter, revenues slightly below those of 2024 (-2%). Despite an extremely challenging scenario, Brembo confirms an EBITDA margin above 16%. Additionally, Brembo confirms investments at €400 million for the full year and a net debt of approximately €780 million.
Annexed hereto are the unaudited Consolidated Statement of Income and Consolidated Statement of Financial Position.
For information:
Luca Di Leo
Chief Communications Officer
+39 035 6052164
[email protected]
Daniele Zibetti
Corporate Communications Manager
+39 035 6053138
[email protected]
Roberto Grazioli Chief Investor Relations Officer +39 035 6055828 [email protected]
Laura Panseri Investor Relations Senior Manager +39 035 6052145 [email protected]
| (Euro million) | 30.09.2025 | 30.09.2024 | Change | % | Q3 '25 | Q3 '24 | Change | % |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 2,790.0 | 2,927.8 | (137.8) | -4.7% | 909.0 | 923.0 | (14.0) | -1.5% |
| Other revenues and income | 33.0 | 28.9 | 4.1 | 14.3% | 20.9 | 17.6 | 3.3 | 18.7% |
| Costs for capitalized internal works | 22.3 | 21.6 | 0.7 | 3.1% | 6.7 | 6.2 | 0.5 | 8.2% |
| Raw materials, consumables and goods | (1,237.8) | (1,343.2) | 105.4 | -7.8% | (405.5) | (427.2) | 21.8 | -5.1% |
| Income (expense) from non-financial investments | 6.3 | 12.0 | (5.7) | -47.7% | 1.0 | 3.9 | (2.9) | -73.2% |
| Other operating costs | (577.4) | (600.0) | 22.5 | -3.8% | (189.8) | (199.1) | 9.3 | -4.7% |
| Personnel expenses | (573.6) | (546.1) | (27.5) | 5.0% | (180.5) | (174.7) | (5.8) | 3.3% |
| GROSS OPERATING INCOME | 462.8 | 501.1 | (38.3) | -7.6% | 161.9 | 149.7 | 12.2 | 8.2% |
| % of revenue from contracts with customers | 16.6% | 17.1% | 17.8% | 16.2% | ||||
| Depreciation, amortization and impairment losses | (206.9) | (199.1) | (7.8) | 3.9% | (68.4) | (66.5) | (1.9) | 2.9% |
| NET OPERATING INCOME | 255.9 | 302.0 | (46.1) | -15.3% | 93.5 | 83.2 | 10.3 | 12.4% |
| % of revenue from contracts with customers | 9.2% | 10.3% | 10.3% | 9.0% | ||||
| Net interest income (expense) and from investments | (26.9) | (26.0) | (0.9) | 3.6% | (5.6) | (19.1) | 13.5 | -70.9% |
| RESULT BEFORE TAXES | 229.0 | 276.0 | (47.0) | -17.0% | 87.9 | 64.0 | 23.9 | 37.3% |
| % of revenue from contracts with customers | 8.2% | 9.4% | 9.7 % | 6.9% | ||||
| Taxes | (62.5) | (76.1) | 13.6 | -17.9% | (21.9) | (22.4) | 0.5 | -2.1% |
| RESULT BEFORE MINORITY INTERESTS | 166.5 | 199.9 | (33.4) | -16.7% | 66.0 | 41.6 | 24.4 | 58.4% |
| % of revenue from contracts with customers | 6.0% | 6.8% | 7.3% | 4.5% | ||||
| Minority interests | (3.7) | (2.7) | (1.0) | 37.1% | (1.0) | (8.0) | (0.3) | 33.4% |
| GROUP NET RESULT | 162.8 | 197.2 | (34.4) | -17.4% | 65.0 | 40.9 | 24.1 | 58.9% |
| % of revenue from contracts with customers | 5.8% | 6.7% | 7.1% | 4.4% | ||||
| BASIC/DILUTED EARNINGS PER SHARE (euro) | 0.51 | 0.62 | 0.20 | 0.13 |
| (Euro million) | 30.09.2025 | 31.12.2024 | Change |
|---|---|---|---|
| Property, plant and equipment | 1,794.9 | 1,775.0 | 19.9 |
| Intangible assets | 687.5 | 311.4 | 376.1 |
| Financial assets/liabilities | 68.2 | 72.9 | (4.7) |
| Other receivables and non-current liabilities | 149.3 | 159.4 | (10.1) |
| Fixed capital | 2,699.9 | 2,318.7 | 381.2 |
| 16.4% | |||
| Inventories | 658.2 | 638.3 | 19.9 |
| Trade receivables | 613.2 | 631.4 | (18.2) |
| Other receivables and current assets | 145.2 | 137.7 | 7.6 |
| Current liabilities | (903.0) | (956.2) | 53.2 |
| Provisions/deferred taxes | (85.0) | (51.0) | (34.0) |
| Hedging assets/liabilities | 0.0 | 18.6 | (18.6) |
| Net working capital | 428.6 | 418.8 | 9.8 |
| 2.3% | |||
| NET INVESTED CAPITAL | 3,128.5 | 2,737.5 | 391.0 |
| 14.3% | |||
| Equity | 2,260.2 | 2,329.8 | (69.6) |
| Employees' leaving entitlement and other provisions for personnel | 21.1 | 47.4 | (26.3) |
| Medium/long-term net financial debt | 875.1 | 715.3 | 159.8 |
| Short-term net financial debt | (27.9) | (354.9) | 327.0 |
| Net Financial debt | 847.2 | 360.4 | 486.9 |
| 135.1% | |||
| COVERAGE | 3,128.5 | 2,737.5 | 391.0 |
| 14.3% |
| (Euro million) | 30.09.2025 | % | 30.09.2024 | % | Change | % | Q3 '25 | % | Q3 '24 | % | Change | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GEOGRAPHICAL AREA | ||||||||||||
| Italy | 276.8 | 9.9% | 271.3 | 9.3% | 5.5 | 2.0% | 78.0 | 8.6% | 73.5 | 8.0% | 4.5 | 6.1% |
| Germany | 568.8 | 20.4% | 597.1 | 20.4% | (28.3) | -4.7% | 187.9 | 20.7% | 188.5 | 20.3% | (0.6) | -0.3% |
| France | 83.8 | 3.0% | 76.5 | 2.6% | 7.3 | 9.6% | 28.0 | 3.1% | 21.9 | 2.4% | 6.1 | 27.9% |
| United Kingdom | 163.8 | 5.9% | 159.9 | 5.5% | 3.9 | 2.4% | 43.8 | 4.8% | 47.7 | 5.2% | (3.9) | -8.2% |
| Other European countries | 276.8 | 9.9% | 345.6 | 11.8% | (68.8) | -19.9% | 95.6 | 10.5% | 103.9 | 11.3% | (8.3) | -8.0% |
| India | 114.9 | 4.1% | 117.1 | 4.0% | (2.1) | -1.8% | 40.5 | 4.5% | 36.4 | 3.9% | 4.2 | 11.4% |
| China | 388.4 | 13.9% | 428.5 | 14.5% | (40.1) | -9.4% | 127.1 | 14.0% | 149.8 | 16.2% | (22.8) | -15.2% |
| Japan | 46.9 | 1.7% | 25.3 | 0.9% | 21.6 | 85.6% | 15.1 | 1.7% | 9.3 | 1.0% | 5.8 | 62.9% |
| Other Asian Countries | 65.9 | 2.4% | 42.5 | 1.5% | 23.4 | 55.1% | 24.8 | 2.7% | 15.5 | 1.7% | 9.3 | 60.0% |
| South America (Argentina and Brazil) | 65.0 | 2.3% | 59.2 | 2.0% | 5.7 | 9.7% | 23.7 | 2.6% | 21.1 | 2.3% | 2.7 | 12.6% |
| North America (USA, Mexico & Canada) | 709.0 | 25.5% | 780.0 | 26.6% | (71.0) | -9.1% | 232.8 | 25.6% | 246.9 | 26.8% | (14.1) | -5.7% |
| Other Countries | 29.9 | 1.0% | 24.9 | 0.9% | 5.0 | 20.1% | 11.6 | 1.2% | 8.5 | 0.9% | 3.1 | 36.7% |
| Total | 2,790.0 | 100.0% | 2,927.8 | 100.0% | (137.8) | -4.7% | 909.0 | 100.0% | 923.0 | 100.0% | (14.0) | -1.5% |
| (Euro million) | 30.09.2025 | % | 30.09.2024 | % | Change | % | Q3 '25 | % | Q3 '24 | % | Change | % |
| APPLICATION | ||||||||||||
| Passenger car | 2,043.4 | 73.3% | 2,174.1 | 74.3% | (130.7) | -6.0% | 673.1 | 74.1% | 706.7 | 76.5% | (33.6) | -4.8% |
| Motorbike | 309.6 | 11.1% | 352.9 | 12.1% | (43.3) | -12.3% | 102.9 | 11.3% | 103.2 | 11.2% | (0.3) | -0.3% |
| Commercial Vehicle | 227.1 | 8.1% | 257.9 | 8.8% | (30.8) | -12.0% | 71.0 | 7.8% | 73.8 | 8.0% | (2.7) | -3.7% |
| Racing | 209.6 | 7.5% | 141.9 | 4.8% | 67.7 | 47.7% | 62.0 | 6.8% | 38.6 | 4.2% | 23.4 | 60.5% |
| Miscellaneous | 0.3 | 0.0% | 1.0 | 0.0% | (0.7) | -65.4% | 0.0 | 0.0% | 0.6 | 0.1% | (0.7) | -107.0% |
| Total | 2,790.0 | 100.0% | 2,927.8 | 100.0% | (137.8) | -4.7% | 909.0 | 100.0% | 923.0 | 100.0% | (14.0) | -1.5% |
MAIN RATIOS
| 30.09.2021 | 30.09.2022 | 30.09.2023 | 30.09.2024 | 30.09.2025 | ||
|---|---|---|---|---|---|---|
| Net operating income/Revenue from contracts with customers | 11.0% | 11.1% | 10.7% | 10.3% | 9.2% | |
| Result before taxes/Revenue from contracts with customers | 10.9% | 11.4% | 10.6% | 9.4% | 8.2% | |
| Net investments (*)/Revenue from contracts with customers | 6.9% | 7.4% | 8.1% | 8.5% | 9.9% | |
| Net financial debt/Equity | 29.0% | 32.4% | 21.9% | 28.8% | 37.5% | |
| Adjusted net interest expense (**)/Revenue from contracts with customers | 0.4% | 0.4% | 0.5% | 0.7% | 0.9% | |
| Adjusted net interest expense (**)/Net operating income | 3.6% | 3.2% | 4.8% | 7.1% | 10.2% | |
| ROI | 13.6% | 14.2% | 15.3% | 13.9% | 11.1% | |
| ROE | 14.1% | 14.5% | 14.0% | 12.4% | 10.3% | |
Notes:
ROI: Net operating income (rolling 12 months)/Net invested capital.
ROE: Net income (loss) before minority interests (rolling 12 months) (net of Result from discontinued operations)/Equity.
(**) This item does not include exchange gains and losses.
(*) Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant and equipment and intangible assets.