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Brembo
Earnings Release • Jul 29, 2025
4472_10-q_2025-07-29_5bfdb413-ced2-4495-a07c-5871ff1973e2.pdf
Earnings Release
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Bergamo, 29 July 2025
BREMBO: H1 2025 REVENUES AT Ȗ1,881 MILLION EBITDA AT Ȗ300.9 MILLION (EBITDA MARGIN: 16%); NET PROFIT AT Ȗ97.9 MILLION
Results at 30 June 2025:
- Revenues at Ȗ1,881 million (-6.2% compared to H1 2024)
- EBITDA at Ȗ300.9 million (EBITDA margin: 16%); EBIT at Ȗ162.4 million (EBIT margin: 8.6%)
- Net investments at Ȗ199.8 million
- Net financial debt at Ȗ935.5 million, up Ȗ321.9 million compared to 30 June 2024 due to the Öhlins acquisition for Ȗ365.9 million
| (Ȗ million) | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | 1,881.0 | 2,004.8 | -6.2% |
| EBITDA % of sales |
300.9 16.0% |
351.4 17.5% |
-14.4% |
| EBIT % of sales |
162.4 8.6% |
218.8 10.9% |
-25.8% |
| Net profit % of sales |
97.9 5.2% |
156.3 7.8% |
-37.4% |
| 30.6.25 | 30.6.24 | Change | |
| Net financial debt | 935.5 | 613.6 | +321.9 |
Brembo Executive Chairman Matteo Tiraboschi stated: "For the automotive industry, the first half of the year was in line with our expectations, proving complex at several levels. The geopolitical scenario remained strongly volatile, and the crisis of the automotive market persisted, particularly in Europe and North America. Within this context, our performance testifies to the solidity of Brembo's business model. While original equipment applications remained under pressure, the aftermarket segment continued to report positive results, contributing to balancing our portfolio. We are continuing to invest in innovation, as confirmed by our recent entry into the high-performance bicycle segment thanks to our partnership with Specialized. Building on our long-term vision, we are confident that Brembo will be able to emerge stronger from this historical phase of our industry."
Results at 30 June 2025
Brembo N.V.'s Board of Directors, chaired by Matteo Tiraboschi, examined and approved the Group's results at 30 June 2025.
Net consolidated revenues amounted to Ȗ1,881.0 million, down 6.2% compared to the first half of 2024.
In the reporting period, Brembo Group's car segment declined by 6.6%, that of motorbikes by 17.2% and the commercial vehicle segment by 15.3% compared to the same period of the previous year. The racing segment, which included the revenues from the newly acquired Öhlins, grew by 42.9%.
In the same period, at geographical level, sales remained essentially stable in Italy (+0.5%), whereas they decreased by 6.8% in Germany and rose by 2.2% in France and by 6.9% in the United Kingdom (6.1% on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) declined by 10.7% (-9.8% on a like-for-like exchange rate basis), whereas the South American market (Brazil and Argentina) grew by 8.1% (+23.0% on a like-for-like exchange rate basis). Sales decreased by 7.8% in India (-3.7% on a like-forlike exchange basis) and by 6.2% in China (-5.0% on a like-for-like exchange rate basis).
At 30 June 2025, the cost of sales and other net operating costs amounted to Ȗ1,192.3 million, with a 63.4% ratio to sales, slightly down compared to the first half of the previous year (64.4% of sales, equal to Ȗ1,290.1 million).
Personnel expenses amounted to Ȗ393.1 million, with a 20.9% ratio to sales, increasing compared to the same period of the previous year (18.5% of sales, equal to Ȗ371.4 million). At 30 June 2025, Brembo People numbered 16,059, including the personnel of the newly acquired Öhlins (445), compared to 16,196 at 31 March 2025.
EBITDA amounted to Ȗ300.9 million (EBITDA margin: 16.0%) at 30 June 2025 compared to Ȗ351.4 million for H1 2024 (EBITDA margin: 17.5%).
EBIT amounted to Ȗ162.4 million (EBIT margin: 8.6%) compared to Ȗ218.8 million for H1 2024 (EBIT margin: 10.9%).
Net interest expense for the period totalled Ȗ21.5 million (net interest expense of Ȗ18.0 million at 30 June 2024) and included interest expense amounting to Ȗ16.9 million (Ȗ13.2 million at 30 June 2024) and net exchange losses of Ȗ4.6 million (Ȗ4.8 million at 30 June 2024).
Pre-tax profit was Ȗ141.1 million compared to Ȗ211.9 million at 30 June 2024. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to Ȗ40.5 million (Ȗ53.7 million at 30 June 2024), with a tax rate of 28.7%.
The period ended with a net profit of Ȗ97.9 million compared to Ȗ156.3 million at 30 June 2024.
In the reporting period, net investments amounted to Ȗ199.8 million, of which Ȗ13.9 million due to increases in leased assets.
Net financial debt at 30 June 2025 was Ȗ935.5 million, up Ȗ321.9 million compared to 30 June 2024; net of the Öhlins acquisition, net financial debt declined by Ȗ44.0 million.
Outlook
In a scenario still marked by significant uncertainties and volatility, on a like-for-like exchange rate basis and including Öhlins, Brembo expects revenues in line with the previous year and an EBITDA margin above 16%, assuming a more stable geopolitical context in the second half of the year. Additionally, Brembo confirms investments at Ȗ400 million for the full year and a net debt of approximately Ȗ780 million.
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]
CONSOLIDATED STATEMENT OF INCOME
| (Euro million) | 30.06.2025 | 30.06.2024 | Change | % | Q2 '25 | Q2 '24 | Change | % |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 1,881.0 | 2,004.8 | (123.9) | -6.2% | 924.0 | 1,000.2 | (76.2) | -7.6% |
| Other revenues and income | 12.1 | 11.3 | 0.8 | 7.3% | 5.8 | 7.0 | (1.2) | -17.5% |
| Costs for capitalized internal works | 15.6 | 15.5 | 0.2 | 1.0% | 7.3 | 6.8 | 0.5 | 7.6% |
| Raw materials, consumables and goods | (832.3) | (916.0) | 83.6 | -9.1% | (409.0) | (456.1) | 47.1 | -10.3% |
| Income (expense) from non-financial investments | 5.3 | 8.1 | (2.9) | -35.3% | 3.6 | 3.6 | 0.1 | 2.1% |
| Other operating costs | (387.7) | (400.9) | 13.2 | -3.3% | (188.3) | (197.6) | 9.3 | -4.7% |
| Personnel expenses | (393.1) | (371.4) | (21.6) | 5.8% | (195.8) | (189.3) | (6.5) | 3.4% |
| GROSS OPERATING INCOME | 300.9 | 351.4 | (50.5) | -14.4% | 147.6 | 174.6 | (27.0) | -15.5% |
| % of revenue from contracts with customers | 16.0% | 17.5% | 16.0% | 17.5% | ||||
| Depreciation, amortization and impairment losses | (138.5) | (132.6) | (5.9) | 4.4% | (68.6) | (68.6) | 0.0 | 0.0% |
| NET OPERATING INCOME | 162.4 | 218.8 | (56.4) | -25.8% | 79.0 | 106.0 | (27.0) | -25.5% |
| % of revenue from contracts with customers | 8.6% | 10.9% | 8.5% | 10.6% | ||||
| Net interest income (expense) and from investments | (21.4) | (6.9) | (14.5) | 209.4% | (12.1) | 0.3 | (12.4) -4244.5% | |
| RESULT BEFORE TAXES | 141.1 | 211.9 | (70.9) | -33.4% | 66.9 | 106.3 | (39.4) | -37.1% |
| % of revenue from contracts with customers | 7.5% | 10.6% | 7.2% | 10.6% | ||||
| Taxes | (40.5) | (53.7) | 13.2 | -24.5% | (19.2) | (24.0) | 4.8 | -20.0% |
| RESULT BEFORE MINORITY INTERESTS | 100.5 | 158.2 | (57.7) | -36.5% | 47.6 | 82.3 | (34.7) | -42.1% |
| % of revenue from contracts with customers | 5.3% | 7.9% | 5.2% | 8.2% | ||||
| Minority interests | (2.7) | (1.9) | (0.7) | 38.7% | (0.9) | (1.1) | 0.2 | -15.5% |
| GROUP NET RESULT | 97.9 | 156.3 | (58.4) | -37.4% | 46.7 | 81.1 | (34.4) | -42.4% |
| % of revenue from contracts with customers | 5.2% | 7.8% | 5.1% | 8.1% | ||||
| BASIC/DILUTED EARNINGS PER SHARE (euro) | 0.31 | 0.49 | 0.15 | 0.25 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (Euro million) | 30.06.2025 | 31.12.2024 | Change |
|---|---|---|---|
| Property, plant and equipment | 1,768.1 | 1,775.0 | (6.9) |
| Intangible assets | 688.7 | 311.4 | 377.3 |
| Financial assets/liabilities | 67.2 | 72.9 | (5.7) |
| Other receivables and non-current liabilities | 152.1 | 159.4 | (7.3) |
| Fixed capital | 2,676.1 | 2,318.7 | 357.3 |
| 15.4% | |||
| Inventories | 683.0 | 638.3 | 44.7 |
| Trade receivables | 679.1 | 631.4 | 47.7 |
| Other receivables and current assets | 140.4 | 137.7 | 2.7 |
| Current liabilities | (932.4) | (956.2) | 23.8 |
| Provisions/deferred taxes | (88.0) | (51.0) | (37.0) |
| Hedging assets/liabilities | 0.0 | 18.6 | (18.6) |
| Net working capital | 482.1 | 418.8 | 63.3 |
| 15.1% | |||
| NET INVESTED CAPITAL | 3,158.2 | 2,737.5 | 420.7 |
| 15.4% | |||
| Equity | 2,203.1 | 2,329.8 | (126.7) |
| Employees' leaving entitlement and other provisions for personnel | 19.5 | 47.4 | (27.9) |
| Medium/long-term net financial debt | 888.1 | 715.3 | 172.9 |
| Short-term net financial debt | 47.4 | (354.9) | 402.3 |
| Net Financial debt | 935.5 | 360.4 | 575.2 |
| 159.6% | |||
| COVERAGE | 3,158.2 | 2,737.5 | 420.7 |
| 15.4% |
CONSOLIDATED STATEMENT OF CASH-FLOW
| (Euro million) | 30.06.2025 | 30.06.2024 |
|---|---|---|
| NET FINANCIAL POSITION AT BEGINNING OF PERIOD | (360.4) | (454.8) |
| Net operating income | 162.4 | 218.8 |
| Depreciation, amortization and impairment losses | 138.5 | 132.6 |
| Gross operating income | 300.9 | 351.4 |
| Investments in property, plant and equipment | (159.9) | (146.6) |
| Investments in intangible assets | (26.7) | (21.9) |
| Increases in leased assets | (13.9) | (18.8) |
| Investments in financial assets | 0.0 | (2.8) |
| Disposal of tangible and intangible assets | 0.7 | 0.8 |
| Amounts(paid)/received for the acquisition/disposal of subsidiaries , net of the net financial positions | (365.9) | 0.0 |
| Net investments | (565.8) | (189.3) |
| Change in inventories | (19.6) | (52.7) |
| Change in trade receivables | (24.5) | (127.6) |
| Change in trade payables | (37.1) | 23.1 |
| Change in other liabilities | (10.8) | (11.1) |
| Change in receivables from others and other assets | (6.0) | (24.1) |
| Translation adjustment reserve not allocated to specific items | (35.4) | 5.8 |
| Change in working capital | (133.4) | (186.7) |
| Change in provisions for employee benefits and other provisions | (34.5) | 17.3 |
| Operating cash flow | (432.7) | (7.2) |
| Interest income and expense | (21.1) | (6.3) |
| Current taxes paid | (36.0) | (48.4) |
| Dividend paid in the period to minority shareholders | (1.0) | (1.0) |
| Interest (income)/expense from investments, net of dividends received | (0.3) | 1.9 |
| Dividends paid in the period | (95.5) | (95.6) |
| Net cash flow | (586.5) | (156.7) |
| Effect of translation differences on net financial positions | 11.3 | (2.2) |
| NET FINANCIAL POSITION AT THE END OF PERIOD | (935.5) | (613.6) |
NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND BY APPLICATION
| (Euro million) | 30.06.2025 | % | 30.06.2024 | % | Change | % | Q2 '25 | % | Q2 '24 | % | Change | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GEOGRAPHICAL AREA | ||||||||||||
| Italy | 198.8 | 10.5% | 197.8 | 9.9% | 1.0 | 0.5% | 95.5 | 10.3% | 95.4 | 9.5% | 0.1 | 0.1% |
| Germany | 380.9 | 20.3% | 408.5 | 20.4% | (27.6) | -6.8% | 186.3 | 20.2% | 196.9 | 19.7% | (10.5) | -5.4% |
| France | 55.8 | 3.0% | 54.6 | 2.7% | 1.2 | 2.2% | 28.1 | 3.0% | 28.2 | 2.8% | 0.0 | -0.1% |
| United Kingdom | 120.0 | 6.4% | 112.2 | 5.6% | 7.8 | 6.9% | 67.6 | 7.3% | 54.7 | 5.5% | 12.8 | 23.4% |
| Other European countries | 181.1 | 9.5% | 241.7 | 12.0% | (60.5) | -25.0% | 83.9 | 9.1% | 119.1 | 11.9% | (35.2) | -29.5% |
| India | 74.4 | 4.0% | 80.7 | 4.0% | (6.3) | -7.8% | 36.2 | 3.9% | 40.9 | 4.1% | (4.7) | -11.5% |
| China | 261.3 | 13.9% | 278.7 | 14.0% | (17.4) | -6.2% | 129.7 | 14.0% | 146.0 | 14.6% | (16.4) | -11.2% |
| Japan | 31.8 | 1.7% | 16.0 | 0.8% | 15.8 | 98.8% | 15.5 | 1.7% | 7.9 | 0.8% | 7.6 | 95.6% |
| Other Asian Countries | 41.1 | 2.2% | 27.0 | 1.3% | 14.1 | 52.3% | 21.4 | 2.3% | 13.4 | 1.3% | 8.0 | 60.0% |
| South America (Argentina and Brazil) | 41.2 | 2.2% | 38.2 | 1.9% | 3.1 | 8.1% | 21.2 | 2.3% | 19.3 | 1.9% | 1.9 | 10.0% |
| North America (USA, Mexico & Canada) | 476.2 | 25.3% | 533.1 | 26.6% | (56.9) | -10.7% | 230.0 | 24.9% | 270.7 | 27.1% | (40.7) | -15.0% |
| Other Countries | 18.3 | 1.0% | 16.4 | 0.8% | 1.9 | 11.5% | 8.6 | 1.0% | 7.8 | 0.8% | 0.8 | 10.8% |
| Total | 1,881.0 | 100.0% | 2,004.8 | 100.0% | (123.9) | -6.2% | 924.0 | 100.0% | 1,000.2 | 100.0% | (76.2) | -7.6% |
| (Euro million) | 30.06.2025 | % | 30.06.2024 | % | Change | % | Q2 '25 | % | Q2 '24 | % | Change | % |
| APPLICATION | ||||||||||||
| Passenger car | 1,370.2 | 72.9% | 1,467.4 | 73.1% | (97.1) | -6.6% | 681.6 | 73.8% | 741.5 | 74.1% | (60.0) | -8.1% |
| Motorbike | 206.7 | 11.0% | 249.7 | 12.5% | (43.0) | -17.2% | 102.0 | 11.0% | 123.9 | 12.4% | (21.9) | -17.7% |
| Commercial Vehicle | 156.0 | 8.3% | 184.2 | 9.2% | (28.1) | -15.3% | 73.1 | 7.9% | 88.6 | 8.9% | (15.5) | -17.5% |
| Racing | 147.6 | 7.8% | 103.3 | 5.2% | 44.3 | 42.9% | 67.0 | 7.3% | 46.0 | 4.6% | 21.0 | 45.7% |
| Miscellaneous | 0.4 | 0.0% | 0.4 | 0.0% | 0.0 | 4.6% | 0.3 | 0.0% | 0.2 | 0.0% | 0.1 | 90.1% |
| Total | 1,881.0 | 100.0% | 2,004.8 | 100.0% | (123.9) | -6.2% | 924.0 | 100.0% | 1,000.2 | 100.0% | (76.2) | -7.6% |
Following an in-depht analysis, data at 30 June 2024 have been restated.
MAIN RATIOS
Net financial debt
30.06.21 30.06.22 30.06.23 30.06.24 30.06.25
613.6
935.5
595.1 562.3
496.9
Euro million
| 30.06.2021 | 30.06.2022 | 30.06.2023 | 30.06.2024 | 30.06.2025 | |
|---|---|---|---|---|---|
| Net operating income/Revenue from contracts with customers | 12.2% | 10.7% | 11.2% | 10.9% | 8.6% |
| Result before taxes/Revenue from contracts with customers | 12.4% | 11.4% | 11.5% | 10.6% | 7.5% |
| Net investments (*)/Revenue from contracts with customers | 6.8% | 6.5% | 7.9% | 8.4% | 9.9% |
| Net financial debt/Equity | 31.0% | 32.4% | 27.9% | 27.8% | 42.5% |
| Adjusted net interest expense (**)/Revenue from contracts with customers | 0.4% | 0.3% | 0.5% | 0.7% | 0.9% |
| Adjusted net interest expense (**)/Net operating income | 3.2% | 3.2% | 4.6% | 6.0% | 10.4% |
| ROI | 14.5% | 12.6% | 15.9% | 14.5% | 10.7% |
| ROE | 15.3% | 13.0% | 15.5% | 13.4% | 9.5% |
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.
(*) 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.
(**) This item does not include exchange gains and losses.