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Sogefi
Earnings Release • Oct 27, 2025
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Earnings Release
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Data/Ora Ricezione : 27 Ottobre 2025 18:50:14
Oggetto : Results for third quarter 2025
Testo del comunicato
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PRESS RELEASE
RESULTS IN THE FIRST NINE MONTHS OF 2025
Revenues: €744.9 million
(stable at constant exchange rates and -2.8% at current exchange rates vs. 2024)
EBIT: €48.5 million
(€38.0 million in the first nine months of 2024)
Net profit from ongoing operations: €29.9 million
(€15.1 million in the first nine months of 2024)
Free Cash Flow: €21.6 million
Debt excluding IFRS 16: €13.9 million, following the distribution of dividends of €17.9 million
(€9.5 million at the end of 2024)
AUTOMOTIVE SECTOR TARIFFS: NON-SIGNIFICANT DIRECT IMPACTS
| Main results (in €m)* | First nine months | ||
|---|---|---|---|
| 2024 | 2025 | ||
| REVENUE | 766.7 | 744.9 | |
| EBITDA* | 96.7 | 103.1 | |
| EBIT | 38.0 | 48.5 | |
| Net income from ongoing operations |
15.1 | 29.9 | |
| Net Debt as of 30 September, excluding IFRS 16 | -16.1 | -13.9 |
* EBITDA was determined by adding 'Amortization and Depreciation' to 'EBIT,' along with any write-downs of tangible and intangible assets recorded under 'Other Non-Operating Costs (Income)'. As of 30 September 2025, these write-downs amounted to €0.4, compared to €0 million during the same period last year.
Milan, 27 October 2025 - The Board of Directors of Sogefi S.p.A., chaired by Monica Mondardini, convened today to approve the Group's interim management report as of 30 September 2025.
Sogefi, a member of the CIR Group, ranks among the world's leading manufacturers of automotive components, specializing in the Air and Cooling, and Suspension business sectors.
MARKET PERFORMANCE
In the third quarter of 2025, global car production grew by 4.4% compared to the third quarter of 2024, increasing by 1.1% in Europe, 4.7% in NAFTA and 9.8% in China, respectively.
In the first nine months of 2025, growth stood at 3.8% compared to the same period in 2024, with production declining by 1.9% in Europe and 1.4% in NAFTA, and significant increasing in China (+11.9%), India, Japan and Latin America.
Global Heavy-Duty production grew by 2% compared to the first nine months of 2024, due to the positive trend recorded in the third quarter, up 7.6% compared to the same period in 2024. Europe, after the slump recorded in 2024, recovered slightly (+1.4%); China reported significant growth, while the NAFTA region again showed a decidedly negative trend (- 24.2%).
With regard to forecasts for the full year 2025, the data published by S&P Global September 2025 point to an expected 2% increase in global car production, with a 2% decline in Europe and NAFTA, and a growth by 6.6% in China, 5.0% in India and 6.6% in Mercosur.
SOGEFI'S PERFORMANCE IN THE FIRST NINE MONTHS OF 2025: A SUMMARY
In the first nine months of 2025, Sogefi reported stable revenues at constant exchange rates compared to 2024, and down 2.8% at current exchange rates, due to the strengthening of the Euro against all major currencies, and a profit from continuing operations amounting to €29.9 million, with a significant increase compared to the first nine months of 2024:
- EBITDA came to €103.1 million, compared to €96.7 million in the first nine months of 2024, with an EBITDA margin rising to 13.8%, up from 12.6%;
- EBIT came to €48.5 million, compared to €38.0 million in the first nine months of 2024, with the EBIT margin rising to 6.5% of revenues, up from 5.0%;
- Net profit from ongoing operations amounted to €29.9 million, compared to €15.1 million in the first nine months of 2024, thanks to the increase in EBIT and to lower financial expenses;
- the free cash flow (FCF) from continuing operations was €21.6 million, compared to a FCF of €19.4 million in the first nine months of 2024.
The net debt as at 30 September 2025, after payment of dividends amounting to €17.9 million, amounted to €52.8 million (€55.0 million as at 31 December 2024); without taking into account debts for rights of use (according to IFRS16), the net debt amounted to €13.9 million, compared to €9.5 million at the end of 2024.
RESULTS IN THE FIRST NINE MONTHS OF 2025
The revenues for the first nine months of 2025 amounted to €744.9 million, down 2.8% compared to the same period in 2024 at current exchange rates; at constant exchange rates and net of Argentina's inflation, revenues were stable (-0.1%) compared to 2024.
Revenues by geographical area
| Revenue trends by geographical area |
9M 2025 (in €m) |
9M 2024 (in €m) |
Var. % | Var. % at constant exchange rates |
Market (var.%) |
|---|---|---|---|---|---|
| Europe | 398.8 | 426.2 | (6.4) | (6.3) | (1.9) |
| North America | 166.5 | 162.0 | 2.8 | 7.5 | (1.4) |
| South America | 82.1 | 85.3 | (3.8) | 7.2 | 4.4 |
| India | 11.2 | 13.1 | (14.4) | (8.4) | 4.3 |
| China | 87.1 | 82.1 | 6.1 | 9.4 | 11.9 |
| Other | (0.8) | (2.0) | |||
| TOTAL | 744.9 | 766.7 | (2.8) | (0.1) | 3.8 |
In Europe, the group's largest market (54% of total revenues in the first nine months of 2025), revenues were down 6.4%, due to the unfavourable trend in the passanger cars market and the reduction recorded in the Heavy-Duty segment, whose activity in the first months of 2024 was still very strong; in North America (22% of total revenues), revenues increased by 2.8%, and 7.5% at constant exchange rates, despite a slight market downturn; positive performance also in China, with growth of 9.4% at constant exchange rates, driven by the good market trend, and in South America, with growth of 7.2% at constant exchange rates, outperforming the market.
Revenues by business sector
| Revenue trends by business sector |
9M 2025 (in €m) |
9M 2024 (in €m) |
Var. % | Var.% at constant exchange rates |
|---|---|---|---|---|
| Suspension | 405.1 | 424.8 | (4.6) | (2.0) |
| Air and Cooling | 339.8 | 342.9 | (0.9) | 1.9 |
| Intercompany elimination |
- | (1.0) | ||
| TOTAL | 744.9 | 766.7 | (2.8) | (0.1) |
The Group's two business sectors recorded differing performances, reflecting their respective geographical footprints and customer portfolio compositions.
The Suspension business sector posted a 4.6% decline in revenues (-2% at constant exchange rates), impacted primarily by the weakness of the European market (which accounts for 67% of the revenues), particularly in the Heavy-Duty segment. By contrast, revenues in China and South America grew by around 7.5% and 7.2% respectively at constant exchange rates.
The Air and Cooling business sector reported broadly stable revenues at current exchange rates (-0.9%) and an increase of 1.9% at constant exchange rates. The drop in Europe (-8%),
which accounts for 37% of the revenues, was more than offset by growth at constant exchange rates of 7.5% in North America - a market accounting for 49% of revenues - and 11.4% in China.
EBITDA amounted to € 103.1 million compared to € 96.7 million in the first nine months of 2024. The EBITDA margin stood at 13.8 %, compared to 12.6 % in the first nine months of 2024.
The contribution margin is virtually unchanged compared to the previous year, despite the decrease in revenues at current exchange rates, thanks to an improvement in industrial profitability from 29.3% in 2024 to 30.0%, reflecting the slight decline in raw material costs.
Fixed costs decreased by 3.4%, while restructuring costs and other expenses also declined, mainly reflecting exchange rate differences.
EBIT amounted to €48.5 million, compared with €38.0 million in the first nine months of 2024, and the EBIT margin rose from 5.0% in 2024 to 6.5% in the same period of 2025. The increase in EBIT reflects the increase in EBITDA and the reduction in amortization, depreciation and impairment losses.
Financial expenses amounted to €7.4 million, down compared to 2024 (€11.7 million) thanks to the reduction in debt.
Tax expenses amounted to €11.2 million in line with the previous year, which also included non-recurring tax expenses.
Operating activities recorded a net profit of €29.9 million, compared to €15.1 million in the previous year.
Total net profit, including the result attributable to non-controlling interests and the net result of discontinued operations, amounted to €28.1 million (€149.5 million in the first nine months of 2024, which included the net profit from the Filtration business for the first five months of the year and the significant capital gain realised on the sale, net of transaction costs).
The Free Cash Flow from continuing operations amounted to €21.6 million, compared to €19.4 million in the first nine months of 2024. Total Free Cash Flow amounted to €20.1 million, including a €1.5 million outflow related to the Suspension business sector in Mexico (€341.2 million in the first nine months of 2024, including €321.8 million from the Filtration business).
Net debt at the end of September 2025, after the payment of dividends amounting to €17.9 million, stood at €52.8 million, compared to a net debt of €55.0 million at the end of December 2024 and €62 million as of 30 September 2024.
Net debt excluding liabilities for right-of-use assets as at 30 September 2025 amounted to €13.9 million, compared to €9,5 million as at 31 December 2024 and €16.1 million as at 30 September 2024.
At 30 September 2025, the Group had committed credit lines in excess of requirements of € 183 million.
As at 30 September 2025, excluding non-controlling interests, consolidated equity came to € 291.7 million, compared to € 294.6 million as at 31 December 2024. The change reflects, on the one hand, profit for the period and, on the other, the distribution of dividends and the impact of exchange rate developments on equity.
SUMMARY OF RESULTS FOR Q3 2025
In the second quarter of 2025, the Group reported revenues of €236.4 million, -2.6% at
current exchange rates and +2.2% at constant exchange rates, with positive momentum in North America (+11.4%), South America (+5.2%) and China (+6.4%), and a decrease of 3.8% in Europe. At constant exchange rates, sales in the Air and Cooling business grew by 3.3%, and in Suspension by 1.2%.
EBIT was positive at €15.8 million, or 6.7% of sales, compared to €10.2 million in the third quarter of 2024; the increase was mainly due to lower restructuring costs, depreciation and impairment charges.
Net income from operations totalled €10.2 million, compared to €4.3 million in the third quarter of 2024.
IMPACTS OF THE MACROECONOMIC ENVIRONMENT ON OPERATIONS
According to analyses by international and national institutions, the macroeconomic outlook for 2025 points to a scenario of moderate global growth, declining inflation that nevertheless remains in focus, and a monetary policy that is easing cautiously. However, the context remains marked by high uncertainties mainly related to geopolitics and tariff policies.
With reference to the automotive sector, global car production is expected to grow slightly in 2025 (+2.0%), following a decline in 2024 (-1.1%); by geographical area, production is expected to decline further by around 2% in Europe and the NAFTA region, and to grow by 6.6% in China, 5% in India and 6.6% in South America.
However, visibility over the sector's performance remains limited, due to the uncertainty factors characterising the macroeconomic environment and, in particular, international trade — linked to tariffs — as well as those associated with the transition to e-mobility (and in particular the Green deal regulation in Europe).
Regarding tariffs, it is currently difficult to predict: i) whether the current framework will prove to be definitive, given the constantly evolving context; ii) the effects on the US automotive market, both in terms of domestic demand and the competitive landscape, as well as the effects on vehicle exports to the US; iii) the impacts on the availability and costs of raw materials in the US, taking into account the complexity of the supply chain and the tariffs applied to China and specifically on certain materials.
Specifically, in the automotive sector, including components, the US administration, after introducing in April/May 2025 an additional 25% tariff on cars imported from countries other than China, Mexico and Canada (accounting for roughly 25% of vehicles sold annually in the US), entered into bilateral agreements, including the one concluded with the eu27 at the end of July, which reduced the tariff from the additional 25% to a comprehensive 15%, effective from August 2025.
As for production carried out in Mexico and Canada, imports into the USA are not subject to the 25% duties as long as vehicles are USMCA compliant.
In addition, other non-specific tariffs may have a particularly significant impact on the North American automotive sector, notably those on steel and aluminium (50%).
It is likely that the tariffs on the automotive sector introduced by the US administration - if maintained - will lead to higher car selling prices in the US, i) for imported vehicles, due to import duties, and ii) for vehicles manufactured locally, due to increased production costs resulting from tariffs on imported components and materials.
The price increase could result in a decline in new car sales, given the significant price sensitivity of demand - recently demonstrated once again by the US market.
Declining demand from the North American market would have a negative impact on production in the USMCA region (US, Mexico, Canada) and imports into the US. In this regard, it should be noted that in 2024 about 750,000 cars were exported from Europe (EU27) to the US, that is 6% of total EU production.
As per the direct impact on the Group, Air and Cooling achieved sales of Euro 214 million in 2024 in the USMCA region, selling components manufactured in Canada and Mexico mainly to General Motor, Ford and Stellantis, of which 55% were intended for customers' production plants in Canada and Mexico and 45% imported by customers in the United States. It is estimated that about 70% of the revenues from components exported to the US are related to USMCA compliant products and thus, based on current forecasts, not subject to tariffs.
Since Sogefi does not directly export to the United States, as its customers do, and does not manufacture in the United States, and is therefore not subject to import tariffs on materials and components there, there is no significant direct impact from the new tariffs, nor it is foreseeable, at present. As regards procurement, following the introduction of retaliatory tariffs on steel products by Canada, Sogefi's manufacturing operations in the country are experiencing higher costs for steel components purchased from US suppliers. However, the impact is not currently material. Therefore, the direct impacts of tariffs on Sogefi are currently not significant.
In the medium term, Sogefi could be exposed to:
- A risk of loss of competitiveness compared to competitors manufacturing in the US, due to the tariffs that North American customers could have to pay on products purchased from Sogefi in Canada and Mexico. This risk could be mitigated, if not offset, by the potential cost increases that competitors in the US could face as a result of tariffs on imported raw materials and components.
- the risk of lower volumes in NAFTA and Europe (export) and increased pressure on production costs in the months ahead.
SIGNIFICANT EVENTS AFTER 30 September 2025
There are no significant events occurring after 30 September 2025 that could have an impact on financial reporting as at 30 September 2025.
BUSINESS OUTLOOK
The visibility on the performance of the automotive market in the coming months is heavily impacted by the uncertain geo-political and macroeconomic environment.
According to the latest S&P Global estimate, global car production is expected to see a modest increase (+2.0%), after the drop recorded in 2024 (-1.1%); in terms of geography, a decline by around 2% is expected in Europe and NAFTA, while growth is forecast at 6.6% in China, 5.0% in India, and 6.6% in South America.
As regards raw material and energy prices, following generally favourable trends in 2024 which continued through the first nine months of 2025 (with the exception of energy), there remains a risk of increased volatility depending on the impact of US tariffs on the supply chain.
Sogefi confirms its forecast for 2025, expecting its revenues to decline low-single digit at constant exchange rate, and EBIT margin to grow slightly compared to that recorded in 2024, excluding any non-recurring charges and new events/circumstances that negatively impact the automotive market. In particular, the forecasts may not fully capture the effects of tariffs on the world economy, international trade and car production, as it cannot be ruled out that
volumes will fall in the coming months, particularly in Europe, to a greater extent than currently expected.
The executive responsible for preparing the company's financial reports, Maria Beatrice De Minicis, declares, pursuant to Article 154-bis(2) of the Finance Consolidation Act (TUF), that the accounting figures contained in this press release correspond to the results documented in the Company's accounts and general ledger.
.***
Contacts:
Dini Romiti Consulting tel.: +39 02 467501
tel.: + 39 349 5314521
Press Office Sogefi Investor Relations
Angelo Lupoli e-mail: [email protected] [email protected] www.sogefigroup.com
The press release can be found at http://www.sogefigroup.com/it/area-stampa/index.html
Below are the main results of the Sogefi Group's income statement and statement of financial position at 30 September 2025. It should be noted that these figures have not been audited by the auditing company.
***
SOGEFI GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in millions of €)
| ASSETS | 09.30.2025 | 12.31.2024 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and cash equivalents | 60.6 | 57.3 |
| Other financial assets | 6.2 | 6.9 |
| Inventories | 85.4 | 85.1 |
| Trade receivables | 96.6 | 88.8 |
| Other receivables | 7.2 | 14.9 |
| Tax receivables | 25.6 | 29.5 |
| Other assets | 4.4 | 2.8 |
| ASSETS HELD FOR SALE | - | - |
| TOTAL CURRENT ASSETS | 286.0 | 285.3 |
| NON-CURRENT ASSETS | ||
| Land | 3.6 | 3.7 |
| Property, plant and equipment | 271.1 | 277.2 |
| Other tangible fixed assets | 3.5 | 4.0 |
| Rights of use | 35.4 | 41.8 |
| Intangible assets | 102.5 | 106.5 |
| Other financial assets | 2.1 | 4.4 |
| Financial receivables | - | 0.0 |
| Other receivables | 3.7 | 5.1 |
| Deferred tax assets | 21.5 | 23.6 |
| TOTAL NON-CURRENT ASSETS | 443.4 | 466.3 |
| TOTAL ASSETS | 729.4 | 751.6 |
| LIABILITIES | 09.30.2025 | 12.31.2024 |
|---|---|---|
| CURRENT LIABILITIES | ||
| Bank overdrafts and short-term loans | 8.9 | 0.3 |
| Current portion of medium/long-term financial debts | 14.0 | 13.3 |
| and other loans | ||
| Short-term financial debts for rights of use | 8.6 | 9.9 |
| Other short-term liabilities for derivative financial instruments | - | - |
| Trade and other payables | 202.7 | 200.2 |
| Tax payables | 7.4 | 4.5 |
| Other current liabilities | 19.5 | 24.2 |
| Current provisions | 8.4 | 17.4 |
| LIABILITIES RELATED TO ASSETS HELD FOR SALE | - | - |
| TOTAL CURRENT LIABILITIES | 269.5 | 269.8 |
| NON-CURRENT LIABILITIES | ||
| Financial debts to bank | 59.7 | 64.0 |
| Non current portion of medium/long-term financial debts | 0.3 | 0.4 |
| and other loans | ||
| Medium/long-term financial debts for right of use | 30.3 | 35.6 |
| Other medium/long-term financial liabilities for derivative | ||
| financial instruments | - | - |
| Non-current provisions | 15.2 | 15.7 |
| Other payables | 34.7 | 39.8 |
| Deferred tax liabilities | 16.2 | 19.0 |
| TOTAL NON-CURRENT LIABILITIES | 156.4 | 174.5 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 62.5 | 62.5 |
| Reserves and retained earnings (accumulated losses) | 201.1 | 90.8 |
| Group net result for the period | 28.1 | 141.3 |
| TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE HOLDING | ||
| COMPANY | 291.7 | 294.6 |
| Non-controlling interests | 11.8 | 12.7 |
| TOTAL SHAREHOLDERS' EQUITY | 303.5 | 307.3 |
| TOTAL LIABILITIES AND EQUITY | 729.4 | 751.6 |
EQUITY
| (in millions of Euro) | Consolidated shareholders' equity - Group |
Capital and reserves pertaining to non-controlling interests |
Total Group and non-controlling shareholders' equity |
|---|---|---|---|
| Balance at December 31, 2024 | 294.6 | 12.7 | 307.3 |
| Dividends | (17.9) | (3.2) | (21.1) |
| Currency translation differences | (16.6) | - | (16.6) |
| Other changes | 3.5 | - | 3.5 |
| Net result for the period | 28.1 | 2.3 | 30.4 |
| Balance at September 30, 2025 | 291.7 | 11.8 | 303.5 |
CONSOLIDATED INCOME STATEMENT
| (in millions of Euro) Period 01.01 – 09.30.2025 |
Period 01.01 – 09.30.2024 |
Variation | ||||
|---|---|---|---|---|---|---|
| Amount | % | Amount | % | Amount | % | |
| Sales revenues | 744.9 | 100.0 | 766.7 | 100.0 | (21.8) | (2.8) |
| Variable cost of sales | 521.2 | 70.0 | 541.9 | 70.7 | (20.7) | (3.8) |
| CONTRIBUTION MARGIN | 223.7 | 30.0 | 224.8 | 29.3 | (1.1) | (0.5) |
| Manufacturing and R&D overheads | 66.4 | 8.9 | 68.8 | 9.0 | (2.4) | (3.4) |
| Depreciation and amortization | 55.0 | 7.4 | 58.7 | 7.6 | (3.7) | (6.4) |
| Distribution and sales fixed expenses | 11.3 | 1.5 | 11.1 | 1.5 | 0.2 | 1.1 |
| Administrative and general expenses | 38.6 | 5.2 | 40.6 | 5.3 | (2.0) | (4.6) |
| Restructuring costs | 2.1 | 0.3 | 4.2 | 0.5 | (2.1) | (50.3) |
| Exchange (gains) losses | 1.8 | 0.2 | 1.4 | 0.2 | 0.4 | 31.7 |
| Other non-operating expenses (income) | (0.0) | - | 2.0 | 0.2 | (2.0) | (100.4) |
| EBIT | 48.5 | 6.5 | 38.0 | 5.0 | 10.5 | 27.6 |
| Financial expenses | 9.4 | 1.3 | 19.7 | 2.5 | (10.2) | (51.7) |
| Financial (income) | (2.0) | (0.3) | (8.0) | (1.0) | 5.9 | (74.4) |
| RESULT BEFORE TAXES | 41.1 | 5.5 | 26.3 | 3.5 | 14.8 | 56.2 |
| Income taxes | 11.2 | 1.5 | 11.2 | 1.5 | (0.0) | (0.2) |
| NET INCOME (LOSS) OF OPERATING ACTIVITIES |
29.9 | 4.0 | 15.1 | 2.0 | 14.9 | 98.7 |
| Net income (loss) from discontinued operations, net of tax effects |
0.5 | 0.1 | 136.4 | 17.8 | (135.9) | (99.6) |
| NET RESULT INCLUDING THIRD PARTY | 30.4 | 4.1 | 151.5 | 19.8 | (121.0) | (79.9) |
| Loss (Income) attributable to non-controlling interests |
(2.3) | (0.3) | (2.0) | (0.3) | (0.3) | (17.9) |
| GROUP NET RESULT | 28.1 | 3.8 | 149.5 | 19.5 | (121.4) | (81.2) |
RECLASSIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE THIRD QUARTER 2025
| (in millions of Euro) | Period | Period | ||||
|---|---|---|---|---|---|---|
| 07.01 – 09.30.2025 | 07.01 – 09.30.2024 | Variation | ||||
| Amount | % | Amount | % | Amount | % | |
| Sales revenues | 236.4 | 100.0 | 242.6 | 100.0 | (6.2) | (2.6) |
| Variable cost of sales | 165.2 | 69.9 | 169.7 | 69.9 | (4.5) | (2.7) |
| CONTRIBUTION MARGIN | 71.2 | 30.1 | 72.9 | 30.1 | (1.7) | (2.3) |
| Manufacturing and R&D overheads | 21.6 | 9.1 | 22.1 | 9.1 | (0.5) | (2.0) |
| Depreciation and amortization | 17.8 | 7.5 | 19.5 | 8.0 | (1.7) | (9.0) |
| Distribution and sales fixed expenses | 3.5 | 1.5 | 3.8 | 1.6 | (0.3) | (8.1) |
| Administrative and general expenses | 12.2 | 5.2 | 12.2 | 5.0 | 0.0 | 0.4 |
| Restructuring costs | 0.6 | 0.3 | 2.2 | 0.9 | (1.6) | (71.4) |
| Exchange (gains) losses | 0.3 | 0.1 | 2.2 | 0.9 | (1.9) | (86.1) |
| Other non-operating expenses (income) | (0.6) | (0.3) | 0.7 | 0.4 | (1.3) | (184.0) |
| EBIT | 15.8 | 6.7 | 10.2 | 4.2 | 5.6 | 55.1 |
| Financial expenses | 2.4 | 1.0 | 3.9 | 1.6 | (1.5) | (38.6) |
| Financial (income) | (0.7) | (0.3) | (1.3) | (0.5) | 0.6 | (44.3) |
| RESULT BEFORE TAXES | 14.1 | 6.0 | 7.6 | 3.1 | 6.5 | 86.3 |
| Income taxes | 3.9 | 1.7 | 3.3 | 1.4 | 0.6 | 22.9 |
| NET INCOME (LOSS) OF OPERATING ACTIVITIES |
10.2 | 4.3 | 4.3 | 1.7 | 5.9 | 137.4 |
| Net income (loss) from discontinued operations, net of tax effects |
- | - | - | - | - | - |
| NET RESULT INCLUDING THIRD PARTY | 10.2 | 4.3 | 4.3 | 1.7 | 5.9 | 136.1 |
| Loss (Income) attributable to non-controlling interests |
(0.8) | (0.3) | (0.6) | (0.2) | (0.2) | 33.2 |
| GROUP NET RESULT | 9.4 | 4.0 | 3.7 | 1.5 | 5.7 | 152.7 |
CONSOLIDATED NET FINANCIAL POSITION
| (in millions of Euro) | 09.30.2025 | 12.31.2024 |
|---|---|---|
| A. Cash | 60.6 | 57.3 |
| B. Cash equivalent | - | - |
| C. Other current financial assets | 6.2 | 6.9 |
| D. Liquidity (A) + (B) + (C) | 66.8 | 64.2 |
| E. Current Financial Debt (including debt instruments, but excluding | ||
| current portion of non-current financial debt) | 8.9 | 0.3 |
| F. Current portion of non-current financial debt | 22.6 | 23.2 |
| G. Current financial indebtedness (E) + (F) | 31.5 | 23.5 |
| H. Net current financial indebtedness (G) - (D) | (35.3) | (40.7) |
| I. Non-current financial debt (excluding the current portion and debt | ||
| instruments) | 90.2 | 100.1 |
| J. Debt instruments | - | - |
| K. Non-current trade and other payables | - | - |
| L. Non-current financial indebtedness (I) + (J) + (K) | 90.2 | 100.1 |
| M. Total Financial indebtedness (H) + (L) | 54.9 | 59.4 |
| Other non current financial assets | 2.1 | 4.4 |
| Financial indebtedness net, including other non current | ||
| financial assets (as Net Financial Position reported in | ||
| Consolidated Cash Flow Statement) | 52.8 | 55.0 |
CONSOLIDATED CASH FLOW STATEMENT
| (in millions of Euro) | 09.30.2025 | 09.30.2024 |
|---|---|---|
| SELF-FINANCING | 84.8 | 69.6 |
| Change in net working capital | (9.0) | (1.4) |
| Other medium/long-term assets/liabilities | (0.5) | 3.7 |
| CASH FLOW GENERATED BY OPERATIONS | 75.3 | 71.9 |
| Net decrease from sales of fixed assets | 0.2 | 0.6 |
| TOTAL SOURCES | 75.5 | 72.5 |
| TOTAL APPLICATION OF FUNDS | 52.7 | 50.8 |
| Exchange differences on assets/liabilities and equity | (1.2) | (2.3) |
| FREE CASH FLOW of operating activities | 21.6 | 19.4 |
| FREE CASH FLOW from discontinued operations | (1.5) | 321.8 |
| TOTAL FREE CASH FLOW | 20.1 | 341.2 |
| Dividends paid by subsidiaries to non-controlling interests | (17.9) | (136.7) |
| Change in fair value derivative instruments | - | (0.4) |
| CHANGES IN SHAREHOLDERS' EQUITY | (17.9) | (137.1) |
| Change in net financial position | 2.2 | 204.1 |
| Opening net financial position | (55.0) | (266.1) |
| CLOSING NET FINANCIAL POSITION | (52.8) | (62.0) |