Semperit AG Holding

Reported Q3 EBITDA was EUR 21.3 million, up almost 29% year on year, with the margin at 13.1% versus 10.3% in the comparable quarter implied by the call. For the first 9 months, revenue was down 4.6% year on year, EBITDA was EUR 52 million, and the EBITDA margin was 10.8% versus 12.6% last year. Earnings after tax were EUR 2.8 million in Q3 versus a loss of EUR 2.5 million in Q3 2024, but earnings after tax for the first 9 months were still negative at EUR 8.4 million. Free cash flow was EUR 22.3 million, cash and cash equivalents were EUR 86.6 million, net financial debt/EBITDA was 1.5x, financial liabilities were EUR 199.1 million, and the undrawn revolving credit facility was EUR 100 million. Management guided to approximately EUR 78 million of operating EBITDA for full-year 2025 before ERP project costs, about EUR 5 million of ERP project costs, and roughly EUR 40 million of CapEx.

Manfred Stanek framed Q3 as a clear turnaround and said the measures taken earlier in the year are paying off. He highlighted improved order intake, stronger momentum in both divisions after a soft start, and a more balanced revenue/EBITDA split between Industrial Applications and Engineered Applications. His tone was constructive but still cautious, repeatedly noting that market conditions remain challenging, especially in China and parts of the project business.

Helmut Sorger emphasized that the new cost-saving initiatives reduce the annual cost base by EUR 10 million on a run-rate basis, with EUR 4.1 million already realized by end-September. He pointed to stable free cash flow of EUR 22.3 million, net financial debt/EBITDA of 1.5x, cash of EUR 86.6 million, and an undrawn EUR 100 million revolver as evidence of balance-sheet strength. He also explained that ERP-related project costs were EUR 3.5 million in the first 9 months and are expected to be about EUR 5 million for the full year, while dividends of EUR 0.50 per share totaled EUR 10.3 million.

Analysts focused on the change in inventories, the confidence behind the precise EUR 78 million EBITDA target, Q4 revenue momentum, 2026 seasonality, CapEx reductions, order intake by region, and the impact of U.S. tariffs and FX. Management said the inventory swing reflected catch-up production after summer standstills and better utilization in Q3, and that Q4 could see some counter-effect. On guidance, they said the target is their best internal forecast and that they have the orders in hand, with the main variable being production execution, shipping, weather, and December logistics. They also said China remains the main weak spot, especially handrails, while U.S. tariffs were described as a major Q1 disruption and a continuing margin issue more than a volume issue.