Stabilus S.A.

Stabilus said Q3 revenue was EUR 299 million, down about 4.5% year over year, and adjusted EBIT margin was 10.8% versus 10.5% last year. On a 9M basis, adjusted EBIT margin was 10.7%, and like-for-like free cash flow was EUR 28.5 million year to date. The company completed the sale of Fabreeka and Tech Products, with an enterprise value of EUR 92 million, and used proceeds to deleverage; debt declined from EUR 631 million to EUR 554 million and net leverage to 2.77. For the full year, management narrowed guidance but still expects about EUR 1.15 billion revenue, around 10% adjusted EBIT margin, and roughly EUR 90 million free cash flow.

Michael Büchsner framed the quarter as evidence that Stabilus is successfully shifting toward a more industrial, higher-margin portfolio. He emphasized that the divestiture of non-core assets, the completed personnel measures, and the collaboration with Synapticon all support the company’s broader STAR 2030 strategy. His tone was confident but cautious, repeatedly noting that automotive and China remain weak while industrial momentum and new growth projects are improving.

Büchsner highlighted that the quarter’s margin held up despite revenue pressure, helped by mix and efficiency actions. He cited debt reduction from EUR 631 million to EUR 554 million, net leverage of 2.77, and covenant headroom increased to 3.9 through 2027. He also pointed to year-to-date cost savings of EUR 15.4 million, expected savings of about EUR 19 million in 2027, and EUR 32 million in recurring savings in 2028, while noting free cash flow was softer year to date because of lower sales.

Analysts focused on whether new growth areas can fill the gap left by divested assets and weak automotive volumes. Management said door actuation is progressing well with Xiaomi and BMW, defense programs are on track, and humanoid robotics should contribute low single-digit million sales next year, with only samples this year. Questions on APAC weakness were answered with a mix explanation: softer Western and higher-end vehicle demand, about 5% to 6% pricing erosion in China, and continued competitive pressure; management said it still expects APAC margins to stay above 10%.