De'Longhi (DLG) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues grew 10.4% at constant FX, with both household and professional divisions contributing; professional division revenue up over 40% in Q4 and organic growth above 30% year-over-year.

• Adjusted EBITDA margin reached 16.4%, up 40bps, supported by professional division expansion and stable household margins excluding tariffs.

• Net financial position improved to €770M, providing strategic flexibility for capital allocation.

• Free cash flow before dividends, buybacks, and M&A was €384M, supporting over €300M in dividends and €61M in buybacks over two years.

• Growth was broad-based across all regions, with Europe, MEIA, Americas, and Asia-Pacific all posting gains.

Financial highlights

• FY 2025 revenues: €3,801.5M, up 8.7% year-over-year; Q4 revenues: €1,340M, up 5.7%.

• Adjusted EBITDA: €625.1M (16.4% margin), up 11.7% year-over-year.

• Adjusted net income: €368M, up 10.4% year-over-year; net income: €341.4M, up 5.1%.

• Net working capital at -€149.4M; net cash position at €770M, up €126.8M from prior year.

• CapEx for 2025: €101M, down €27M from 2024.

Outlook and guidance

• 2026 guidance: mid-single-digit revenue growth, Adjusted EBITDA €640M–€660M.

• Professional division expected to maintain strong momentum; household segment flattish at constant currency, with currency headwinds.

• Guidance incorporates potential for incremental A&P investment and competitive pressures.

• Tariff impact for 2026 budgeted at €10M net additional, with pricing actions in coffee and normalization in nutrition.

• Ongoing monitoring of geopolitical uncertainties and macroeconomic impacts.