Serge Ferrari Group (SEFER) H1 2025 earnings summary

Executive summary

• Revenue grew by 10.4% year-over-year to €178.7M in H1 2025, with strong rebounds in Americas (+49%), steady growth in Europe (+6.7%), and Asia-Africa-Pacific (+5.4%), driven by strategic price increases and the Transform 2025 plan.

• Adjusted EBITDA rose to €20.1M, up 46.8% year-over-year, and operating income surged to €15.3M from €0.5M, reflecting improved business mix and cost control.

• Net income attributable to the group was €7.1M, a significant turnaround from a loss of €8.8M in H1 2024.

• The group maintained its leadership in innovative membrane solutions and strategic focus on sustainability, decarbonization, and the Transform 2025 plan.

Financial highlights

• Revenue reached €178.7M in H1 2025, up from €161.9M in H1 2024 (+10.4%).

• Adjusted EBITDA was €20.1M (11.3% margin), up from €13.7M (8.5% margin) in H1 2024.

• Operating income (ROC) rose to €15.3M (8.6% margin) from €0.5M (0.3% margin) year-over-year.

• Net income group share reached €7.1M, compared to a loss of €8.8M in the prior year.

• Cash flow from operations increased to €23.6M from €13.7M in H1 2024.

Outlook and guidance

• The group expects continued improvement in profitability for 2025, focusing on operational efficiency, adaptability, and managing working capital amid ongoing inflation and geopolitical uncertainty.

• Anticipates a return to seasonality in business performance for the remainder of the year.