Delignit Ag

Latest Results (23.07.2026):

Delignit AG — Q4 2025 (reporting FY 2025): Delignit reported FY 2025 revenue of approximately €64.5 million (‑1% year‑on‑year) with EBITDA of about €5.15 million (EBITDA margin ~8.0%). Consolidated profit after tax was roughly €1.95 million (EPS ~€0.19). The company highlights strong growth in its Technological Applications business (c. +36% y/y), stabilization of the Automotive topline, and an exceptionally strong balance sheet with net cash of ≈€7.53 million and an equity ratio of 78.8% as of 31.12.2025. Management issues guidance for 2026 of modest revenue growth to ~€66.0 million and an EBITDA margin target in the 7–8% corridor.

Financial overview (FY 2025)

Revenue: ≈€64.5m (‑1% vs. 2024). EBITDA: ≈€5.15m (around 8.0% margin). Consolidated result: ≈€1.95m. Operating cash flow remained positive (~€2.57m). These figures reflect a stop to prior topline decline while profitability improved vs. the prior year.

Segment performance

Technological Applications: strong double‑digit growth (~+36% y/y) and a clear contributor to the revenue recovery. Automotive/LCV & caravan: continued weakness with high inventories in the caravan market and mixed OEM performance, though management notes the topline decline has been halted.

Balance sheet & liquidity

Very solid position at year‑end 2025: net cash of ≈€7.53m, equity of ≈€38.29m and an equity ratio of 78.8%. Management presents the balance sheet as a key strength to support organic and inorganic growth initiatives.

Guidance for 2026

Management guidance: moderate revenue growth to about €66.0m (+~2.3% vs. 2025) with an expected EBITDA margin in the 7–8% range. Assumptions include gradually improving OEM production schedules and growth in Technological Applications.

Market trends & order situation

Order backlog and registration figures showed negative trends in 2025 with only slight signs of recovery; LCV registrations were down and motor caravan registrations mixed. OEM production indicators point to rising volumes during 2026, but trends remain fragile.

Opportunities & strategic actions

Management emphasizes growth via technology leadership, geographic expansion (e.g., Delignit Technologies Italia), product diversification (rail & marine), and selective M&A. Technological Applications and marine/rail market entries are highlighted as near‑term growth levers.

Risks & outlook

Key risks: fragile macroeconomic environment, geopolitical risk, persistent overcapacity/inventories in the caravan market, and challenges in passing personnel cost inflation to customers. These risks could constrain return to double‑digit growth despite operational improvements.