Hawesko Holding SE

Latest Results (20.03.2026):

Hawesko Holding SE — Q2 2025 (half‑year, as of 30 June 2025): the Group reported H1 sales of €285.1m (‑3.1% YoY), operating EBITDA €18.8m (‑16.2% YoY) and operating EBIT €6.1m (‑38.4% YoY). Consolidated net income was €1.41m (EPS €0.14). Free cash flow for H1 was negative at €‑16.3m, inventories rose and net liquidity declined to about €53.0m. Management revised full‑year guidance lower and launched a FOCUS cost programme to restore profitability.

Headline financials

H1 2025 revenue €285.1m vs €294.2m a year earlier; operating EBITDA €18.8m (6.6% margin) vs €22.4m (7.6%); operating EBIT €6.1m (2.1% margin) vs €9.9m (3.4%); EBIT €5.6m; consolidated net income €1.412m (group shareholders €1.287m).

Margins and profitability drivers

Gross profit fell to €125.2m (gross margin 43.9% vs 44.8% prior year). Margin pressure came largely from a wider low‑margin spirits mix in B2B, lower B2C volumes and the progression effect of fixed costs on lower sales.

Cash flow and balance sheet

Operating cash flow was €‑8.8m (vs +€3.7m prior year), CAPEX ~€4.1m, free cash flow €‑16.3m (vs €‑5.0m). Inventories increased to €135.8m; working capital fell to €39.1m; reported net liquidity (~net cash) declined to €‑53.0m (i.e. €53.0m net liquidity) vs €‑60.1m a year earlier.

Segment performance

Retail and E‑Commerce (B2C) saw weaker demand and revenue declines (Retail H1 €100.6m, E‑Commerce H1 €92.1m), while B2B grew (H1 €92.4m) driven by an expanded spirits offering. Retail maintained relatively high margins; E‑Commerce margin contracted significantly vs prior year.

Outlook and guidance

Management revised 2025 guidance (21 July 2025): revenue now expected to be 1–3% below 2024; operating EBIT €27–30m (previously €31–34m); operating EBITDA €54–57m; EBIT expected to exceed ~€24m after up to €3m restructuring costs; free cash flow guidance adjusted to €10–15m for the full year. ROCE guidance trimmed to 10–13%.

Management actions

Hawesko launched the FOCUS programme targeting a sustainable €10m uplift in earnings via cost discipline, efficiency gains, selective personnel reductions and logistics optimisation. Management also intends to avoid aggressive discounting to protect brand and margins, while accelerating segment strategies (store expansion for Retail, stronger reach for E‑Commerce, exclusivity/deeper penetration in B2B).