STO SE & Co. KGaA

Latest Results (07.02.2026):

Sto SE & Co. KGaA — full‑year 2024 results (FY 2024) with a Q1 2025 update: the company reported that difficult market conditions, especially a weak German construction market and reduced refurbishment subsidies in key countries, led to a 6.2% decline in consolidated turnover to EUR 1,612.3 million and a sharp fall in profitability. EBIT fell 53.5% to EUR 58.8 million and EBT to EUR 60.9 million, with return on sales at 3.8%. Sto implemented cost‑cutting measures, reduced headcount, maintained a strong balance sheet (equity ratio 64.2%) and issued a 2025 guidance of EUR 1.57 billion turnover and EBIT of EUR 51–71 million.

Revenue

Consolidated turnover for FY 2024 decreased by 6.2% year‑on‑year to EUR 1,612.3 million (previous year: EUR 1,718 million). The decline reflected lower sales volumes in new construction and refurbishment across core markets, with notable weakness in Germany, Italy and France.

Profitability

EBIT fell 53.5% to EUR 58.8 million (FY 2023: EUR 126.5 million); EBT decreased to EUR 60.9 million (FY 2023: EUR 127.4 million). Return on sales was 3.8% (FY 2023: 7.4%). Sto met its revised November 2024 forecast ranges but remained well below the original 2024 targets.

Cash flow and balance sheet

Cash and cash equivalents stood at EUR 110.9 million (31 Dec 2023: EUR 122.3 million); net financial assets were EUR 109.2 million (31 Dec 2023: EUR 119.7 million). Operating cash flow dropped to EUR 90.5 million from EUR 170.9 million a year earlier. The equity ratio improved to 64.2% (from 62.6%).

Costs, workforce and restructuring

Management initiated a comprehensive cost‑cutting programme in H2 2024 (hiring freeze, reduced spending, short‑time work). Headcount declined by 184 to 5,599 employees (‑3.2% vs. 31 Dec 2023), and further cost measures will continue to support profitability.

Key drivers and one‑off effects

Lower subsidies for energy‑efficient refurbishment, adverse weather affecting outdoor application, geopolitical and macroeconomic headwinds, and negative earnings contributions from Ströher (Germany), Skyrise (Canada) and the deconsolidation of Sto Ltd (UK, Dec 2024) materially weighed on results.

Outlook for 2025

For FY 2025 Sto expects consolidated turnover of about EUR 1.57 billion and EBITDA/EBIT guidance of EUR 51–71 million (EBT EUR 50–70 million), implying a return on sales of roughly 3.1–4.5% and ROCE of 6.8–9.6%. Management warns of continued uncertainty from macro and political factors and will continue cost measures to support margins.

Q1 2025 update

Turnover in Q1 2025 was below the prior‑year level but slightly ahead of internal expectations; seasonal and margin pressures persist, and the company expects the challenging environment to continue through 2025.