Serge Ferrari: EBITDA Soars by 41%, Group Exits the Red Post-2024
The innovative composite materials manufacturer recorded a dramatic improvement in profitability in 2025, driven by a 7.9% revenue growth and a reduction of 10.4 million euros in net debt. This performance is particularly notable as the group operates in a weakened environment, marked by raw material tensions and hesitant customer demand.
Ongoing Recovery Yields Strong Results
Serge Ferrari displays the results of an ongoing recovery. EBITDA jumped by 41.4% to reach 29.6 million euros in 2025, up from 20.9 million in 2024. Adjusted EBIT increased by 49.5% to 18.8 million euros. Most importantly, the group's net income stabilized at 5.4 million euros, moving out of the red from the 15.2 million loss recorded in 2024, a year exceptionally marred by restructuring expenses related to VerseidagIndutex GmbH. Annual revenues reached 347.5 million euros, growing by 7.9% at constant scope and exchange rates. This growth was concentrated in the first three quarters, with the fourth quarter showing a slight decline of 0.9%.
Key Drivers Behind the Improvement
Behind this improvement, two levers were effective. First, a price increase implemented to mitigate the impact of the volatility of strategic raw materials such as antimony. Secondly, the Transform 2025 plan generated savings of 1.1 million euros. The group also demonstrated tight control over its working capital needs, which fell to 118.5 million euros, or 34.1% of revenues in 2025, compared to 37.7% the previous year. The reduction of net debt by 10.4 million euros and the decrease in the leverage ratio from 3.7 to 2.3 confirm a substantial improvement in the financial structure, strengthened by a refinancing of 105 million euros finalized in December 2025.
Cautious Outlook Despite Improvements
However, the group tempers its expectations. Serge Ferrari cites 'persistently low visibility' and a 'wait-and-see' attitude from some clients as factors for caution. In response, the company announces it will continue to optimize and secure its cost structure to support profitability improvement. No specific guidance has been provided for 2026. This caution suggests that the group, although having neutralized the depressive effects of 2024, does not consider the recovery sustainable until client demand shows signs of consolidation. The challenge for investors lies in the group's ability to transform operational improvement into sustainable organic growth in a market that remains fragmented and subject to geopolitical tensions.
