Gévelot: Revenue Up by 13.2% in 2025, Net Income Down by 12%
Gévelot released its 2025 results on Thursday, marked by a 13.2% increase in revenue to €156.3 million, driven by strong dynamics in the Americas and the Middle East. However, consolidated net income amounted to €2.9 million, down 12% from €3.3 million in 2024, indicating that revenue growth was insufficient to offset margin pressure factors.
Revenue Increase of 13.2%, Growth Hindered by Exchange Rates
The group recorded consolidated revenue of €156.3 million in 2025, up from €138.1 million in 2024. At constant exchange rates, this increase reached 16.9%, reflecting a more sustained operational dynamic than the progression shown in current euros. This divergence reflects the impact of exchange rate fluctuations, particularly on revenues generated by the Pumps division in foreign currencies.
Growth was generalized across all group activities. The Americas and the Middle East exhibited particularly strong dynamics, according to the statement. This geographic expansion is a key element of the group's trajectory in a volatile macroeconomic environment, where geopolitical tensions and logistical disruptions continue to weigh.
Decrease in Net Income Despite Overall Profitability Improvement
The group's net income came to €2.9 million, compared to €3.3 million the previous year, a contraction of 12%. This decrease occurs in a context where the overall profitability of the group has improved over the year, according to the statement. This apparent contradiction reflects several simultaneous pressure factors: the presence of lower-yield projects, a less favorable commercial mix, and stock adjustments.
At the parent company level, Gévelot S.A., net income reached €3.1 million in 2025 compared to €17.8 million in 2024. This major contraction (83%) is explained by the payment in 2024 of an exceptional dividend of €15.0 million by subsidiaries, a comparison that makes year-on-year reading less relevant for operational activity. The incomplete absorption of certain fixed costs, currently undergoing normalization, also continued to impact performance.
Dividend Maintained and 2026 Environment Marked by Caution
The group has decided to distribute a dividend of €5.00 per share, identical to the previous fiscal year, with payment scheduled for June 19, 2026. For the parent company, activity is expected to be stable in 2026, supported by rental income and services charged to subsidiaries. Net income is anticipated to improve, particularly benefiting from an increase in the dividend paid by the subsidiary PCM S.A.
However, the group maintains a cautious approach in an international environment marked by high market volatility, persistent geopolitical conflicts, and increased tariffs in the United States. Tensions continue to test global supply chains and logistical flows. Gévelot prioritizes disciplined execution of its order book and management of risks related to supply, logistics, and inflationary pressures.
