Order intake in the second quarter of 2025 increased by 1.5 percent to EUR 1,309 million compared with EUR 1,289 million in the same period of the previous year, driven by strong base business. On an organic basis, growth reached 5.0 percent. Second-quarter revenue declined slightly by 0.9 percent to EUR 1,312 million, down from EUR 1,323 million in Q2 2024, but recorded organic growth of 1.5 percent. EBITDA before restructuring expenses rose by 8.1 percent to EUR 217 million from EUR 201 million in the prior year. The EBITDA margin before restructuring expenses improved significantly from 15.2 percent to 16.5 percent. Return on capital employed (ROCE) climbed to 35.3 percent compared with 32.3 percent in the prior year. Based on the strong performance, GEA raised its full-year 2025 guidance, now expecting organic revenue growth of 2–4 percent, an EBITDA margin before restructuring expenses of 16.2–16.4 percent, and ROCE between 34 and 38 percent.
“Our continued strong performance in the second quarter underlines the excellence of our global teams and our strategic clarity. We operate in resilient markets and have set the right priorities with our efficiency and transformation programs,” said CEO Stefan Klebert.
Order intake growth in the quarter was particularly strong in dairy farming, dairy processing, pharma, and oil & gas. Revenue growth came from the Separation & Flow Technologies, Food & Healthcare Technologies, and Heating & Refrigeration Technologies divisions. The service business, which offers above-average profitability, performed well across all divisions, increasing its share of total revenue to 40.1 percent from 38.9 percent in the prior year.
EBITDA before restructuring expenses increased mainly due to higher gross profit. Profit for the period climbed by 8.4 percent to EUR 107.0 million, compared with EUR 98.8 million a year earlier. Earnings per share before restructuring expenses rose to EUR 0.69 from EUR 0.56, while earnings per share reached EUR 0.66, up from EUR 0.59.
As of June 30, 2025, net debt was low at EUR 59.8 million, compared with net liquidity of EUR 31.8 million a year earlier. The slight decrease in liquidity was mainly due to payments for the share buyback program and the dividend payout in May 2025 for fiscal year 2024. Net working capital as a share of revenue improved to 7.8 percent, within the target range of 7.0 to 9.0 percent, compared with 9.1 percent in the prior year. ROCE rose significantly to 35.3 percent from 32.3 percent, driven by higher EBIT before restructuring expenses over the last twelve months.
For the first half of fiscal year 2025, order intake totaled EUR 2,724 million, up 2.6 percent from EUR 2,654.4 million in the prior year, with organic growth of 4.2 percent. Revenue increased slightly by 0.2 percent to EUR 2,570 million and rose 1.2 percent organically. The service share of revenue increased to 40.9 percent from 38.5 percent. EBITDA before restructuring expenses rose by 8.9 percent to EUR 415 million, while the EBITDA margin improved to 16.1 percent from 14.9 percent. Profit for the period increased by 6.4 percent to EUR 201.4 million, compared with EUR 189.3 million. Earnings per share before restructuring expenses grew to EUR 1.32 from EUR 1.25, and earnings per share rose to EUR 1.23 from EUR 1.12.
In July, GEA secured one of its largest orders to date from Baladna Food Industries, a leading milk and food producer from Qatar. The company commissioned GEA to build the world’s largest integrated dairy farm and milk powder factory in Algeria. The order, valued between EUR 140 million and EUR 170 million, will be booked in the second half of 2025.
At the end of July, GEA upgraded its full-year 2025 guidance following strong results in the first half of the year and positive expectations for the remainder of the period. The company now anticipates organic revenue growth of 2–4 percent, an EBITDA margin before restructuring expenses of 16.2–16.4 percent, and ROCE in the range of 34–38 percent.
“We anticipate a strong second half of the year – and beyond. I expect us to significantly accelerate revenue growth in 2026,” said Stefan Klebert. “The impact of the recently imposed tariffs on GEA is negligible. Our primary competitors are based in Europe, including the majority of their manufacturing operations. Therefore, we will not be at a competitive disadvantage in geographic terms; even more so given that we have a well-established footprint in the United States, with local production, development, service and sales locations.”
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