• Normalized EBITDA from continuing operations rose by 7% to EUR 10.8 million (Q1 2024: EUR 10.1 million)
• Normalized EBITDA margin improved to 13.8% (Q1 2024: 13.4%)
• Industrial Brakes revenue continues its gradual recovery with 7% year-on-year growth
• Strong revenue growth in Mobility (+26%) as projects in China ramp up
• Net debt reduced to EUR 97.0 million, with the leverage ratio improving to 2.5
• Divestment of Automotive activities completed, with the final EUR 8.6 million payment received
Joep van Beurden, Kendrion CEO:
"We are pleased to report a solid start to 2025, demonstrating resilience and growth despite ongoing global economic challenges. Revenue for the first quarter increased by 4% compared to the first quarter of 2024, reaching EUR 78.1 million.
In particular, our Industrial Brakes (IB) segment showed a gradual recovery, with revenue growing by 7% year-over-year, while Industrial Actuators and Controls (IAC) experienced a decline, primarily due to a stronger comparison base from the previous year. Our China factory performed well, as revenue grew due to higher Mobility projects and a rebound in the Windpower segment.
As a pure-play Industrial company, we are making steady progress toward our profitability target of 15% EBITDA by the end of 2025. In the first quarter, the Added Value margins improved across IAC, IB, and China. Normalized EBITDA reached EUR 10.8 million, reflecting a 7% increase compared to the first quarter of last year. The EBITDA percentage of revenue for continued operations improved to 13.8%, up from 13.4% in the same quarter last year. These positive results demonstrate that our initiatives to improve added value margins while keeping costs under control are starting to deliver tangible benefits.
We completed the divestment of our Automotive franchise with the receipt of the final EUR 8.6 million payment from Solero Technologies LLC. Together with improved profitability and disciplined working capital management, this led to a reduction of our net debt to EUR 97.0 million.
Looking ahead, our regionally organized, 'local for local' supply chains in the US, China, and Europe help shield us from the direct impact of tariffs. While reduced economic activity may impact our business, we believe that our exclusive focus on the Industrial sector and our niche positioning provide a strong foundation to navigate any potential challenges. We remain committed to driving profitability toward our 15% EBITDA target and further reducing net debt.'
Read full press release:
https://www.kendrion.com/en/about-kendrion/investor-relations/press-releases/press-releases-detail-page/q1-2025-results
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