• Turnover of €420.0 million (2.2% organic growth vs. Q1 2024)
• EBITA[1] of €40.0 million (Q1 2024: €41.2 million)
• Good progress towards stable manufacturing in Eemshaven
• ROS of 9.5% (Q1 2024: 9.8%)
• Added value at 51.2% (Q1 2024: 51.8%)
• Order book at €1,137 million (year-end 2024: €1,135 million)
• Outlook reiterated: organic growth in turnover and EBITA in 2025
Alexander van der Lof, CEO of TKH: "Following a strong Q4 with growth in all segments, we had forecasted Q1 to be relatively soft due to seasonality, the ramp-up of the Eemshaven plant and continued weakness in the digitalization market. Despite this, we achieved organic growth, driven by the Smart Vision and Smart Manufacturing segments. Smart Connectivity continued to be impacted by a very weak digitalization market, the cost saving measures we announced will start to have a positive impact in Q2.
During the quarter we made good progress in the ramp-up of our new inter-array cable manufacturing facilities in Eemshaven, with a number of longer length inter-array cables successfully manufactured and delivered in April. In addition, the sales funnel for the offshore inter-array cables continued to grow to over 70 projects, totaling over 11,000 km currently under tender until 2030.
While the recent tariffs announcements may have an indirect impact on businesses in general, we believe the direct cost impact on our business is limited. The strong position we have established through our focus on Automation and Electrification make us more resilient to negative macro-economic developments. We continue to monitor the geopolitical and macro-economic developments closely and take mitigating actions as necessary.
We will continue to divest non-core activities, as evidenced by the recent sale of Dewetron and build on our differentiating core technologies. With a robust strategic and financial foundation, we remain confident in our ability to deliver sustainable value. We therefore reiterate our expectation for organic turnover and EBITA growth in 2025."
Read full press release:
https://www.tkhgroup.com/news/q1-2025-market-update
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