FY ORGANIC1 GROWTH AT +3% AND Adj. EBIT +20.6%,
MARGIN AT 7.1% FOR THE FY AND 10.5% IN Q4
• FY Net revenue at €2,707m, up 3.0% organically1 YoY, and €747m in Q4, up 2.1% organically1 YoY thanks to strong performance in Europe, especially of heating heat pumps in Germany
• FY Adjusted EBIT at €193m, with 7.1% margin on Net Revenue (+100 bps YoY). Adjusted EBIT at €79m in Q4 (€63m in Q4'24), with 10.5% margin (+180 bps YoY), in line with historical seasonality, driven by operating leverage and efficiency initiatives, while accelerating investments in go-to-market, new products, digitalization and R&D
• FY Free cash flow at €125m (€152m in 2024), reflecting a higher level of investment in strategic initiatives to fuel growth and competitiveness
• Net debt2 at €574m, improved compared with €603m at 2024 year-end, thanks to free cash flow generation and including dividend payment, cash-out for acquisitions and buyback
• Proposed dividend of 10 eurocent per share, amounting to 33% of adjusted net profit
2026 GUIDANCE
• 2026 Net revenues between +1% and +4% organically4 YoY, thanks to continuous recovery of European heating demand, water heating steady performance and a diversified product portfolio
• 2026 adjusted EBIT margin between 7% and 8%, thanks to cost efficiencies and operating leverage, while increasing investments in go-to-market, new products, digitalization and R&D to fuel growth
Paolo Merloni, Executive Chairman, said: "2025 was a year of strong strategic progress for Ariston Group. The industry is undergoing a deep transformation, where scale, technology and a clear vision are essential to create long term value. We strengthened our industrial and innovation capabilities, expanded in high potential markets, and advanced our scale and leadership through the Riello agreement and the joint venture with Lennox. We continue to pursue opportunities with a strong strategic fit to further reinforce our Group global position in sustainable climate and water comfort".
Maurizio Brusadelli, Chief Executive Officer, commented: "In 2025 the market showed signs of recovery, supported by growth in renewable technologies in Germany. Our solid position in this key market allowed us to fully capture the expansion of heat pumps, while our comprehensive portfolio and disciplined execution delivered a strong full year performance, overperforming the market. Looking ahead, we are positive on 2026, supported by the gradual recovery of European heating demand and by the solid foundations we have built through continued investment in our products, organization and digital capabilities".
Download full press release:
https://www.afm.nl/en/sector/registers/meldingenregisters/openbaarmaking-voorwetenschap/details?id=C2603-00145
MARGIN AT 7.1% FOR THE FY AND 10.5% IN Q4
• FY Net revenue at €2,707m, up 3.0% organically1 YoY, and €747m in Q4, up 2.1% organically1 YoY thanks to strong performance in Europe, especially of heating heat pumps in Germany
• FY Adjusted EBIT at €193m, with 7.1% margin on Net Revenue (+100 bps YoY). Adjusted EBIT at €79m in Q4 (€63m in Q4'24), with 10.5% margin (+180 bps YoY), in line with historical seasonality, driven by operating leverage and efficiency initiatives, while accelerating investments in go-to-market, new products, digitalization and R&D
• FY Free cash flow at €125m (€152m in 2024), reflecting a higher level of investment in strategic initiatives to fuel growth and competitiveness
• Net debt2 at €574m, improved compared with €603m at 2024 year-end, thanks to free cash flow generation and including dividend payment, cash-out for acquisitions and buyback
• Proposed dividend of 10 eurocent per share, amounting to 33% of adjusted net profit
2026 GUIDANCE
• 2026 Net revenues between +1% and +4% organically4 YoY, thanks to continuous recovery of European heating demand, water heating steady performance and a diversified product portfolio
• 2026 adjusted EBIT margin between 7% and 8%, thanks to cost efficiencies and operating leverage, while increasing investments in go-to-market, new products, digitalization and R&D to fuel growth
Paolo Merloni, Executive Chairman, said: "2025 was a year of strong strategic progress for Ariston Group. The industry is undergoing a deep transformation, where scale, technology and a clear vision are essential to create long term value. We strengthened our industrial and innovation capabilities, expanded in high potential markets, and advanced our scale and leadership through the Riello agreement and the joint venture with Lennox. We continue to pursue opportunities with a strong strategic fit to further reinforce our Group global position in sustainable climate and water comfort".
Maurizio Brusadelli, Chief Executive Officer, commented: "In 2025 the market showed signs of recovery, supported by growth in renewable technologies in Germany. Our solid position in this key market allowed us to fully capture the expansion of heat pumps, while our comprehensive portfolio and disciplined execution delivered a strong full year performance, overperforming the market. Looking ahead, we are positive on 2026, supported by the gradual recovery of European heating demand and by the solid foundations we have built through continued investment in our products, organization and digital capabilities".
Download full press release:
https://www.afm.nl/en/sector/registers/meldingenregisters/openbaarmaking-voorwetenschap/details?id=C2603-00145
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