Italy · Delayed Price · Currency is EUR Ariston Holding Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw strong revenue and margin growth, led by heating and water heating, with the Americas rebounding and Europe performing well. The Riello acquisition expands scale and is expected to add EUR 190–200 million revenue in H2. Full-year guidance for organic growth and margins is confirmed.
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Q1 2026 delivered stable revenues and resilient margins, driven by renewables in Europe, especially Germany, while North America and the Middle East faced headwinds. Full-year guidance is confirmed, with positive trends expected in Q2 and ongoing strategic progress, including the Riello acquisition.
Fiscal Year 2025
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2025 saw robust organic growth, margin improvement, and strong cash generation, driven by heat pump demand and strategic investments. 2026 guidance targets 1–4% organic revenue growth and 7–8% EBIT margin, with continued focus on innovation and M&A.
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Q3 delivered strong organic growth and margin improvement, driven by heat pumps in Germany and solid water heating performance. Full-year organic revenue growth guidance was raised to +3%, with continued investment in efficiency, sustainability, and strategic M&A.
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Q2 saw 3.6% organic growth and a 50 bps margin improvement, with strong heat pump sales offsetting boiler declines. Guidance for 2025 organic growth was narrowed to 1%-3%, and a 7%+ adjusted EBIT margin is expected, supported by efficiency programs and new strategic initiatives.
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Q1 2025 saw a return to revenue growth and margin improvement, driven by recovery in heating and resilience in water heating. All regions and divisions grew, with adjusted EBIT up 26.3% and free cash flow improving. Full-year guidance for organic revenue growth and margin is confirmed.
Fiscal Year 2024
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2024 saw a sharp revenue decline due to weak European heating demand, but strong cash flow and efficiency gains supported financial stability. Guidance for 2025 anticipates modest revenue growth, margin improvement, and increased investment, with risks tied to incentives and tariffs.
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Q3 saw a 13.7% organic revenue decline year-on-year, but margins improved due to efficiency actions. Free cash flow turned positive, and guidance for 2024 is unchanged, with a 12–15% revenue drop and 6% EBIT margin expected. Recovery is anticipated from 2025.
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Q2 and H1 2024 saw a sharp revenue and margin decline due to unprecedented weakness in European heating markets, especially for heat pumps, while Water Heating and Americas showed resilience. Management expects 2024 to be the bottom, with a gradual recovery from 2025 and ongoing cost efficiency actions.