SIT back to growth: revenues exceed Euro 70 million in Q1 2025
Strong Increase in Sales for the Heating&Ventilation Division
The Group’s adjusted EBITDA increase from 3.8 million to 7.4 million (+94.7% compared to Q1 2024)
Highlights
In the first quarter of 2025, SIT returned:
- Consolidated Revenues of Euro 70.1 million (+1.5% on 2024);
- Heating&Ventilation Division Sales of Euro 50.1 million (+4.7% on 2024 first quarter);
- Metering Division Sales of Euro 18.4 million (-10.8% compared to the same period in 2024), of which Smart Gas Metering Sales of Euro 11.3 million (-15.4%) and Water Metering Sales of Euro 7.1 million (-2.4%);
- Consolidated adjusted EBITDA of Euro 7.4 million, representing 10.6% of total revenues (+94.7% on first quarter of 2024);
- Consolidated adjusted Net Result of Euro -1.5 million with a 57.3% improvement;
- Operating Cash Flow for Q1 2025 positive of Euro 2.0 million after investments of Euro 2.4 million;
- Net financial position of Euro 147.2 million, compared to Euro 161.1 million as of March 31, 2024.
***
Padua, May 9, 2025 – The Board of Directors of SIT S.p.A., listed on the Euronext Milan segment of the Italian Stock Exchange, in a meeting today presided over by Federico de’ Stefani, the Chairperson and Chief Executive Officer of SIT, approved the consolidated results for the first quarter of 2025.
Federico de’ Stefani, Chairperson and Chief Executive Officer of SIT, stated: “The results for the first quarter of 2025 confirm our expectations and, in line with what was communicated during the approval of the 2024 financial statements, the structural effects of the measures we have implemented are starting to materialize: revenues and Adjusted EBITDA are growing, driven by the performance of the Heating&Ventilation Division, which recorded significant sales increases in both Italy and the Americas (up +15.7% and +31.4%, respectively, compared to the first three months of 2024). The order backlog, both for the Heating&Ventilation Division and the Metering Division, encourages us to pursue the Group’s 2025 targets”.
KEY FINANCIALS
| (Euro,000) | Q1 2025 | % | Q1 2024 | % | change % |
| Revenues from contracts with customers | 70,054 | 100.0% | 69,045 | 100.0% | 1.5% |
| EBITDA | 5,577 | 8.0% | 6,352 | 9.2% | -12.2% |
| Adjusted EBITDA | 7,434 | 10.6% | 3,819 | 5.5% | 94.7% |
| EBIT | (814) | -1.2% | (493) | -0.7% | -65.1% |
| Adjusted EBIT | 1,043 | 1.5% | (3,025) | -4.4% | 134.5% |
| Net result | (2,879) | -4.1% | (1,846) | -2.7% | -56.0% |
| Adjusted net result | (1,540) | -2.2% | (3,607) | -5.2% | 57.3% |
| Cash flow from operating activities after investing activities | 1,994 | (7,567) |
| (Euro,000) | 31/03/2025 | 31/12/2024 | 31/03/2024 |
| Net financial debt | 147,225 | 145,850 | 161,058 |
| Net financial debt /Adjusted EBITDA (last 12 months) | 4.7x | 5.3x | 6.6x |
| Net trade working capital | 66.951 | 65,605 | 86.461 |
| Net trade working capital/Revenues | 23.6% | 21.9% | 31.2% |
Sales Performance
Consolidated Revenues by Division
| (Euro,000) | Q1 25 | % | Q1 24 | % | change | change % |
| Heating&Ventilation | 50,115 | 71.5% | 47,877 | 69.3% | 2,238 | 4.7% |
| Metering | 18,428 | 26.3% | 20,662 | 29.9% | (2,233) | (10.8%) |
| Total sales | 68,543 | 97.8% | 68,539 | 99.3% | 4 | 0.0% |
| Other revenues | 1,511 | 2.2% | 506 | 0.7% | 1,005 | 198.6% |
| Total sales | 70,054 | 100% | 69,045 | 100% | 1,009 | 1.5% |
Consolidated Revenues by Geographic Area
| (Euro,000) | Q1 25 | % | Q1 24 | % | change | change % |
| Italy | 21,963 | 31.4% | 23,275 | 33.7% | (1,312) | (5.6%) |
| Europe (excluding Italy) | 28,607 | 40.8% | 29,888 | 43.3% | (1,282) | (4.3%) |
| The Americas | 13,957 | 19.9% | 10,218 | 14.8% | 3,739 | 36.6% |
| Asia/Pacific | 5,528 | 7.9% | 5,664 | 8.2% | (136) | (2.4%) |
| Total sales | 70,054 | 100% | 69,045 | 100% | 1,009 | 1.5% |
Consolidated revenues for the first quarter of 2025 amounted to Euro 70.1 million, representing an increase of 1.5% compared to the first quarter of 2024 (Euro 69.0 million).
Heating&Ventilation Division
Sales for the Heating&Ventilation Division in the first quarter of 2025 reached Euro 50.1 million, up 4.7% compared to Euro 47.9 million in the same period of 2024 (exchange rate impact not material).
The following table shows the characteristic sales by geographical area of the Heating&Ventilation Division based on management criteria:
| (Euro,000) | Q1 25 | % | Q1 24 | % | change | chenge % |
| Italy | 10,636 | 21.2% | 9,191 | 19.2% | 1,444 | 15.7% |
| Europe (excluding Italy) | 21,162 | 42.2% | 22,869 | 47.8% | (1,707) | (7.5%) |
| America | 12,860 | 25.7% | 9,788 | 20.4% | 3,072 | 31.4% |
| Asia/Pacific | 5,457 | 10.9% | 6,028 | 12.6% | (571) | (9.5%) |
| Total sales | 50,115 | 100% | 47,877 | 100% | 2,238 | 4.7% |
At the geographical level, in the first quarter, Italy recorded a 15.7% increase compared to the same period in 2024, confirming the positive trend observed over the last quarters of the previous year, mainly driven by ventilation products.
As for Europe, excluding Italy, the first quarter registered a 7.5% decline in sales compared to the same period in the previous year. Despite the overall decrease, the quarter’s performance is considered positive, as the decline was concentrated in specific areas such as Turkey (-31.4% compared to the first quarter of 2024), which was impacted by local conditions and the presence of certain OEMs operating in the Central Heating sector. Other markets, such as Central Europe, reported 10.7% growth, driven by the Electronics segment, while the UK recorded revenues in line with those registered in the first quarter of 2024.
The Americas experienced strong growth in the first quarter, up +31.4% compared to the same period in the previous year, driven by solid performances in the fireplace and Central Heating segments, with no significant exchange rate impact.
The Asia-Pacific area recorded a 9.5% decline in the first quarter of 2025 compared to the same period in 2024. This decrease is mainly due to the performance of the Chinese market, only partially offset by the solid results from the Australian market.
Metering Division
Sales in the Metering Division amounted to Euro 18.4 million in the first quarter of 2025, reflecting a 10.8% decline compared to the same period in 2024.
Sales in the Smart Gas Metering sector totalled Euro 11.3 million, down from Euro 13.4 million in the first quarter of 2024. This temporary decline is primarily due to order fulfilment delays, which are expected to be recovered during the second quarter. Over 90% of the sales in this segment were generated in Italy, with the UK sales forecast concentrated in the second half of the year.
Sales in the Water Metering segment reached Euro 7.1 million, a 2.4% decrease compared to the same period in 2024. Sales were generated in Spain for 24.2%, in Portugal for 17.9%, in the rest of Europe for 40.3% and for 14.8% and 2.8% in America and Asia respectively.
Operating performance
Consolidated revenues for the first quarter of 2025 amounted to Euro 70.1 million, reflecting a 1.5% increase compared to Euro 69.0 million in the same period in 2024.
The adjusted EBITDA reached Euro 7.4 million, marking a 94.7% increase from Euro 3.8 million in the first quarter of 2024 was affected by the effect of higher volumes in the Heating&Ventilation division and the consolidation of efficiency measures implemented in 2024.
The purchase cost of raw materials and consumables, including inventory variations, amounted to Euro 33.5 million, representing 47.8% of revenues, compared to 50.5% in the first quarter of 2024.
Service costs amounted to Euro 11.8 million, up from Euro 11.0 million in the first quarter of 2024, accounting for 16.8% and 16.0% of revenues, respectively.
Personnel costs stood at Euro 18.6 million, down from Euro 19.1 million in the same period in 2024, representing 26.6% of revenues compared to 27.6% in 2024. Excluding one-time reorganization expenses, personnel costs were Euro 17.0 million, or 24.3% of revenues.
Depreciation and amortization costs amounted to Euro 6.4 million, slightly lower than the Euro 7.0 million reported in the first quarter of 2024.
The operating result (EBIT) amounted to Euro -0.8 million, compared to a loss of Euro 0.5 million in the first quarter of 2024.
The adjusted operating result (EBIT adjusted) for the first quarter of 2025 stood at Euro 1.0 million.
Net financial charges for the first quarter of 2025 were Euro 1.4 million, down from Euro 1.8 million in the same period in 2024.
Taxes for the period amounted to Euro 0.8 million, compared to a deferred tax provision of Euro 0.2 million in the first quarter of 2024.
The net result for the period registered a loss of Euro 2.9 million, compared to a loss of Euro 1.8 million in the same period in 2024.
The adjusted net result for the period was a loss of Euro 1.5 million, compared to a loss of Euro 3.6 million in the same period in 2024.
Cash flow performance
As of March 31, 2025, the net financial debt amounted to Euro 147.2 million, compared to Euro 145.9 million as December 31, 2024 and Euro 161.1 million as March 31, 2024. The evolution of the net financial position is shown in the table below:
| (Euro,000) | Q1 2025 | Q1 2024 |
| Cash flow from current activities (A) | 6,022 | 4,028 |
| Change in inventories | (5,452) | (6,983) |
| Change in trade receivables | 3,001 | 435 |
| Change in trade payables | 2,108 | 541 |
| Change in other current assets and liabilities and for taxes | (1,241) | (1,149) |
| Cash flow from changes in Working Capital (B) | (1,584) | (7,156) |
| CASH FLOW FROM OPERATING ACTIVITIES (A + B) | 4,438 | (3,128) |
| Cash flow from investing activities (C) | (2,444) | (4,439) |
| OPERATING CASH FLOW AFTER INVESTING ACTIVITIES (A + B + C) | 1,994 | (7,567) |
| Changes for interest | (1,692) | (2,305) |
| Changes MTM derivatives and amortised cost | 76 | 487 |
| Changes in translation reserves and other assets | (288) | (185) |
| Changes to financial assets | (1,120) | 2,272 |
| IFRS 16 | (345) | (70) |
| Change in Net Financial Position | (1,375) | (7,368) |
| Opening Net Financial Position | 145,850 | 153,690 |
| Closing Net Financial Position | 147,225 | 161,058 |
Financial flows in the first quarter of 2025 highlight a cash generation from current activities of Euro 6.0 million, compared to Euro 4.0 million in the same period of 2024. The difference is due to the economic performance over the two periods.
In the first quarter of 2025, the absorption of working capital amounted to Euro 1.6 million, compared to Euro 7.2 million absorbed in the same period of the previous year.
At the level of commercial working capital trends, there has been an increase in inventories of Euro 5.5 million, in line with the seasonality of the Heating&Ventilation business and the level of the order backlog in the Smart Gas Metering sector. Trade receivables and payables recorded a variation during the quarter that substantially offsets the cash absorption of the inventory since the beginning of the year.
Cash flow from investing activities amounted to Euro 2.4 million, compared to Euro 4.4 million in the first quarter of 2024.
As a result, operating cash flow after investing activities was positive at Euro 2.0 million, compared to a cash absorption of Euro 7.6 million in the first quarter of the previous year.
Among the financing activities, the first quarter of 2025 includes interest expenses of Euro 1.7 million and changes in financial receivables for an additional Euro 1.1 million.
Significant events after the reporting period
No significant events have occurred after the end of the quarter.
Outlook
The forecasts communicated on April 17, 2025, during the presentation of the 2024 draft financial statements have been confirmed. Accordingly, consolidated revenues for 2025 are expected to grow in the high single-digit range, mainly driven by market share expansion. This growth is anticipated to materialize in the second half of the year, based on existing client agreements.
The product range diversification launched in 2024 within the Heating&Ventilation segment is also expected to gradually support revenues growth.
In addition, positive carry-over effects from the newly implemented industrial footprint and further initiatives starting in 2025 will contribute to enhancing cost efficiency throughout the year.
The adjusted EBITDA margin is expected to return to double digits and will support a further reduction in net financial debt.
The current outlook does not consider recent developments concerning duties and tariffs, or any future adjustments thereto.
***
Declaration of the manager responsible of the preparation of the Company’s accounts
The manager responsible of the preparation of the Company’s accounts, Mr. Paul Fogolin, hereby certifies — pursuant to paragraph 2 of Article 154-bis of the “Testo Unico della Finanza” — that the accounting information contained in this press release are fairly representing the accounts and the books of the Company. This press release and the related results presentation for the period are made available on the website www.sitcorporate.it in the “Investor Relations” section and in the storage system www.emarketstorage.it.
Today at 3:00 PM CEST, SIT’s management will hold a conference call to present the Group’s consolidated results for the period to the financial community and the press.
Participation in the call is available at the following link: https://shorturl.at/xEmeo
Supporting documentation will be published in the “Investor Relations” section of the Company’s website (www.sitcorporate.it) prior to the start of the conference call, as well as on the authorized centralized storage mechanism “eMarket Storage”.
***
Annex 1
BALANCE SHEET
| (Euro.000) | 31/03/2025 | 31/12/2024 | |
| Goodwill | 63.278 | 63.278 | |
| Other intangible assets | 45.655 | 46.978 | |
| Property, plants and equipment | 91.910 | 95.229 | |
| Investments | 1.081 | 1.081 | |
| Non-current financial assets | 3.391 | 2.573 | |
| Deferred tax assets | 12.076 | 12.665 | |
| Non-current assets | 217.391 | 221.804 | |
| Inventories | 77.491 | 72.263 | |
| Trade receivables | 57.221 | 60.274 | |
| Other current assets | 10.917 | 10.517 | |
| Tax receivables | 1.666 | 2.372 | |
| Other current assets | 3.965 | 5.505 | |
| Cash and Cash Equivalents | 11.932 | 14.038 | |
| Current assets | 163.194 | 164.971 | |
| Total assets | 380.585 | 386.775 | |
| Share capital | 96.162 | 96.162 | |
| Total Reserves | 4.348 | 35.972 | |
| Net Profit | (3.849) | (31.573) | |
| Minority interests net equity | 970 | 862 | |
| Shareholders’ Equity | 97.631 | 101.422 | |
| Medium/long-term loans and borrowings | 76.521 | 76.610 | |
| Other non-current financial liabilities and derivative financial instruments | 55.002 | 54.560 | |
| Provisions for risks and charges | 10.074 | 9.337 | |
| Post-employment benefit provision | 4.403 | 4.504 | |
| Other non-current liabilities | 3.898 | 3.825 | |
| Deferred tax liabilities | 10.465 | 10.629 | |
| Non-current liabilities | 160.363 | 159.465 | |
| Short-term bank loans | 17.747 | 19.356 | |
| Other current financial liabilities and derivative financial instruments | 13.854 | 14.868 | |
| Trade payables | 67.761 | 66.933 | |
| Other current liabilities | 21.877 | 22.957 | |
| Tax payables | 1.352 | 1.774 | |
| Current liabilities | 122.590 | 125.887 | |
| Total Liabilities | 282.954 | 285.353 | |
| Total Shareholders’ Equity and Liabilities | 380.585 | 386.775 |
Annex 2
INCOME STATEMENT
| (Euro.000) | Q1 2025 | Q1 2024 |
| Revenues from sales and services | 70.054 | 69.045 |
| Raw materials, ancillaries, consumables and goods | 39.130 | 41.924 |
| Change in inventories | (5.671) | (7.030) |
| Services | 11.793 | 11.033 |
| Personnel expense | 18.631 | 19.068 |
| Depreciation, amortisation and write-downs | 6.394 | 7.021 |
| Provisions | 246 | 159 |
| Other charges (income) | 344 | (2.637) |
| EBIT | (814) | (493) |
| Investment income/(charges) | – | – |
| Gains/(Losses) from valuations of minority option liabilities | – | – |
| Financial income | 113 | 128 |
| Financial charges | (1.548) | (1.885) |
| Net exchange gains (losses) | 156 | 199 |
| Impairments on financial assets | – | – |
| Profit before taxes | (2.092) | (2.051) |
| Income taxes | (787) | 206 |
| Net profit for the year | (2.879) | (1.846) |
| Minority interest result | 109 | – |
| Group net profit | (2.987) | (1.846) |
Annex 3
CASH FLOW STATEMENT
