Phoenix Mecano reported a modest contraction in proforma organic sales for 2025, with a year-on-year decline of 0.9% that nevertheless beat analyst expectations of a 2% fall. Total sales for the year were €757 million.
Profitability metrics showed mixed trends. The company posted an EBIT of €47.5 million, an 8% reduction versus the previous year, yet this result surpassed UBS estimates of €43 million and the consensus forecast of €44 million. That produced an EBIT margin of 6.3%, down 40 basis points from the prior year but still ahead of market expectations.
Order trends improved toward the end of the year. Fourth-quarter orders rose 5% after a third-quarter decline of 8.5%, lifting the group’s book-to-bill ratio to roughly 1.1x. Management attributed the stronger order intake to demand for industrial components, including measuring systems and electrification products.
Quarterly performance details show a clear improvement in momentum. Group organic sales in Q4 are estimated at plus 4% year-on-year, a turnaround from a 3.9% decline in Q3. The Enclosures division delivered approximately 2-3% organic growth in the quarter, while Industrial Components recorded about 10% organic growth. By contrast, the DOT division continued to face headwinds from tariffs, with Q4 sales down 6% year-on-year.
EBIT margins in the fourth quarter were broadly stable year-on-year at 5.1%, a result analysts described as solid when accounting for normal seasonal effects.
Looking forward, Phoenix Mecano expects a gradual recovery across macro conditions and end markets during 2026, although it cautioned that visibility remains limited. Market consensus currently projects sales to grow about 6% to €805 million for 2026, with EBIT forecast to rise roughly 26% to €60 million. UBS analysts, however, flagged that these consensus targets may be somewhat ambitious.
UBS anticipates a mild positive reaction from the market to the full-year and fourth-quarter results. The company will publish complete disclosure in April.
Contextual note: The figures and forward-looking consensus included here reflect the information provided by Phoenix Mecano and market analysts. No additional data or independent forecasts are introduced beyond those stated by the company and cited estimates.