-
Key economic performance indicators for 9M 2025 are as follows:
- Revenues are €113,2M (€117,7M in 9M 2024)
- Adj. Ebitda is €14,6M or 12,9% of Revenues (€15,1M or 12,8% of Revenues in 9M 2024)
- Net Result Adj. €4,7M (€5,2M in 9M 2024)
-
Net Debt reduction trend continues:
- NFP down to €15,2M as of 30.09.2025 vs. €22,0M as of 31.12.2024, improving by €6,8M
- Leverage ratio 0,68x vs 0,97x as of Dec 31, 2024
- Operating Cash Flow: € 16,5M vs. € 19,1M in 9M 2024
117,7
113,2
15,1
14,6
5,2
4,7
22,0
15,2
10,0
Leverage ratio
Net financial position
30.09.2025
31.12.2024
-
20,0
0,68x
0,97x
40,0 (€M)
9M 2025
9M 2024
-
5,0
15,0
(€M)
20,0
9M 2025
9M 2024
110,0
90,0
70,0
50,0
30,0
10,0
(€M)
130,0
9,0
(€M)
7,0
5,0
3,0
1,0
(1,0)
9M 2024
9M 2025
(€M)
117,7
1,0
0,8
113,2
(5,0)
(1,3)
Red line
80,0%
Product
Line
Black line
7,0%
Blue line
13,0%
130,0
125,0
120,0
115,0
International
52,2%
Geo
Italy
47,8%
110,0
105,0
100,0
9M 2024 Red Line Italy
Red Line Int.
Black line Blue line 9M 2025
- Revenues reflected a slight contraction in comparison with 9M 2024 (-3,8%)
- Red line achieved a positive performance on the domestic market (+€1,0M), while international revenues experienced a slowdown (-€5,0M), due both to local weaknesses in certain geographies and to some commercial factors, on which we are actively working
- Black line increased by €0,8M (up by 11,5% compared to 9M 2024)
- Blue division: sales trend progressively improving with respect to H1 25 performance
9M 2025
Op.Ex.*
Gross Margin*
9M 2024
6,0
4,0
2,0
0,0
14,6
15,1
12,0
10,0
8,0
0,3
(0,8)
20,0
18,0
16,0
14,0
EBITDAAdj.bridge- EBITDA Adj. is €14,6M as of September 30, 2025 (12,9% on Revenues) vs. €15,1M in 9M 2024 (12,8% on Revenues)
- Gross margin Adjusted at €46,7M vs. €47,5M in 9M 2024
-
Opex *:
- Decrease by € 0,3M vs. 9M 2024
- Ratio to Revenues is 28,4% (27,6% in 9M 2024)
*Adj for non recurring items
Net result adj.
9M 2025
Taxes
Net Financials
D&A
Ebitda Adj.
Net result adj.
9M 2024
0,0
1,0
2,0
4,7
5,2
3,0
4,0
(0,1)
(0,0)
0,1
5,0
(€M)
6,0
(0,5)
- Net Result Adj. is €4,7M vs. €5,2M in 9M 2024 (most significant variances originated at the Ebitda level)
Net debt
30.09.2025
Cash & Eq.
Other
IFRS 16
Fair Value Put & Call
Financial Liabilities
Net debt
31.12.2024
-
5,0
10,0
15,0
0,1
(0,0)
20,0
(€M)
25,0
NetDebtbridge15,2
22,0
(3,5)
(0,6)
(2,8)
NetDebt
(€M) | 31.12.2024 | 30.09.2025 | Var. |
Financial Liabilities | 34,9 | 32,1 | (2,8) |
Fair Value Put&Call | 5,0 | 4,9 | (0,0) |
IFRS 16 | 3,3 | 2,7 | (0,6) |
Other | (0,3) | (0,3) | 0,1 |
Cash & Equivalents | (20,8) | (24,2) | (3,5) |
Net Debt | 22,0 | 15,2 | (6,8) |
- Net debt as of 30 September 2025 is €15,2M compared to €22,0M as of 31 December 2024 mostly due to Operating Cash Flow of the period
- Unused credit lines at September 30, 2025 amount to €19,5M
In the first nine months of 2025, we maintained a sound balance between profitability and financial strength, despite a challenging international market environment
In this scenario, Red division experienced some headwinds in the international markets, whereas it continued to grow consistently in the domestic market. Black division sales continued to increase compared to Sept. 2024. Blue division is progressively recovering the gap experienced in H1.
We continue to invest in the Group's positioning both through business development projects with selected trade partners and by accelerating the pace of technological innovation across our core product ranges, particularly recharging and audio, as well as the latest categories of wearable accessories
CFO: Giacomo Rizzi (formerly Group Finance, Tax and Credit Director) to replace Mauro Borgogno starting from Dec. 1, 2025
Outlook for 2025:
The Group continues to be affected by the unfavorable conditions in its reference markets, despite a partial upturn achieved in the last quarter
In this context, considering the seasonal nature of the business-with a strong concentration of revenues and results in the final quarter of the fiscal year-and the ongoing market dynamics, the latest guidance disclosed in the September 10 press release is confirmed, based on the information available to date
IR contact
Marco Cagnetta
Board Member and General Manager Sales and Marketing & IR
Mauro Borgogno
Group Chief Financial Officer e Dirigente Preposto
Vincenzo Pacilli
IR and M&A Manager ir@cellularlinegroup.com https://www.cellularlinegroup.com
Ph: +39 0522 33 40 02
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Cellularline S.p.A. published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 06, 2025 at 08:19 UTC.
