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1
All surfaces
covered
Report for the first three quarters
1 January to 30 September 2025
2
OVERVIEW
Q3
Q1-3
€ million
1/7/-30/9/
2024
1//7/-30/9/
2025
Δ %
1/1/-30/9/
2024
1/1/-30/9/
2025
Δ %
Sales revenue
214.7
203.5
-5
662.2
639.8
-3
EBITDA
19.8
22.6
+14
76.1
66.0
-13
EBITDA-margin in %
9.2
11.1 +1.9 pts.
11.5
10.3
-1.2 pts.
EBITDA adjusted
19.8
22.6
+14
76.8
73.2
-5
EBITDA-margin adjusted in %
9.2
11.1 +1.9 pts.
11.6
11.4 -0.2 pts.
Depreciation and amortization
-15.3
-14.2
+7
-45.6
-43.7
+4
EBIT
4.4
8.4
+90
30.5
22.3
-27
EBIT-margin in %
2.1
4.1 +2.0 pts.
4.6
3.5
-1.1 pts.
Financial result
-7.4
-4.1
+44
-14.0
-18.2
-30
EBT
-3.0
4.3
+241
16.5
4.1
-75
Consolidated net profit / loss
-6.0
0.3
+105
7.8
-5.2
-166
Earnings per share in €
-0.39
0.02
+105
0.50
-0.33
-166
Number of shares
15,505,731
15,505,731
15,505,731
15,505,731
30/9/2024
30/9/2025
Δ %
Net financial debt in € million
349.0
347.2
-1
Level of debt in %
88.3
93.7
+5.4 pts.
Equity ratio in %
38.3
38.5
+0.2 pts.
Number of employees
3,724
3,757
+1
31/12/2024
30/9/2025
Δ %
Net financial debt in € million
339.9
347.2
+2
Level of debt in %
82.8
93.7 +10.9 pts.
Equity ratio in %
40.5
38.5
-2.0 pts.
Number of employees
3,732
3,757
+1
3
Quarterly release SURTECO Group
January – September 2025
Economic report
SALES AND BUSINESS PERFORMANCE FOR THE SURTECO GROUP
Over the course of the first three quarters of 2025, sales revenues of the SURTECO Group decreased by -3 %
to € 639.8 million (2024: € 662.2 million). Aside from sustained weak demand in the domestic market and
abroad, key factors for this were the absence of sales from the division for impregnates discontinued at the
end of May 2025 and negative currency effects, particularly in relation to the US dollar and Brazilian real. The
organic decline in sales derived from continuing business excluding currency effects amounted to -1 %. Over-
all, business transactions in Germany fell back by -3 % in the first three quarters of 2025 compared with the
previous year. In the rest of Europe (not including Germany), business also fell back by -3 %. In North and
South America, sales came down by -4 % compared with the previous year and they fell by -3 % in Asia, Aus-
tralia and the other markets.
SURFACES
The surface activities of the Group, including melamine edgebandings in Europe and South America, are
grouped together in the Segment Surfaces. The sales revenues of the segment decreased in the first three
quarters of 2025, falling to € 196.2 million after € 206.0 million in the year-earlier period. Significantly slack
demand during August, negative effects in the mix of product and batch size and the lack of sales derived
from the discontinued business with impregnates led to this fall in sales amounting to -5 %.
EDGEBANDS
The segment Edgebands comprises all the plastic edging activities of the Group in Europe and South America.
Owing largely to the ongoing weak demand in Europe, segment sales of € 107.4 million generated in the
months from January to September 2025 were -6 % below the year-earlier value of € 114.7 million.
PROFILES
The Segment Profiles bundles the activities with technical extrusions (profiles), skirtings and associated
products in Europe and South America. As a result, this business unit operates in more specialized markets
than the Group’s other segments. During the business year 2025, these markets were less affected by the
general weakness in demand. Consequently, the sales of the segment at € 103.8 million were 3 % above the
year-earlier value of € 100.3 million during the first three quarters.
NORTH AMERICA
The Segment North America includes the activities with all the products of the Group in this region. Sales in
the acquired divisions of Omnova are allocated to this segment and they include the manufacturing facility
in Thailand. Primarily owing to negative foreign exchange-rate effects compared with the previous year,
4
segment sales fell by -3 % to € 198.7 million during the first three quarters of 2025 (2024: € 205.1 million).
Constrained demand in North America was also a factor here.
ASIA / PACIFIC
The Segment Asia / Pacific encompasses business with all product groups in the area of Asia, Australia and
Oceania. During the months from January to September 2025, the Asian market was similarly impacted by
a downward trend in demand. As a consequence, sales eased by -7 % to € 33.6 million (2024: € 36.2 million).
Net assets, financial position and result of operations
BALANCE SHEET PERFORMANCE / CASH FLOW STATEMENT
On 30 September 2025, the balance sheet total of the Group amounted to € 962.0 million after € 1,012.4 mil-
lion at year-end 2024. Current assets decreased from € 319.0 million at year-end 2024 to € 317.4 million at
the end of the third quarter. Lower cash and cash equivalents resulting from repayment of financial liabilities
were offset by higher trade accounts receivable and increased inventories. Non-current assets fell back pri-
marily as a result of scheduled depreciation and amortization and currency adjustments on assets from
€ 693.4 million at year-end 2024 to € 644.6 million on 30 September 2025. On the liabilities side of the bal-
ance sheet, current liabilities amounting to € 154.6 million at year-end 2024 increased to € 165.7 million at
the end of the third quarter of 2025 on account of repayments of financial liabilities and thus the reclassifi-
cation of long-term financial liabilities to short term financial liabilities. Accordingly, non-current liabilities
decreased to € 425.7 million compared with year-end figure 2024 of € 447.3 million. Equity consequently fell
back from € 410.5 million at year-end 2024 to € 370.6 million and the corresponding ratio (equity / balance
sheet total) decreased from 40.5 % to 38.5 % on 30 September 2025. After free cash flow of € 23.8 million in
the first three quarters of the previous year, the value amounted to € 20.4 million in the reporting period.
Abbreviated balance sheet of the SURTECO Group
€ million
31/12/2024
30/9/2025
ASSETS
Current assets
319.0
317.4
Non-current assets
693.4
644.6
Balance sheet total
1,012.4
962.0
LIABILITIES
Current liabilities
154.6
165.7
Non-current liabilities
447.3
425.7
Equity
410.5
370.6
Balance sheet total
1,012.4
962.0
5
GROUP RESULTS
In the first three quarters of 2025, purchase prices of the raw materials paper, plastic, chemicals and energy
developed unevenly compared with the previous year. These are the most important cost factors in the
SURTECO Group. Overall, the cost of materials ratio at 48.6 % was slightly above the value of 48.3 % in the
year-earlier period. Personnel costs in relation to total output went up from 25.9 % in the previous year to
27.5 % over the months January to September 2025. This is primarily due to the provisions for redundancy
payments as a result of the discontinuation of the impregnates business. The ratio of other operating ex-
penses improved from 15.2 % in the previous year to 14.5 %. Overall, the expense items amounted to
€ -586.0 million after € -598.6 million in the previous year. On the basis of total output of € 646.5 million
(2024: € 669.5 million) and other operating income of € 5.5 million (2024: € 5.3 million), earnings before fi-
nancial result, income tax and depreciation and amortization (EBITDA) fell by -13 % to € 66.0 million (2024:
€ 76.1 million). The EBITDA margin (EBITDA/Sales) amounted to 10.3 % after 11.5 % in the previous year. Tak-
ing account of the development of the individual quarters, an analysis demonstrates that EBITDA stabilized
during the third quarter of 2025, with even an increase of 14 % compared with the same quarter in the previ-
ous year. After analysis of the one-off exceptional effects (transaction costs, restructuring costs, consul-
tancy expenses, material write-downs arising from discontinuation of the Impregnates division, extraordi-
nary other income), adjusted EBITDA amounted to € 73.2 million in the first three quarters of 2025 after
€ 76.8 million in the previous year. The corresponding margin was 11.4 % (2024: 11.6 %). Amortization and
depreciation at € -43.7 million were below the year-earlier value of € -45.6 million. Hence, earnings before
financial result and income tax (EBIT) of the Group amounted to € 22.3 million in the first three quarters of
2025 after € 30.5 million in the previous year. As a ratio of sales, the EBIT margin was 3.5 % (2024: 4.6 %).
As a result of settlement of financial liabilities, interest expenses came down during the reporting period,
although negative exchange-rate effects arising from balance-sheet revaluations led to a financial result of
€ -18.2 million after € -14.0 million in the previous year. Accumulated, earnings before income tax (EBT)
came down to € 4.1 million (2024: € 16.5 million). After deduction of € -9.2 million (2024: € -8.9 million) for
income tax and minority interests of € 0.0 million (2024: € 0.1 million), consolidated net loss amounts to
€ -5.2 million after consolidated net profit of € 7.8 million in the previous year. On the basis of the unchanged
amount of 15,505,731 no-par value shares, the earnings per share amounted to € -0.33 in the nine months
from January to September 2025 after € 0.50 in the previous year.
Calculation of free cash flow
€ million
1/1/-30/9/
2024
1/1/-30/9/
2025
Cash flow from current business operations
44.4
38.1
Payout from business combinations
-6.3
0.0
Sale of business
0.0
0.7
Purchase of property, plant and equipment
-15.3
-18.3
Purchase of Intangible assets
-0.6
-1.8
Inflows from disposal of property, plant and equipment
1.6
1.7
Cash flow from Investment activity
-20.6
-17.7
Free cash flow
23.8
20.4
6
RESULT OF THE SEGMENTS
Adjusted EBITDA of € 16.3 million meant that earnings for the Segment Surfaces during the first three quar-
ters of 2025 were below the year-earlier value of € 21.2 million owing to the reduction in sales volume and
slightly increased cost of materials. These reasons accounted for adjusted EBITDA for Edgebands at € 17.4
million being below the level of € 21.4 million from the previous year. Conversely, adjusted EBITDA for Profiles
at € 14.7 million was slightly above the year-earlier level of € 14.0 million. Primarily due to improvements in
other operating expenses, adjusted EBITDA for the Segment North America increased from € 21.7 million in
the previous year to € 23.4 million during the first three quarters of 2025, in spite of a lower volume of sales.
A counterpoint was that adjusted EBITDA for Asia / Pacific eased to € 4.7 million (2024: € 5.4 million), pri-
marily owing to volume effects and slightly increased cost of materials.
Outlook for the business year 2025
According to the ifo Business Climate Index* published by the ifo Institute for Economic Research, sentiment
among companies in Germany has declined once more. It is now at a sustained low level overall. This mood
can also be detected in the Group’s important sales markets, since experience indicates that the economy
of the furniture industry correlates overall with the general economic development. Even if the mood in the
main construction sector is undergoing a modest improvement, significant momentum in the downstream
purchase of furniture and fittings is unlikely over the short term.
Since restrained demand was anticipated for the current business year and the SURTECO Group is continuing
to maintain its strict cost discipline, the earnings forecast given in the Annual Report 2024 (adjusted EBITDA
between € 85 million and € 105 million) is confirmed with the target being attained at the lower end of the
range. The forecast sales of € 850 million to € 900 million are anticipated at the lower end of the range or
slightly below this, on the basis of the ongoing weak demand and negative exchange-rate effects.
*Source: ifo Economic Survey, September 2025
7
Income Statement
Q3
Q1-3
€ 000s
1/7/-30/9/
2024
1/7/-30/9/
2025
1/1/-30/9/
2024
1/1/-30/9/
2025
Sales revenues
214,683
203,497
662,235
639,779
Changes in inventories
878
-1,576
4,884
5,007
Own work capitalized
826
838
2,349
1,695
Total output
216,387
202,759
669,468
646,481
Cost of materials
-108,187
-97,282
-323,572
-314,057
Personnel expenses
-56,885
-54,308
-173,255
-177,987
Other operating expenses
-32,710
-30,565
-101,790
-93,951
Other operating income
1,143
2,010
5,256
5,469
EBITDA
19,749
22,614
76,107
65,955
Depreciation and amortization
-15,338
-14,227
-45,613
-43,665
EBIT
4,411
8,387
30,494
22,290
Interest Income
821
244
2,602
774
Interest expenses
-4,991
-5,350
-15,065
-12,958
Other financial expenses and income
-3,265
968
-1,534
-6,047
Financial result
-7,435
-4,138
-13,997
-18,231
EBT
-3,024
4,249
16,497
4,059
Income tax
-3,018
-3,935
-8,862
-9,227
Net income
-6,042
314
7,635
-5,168
Non-controlling interests
0
0
144
0
Consolidated net profit / loss
-6,042
314
7,779
-5,168
Basic and undiluted earnings per share in €
-0.39
0.02
0.50
-0.33
Number of shares
15,505,731
15,505,731
15,505,731
15,505,731
8
Consolidated Balance Sheet
€ 000s
31/12/2024
30/9/2025
ASSETS
Cash and cash equivalents
71,186
55,133
Trade accounts receivable
75,084
88,094
Inventories
148,044
152,098
Current income tax assets
1,741
1,376
Other current non-financial assets
12,061
14,835
Other current financial assets
10,932
5,909
Current assets
319,048
317,445
Property, plant and equipment
299,440
277,691
Intangible assets
97,283
82,330
Rights of use
37,509
36,748
Goodwill
227,234
219,254
Investments in associates
404
404
Financial assets
1,798
151
Non-current income tax assets
4,507
4,293
Other non-current non-financial assets
370
527
Other non-current financial assets
997
1,015
Deferred taxes
23,812
22,164
Non-current assets
693,354
644,577
1,012,402
962,022
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term financial liabilities
16,743
26,253
Trade accounts payable
92,191
93,544
Income tax liabilities
1,800
3,822
Short-term provisions
4,910
7,586
Other current non-financial liabilities
3,295
4,394
Other current financial liabilities
35,695
30,118
Current liabilities
154,634
165,717
Long-term financial liabilities
394,359
376,047
Pensions and other personnel-related obligations
11,696
11,156
Long term provisions
191
78
Other non-current non-financial liabilities
23
70
Other non-current financial liabilities
1,368
846
Deferred taxes
39,650
37,461
Non-current liabilities
447,287
425,658
Capital stock
15,506
15,506
Capital reserve
122,755
122,755
Retained earnings
263,807
237,554
Consolidated net profit/loss
8,413
-5,168
Equity
410,481
370,647
1,012,402
962,022
9
Consolidated Cash Flow Statement
Q1-3
€ 000s
1/1/-30/9/
2024
1/1/-30/9/
2025
Earnings before income tax
16,498
4,059
Reconciliation of cash flow from current business operations
49,587
51,092
Internal financing
66,085
55,151
Changes in assets and liabilities (net)
-21,711
-17,071
Cash flow from current business operations
44,374
38,080
Cash flow from investment activities
-20,622
-17,699
Cash flow from financial activities
-32,909
-37,477
Change in cash and cash equivalents
-9,157
-17,096
Cash and cash equivalents
1 January
111,811
71,186
Effects of changes in the exchange rate on cash and cash equivalents
498
1,043
30 September
103,152
55,133
10
Segment reporting
With effect from the business year 2023, the management of the company and hence the segment reporting
will be carried out through the segments “Surfaces”, “Edgebands” and “Profiles”, which encompass the re-
gions Europe and South America, and through the regional segments “North America” and “Asia / Pacific”.
The segments are organized across the companies on the basis of the sales markets. Surfaces encompasses
all surface activities including melamine edgings in Europe and South America. The Segment Edgebands
bundles the activities with plastic edgebandings in these regions, while the Segment Profiles concentrates
on skirtings and technical extrusions (profiles). The regional segments comprise all activities in the relevant
geographical markets irrespective of the specific products.
€ 000s
BU
Surfaces
BU
Edgebands
BU
Profiles
BU
North
America
BU
Asia
Pacific
Reconcili-
ation
SURTECO
Group
1/1/-30/9/2025
External sales
196,225
107,429
103,784
198,739
33,602
0
639,779
Internal sales with the
SURTECO Group
13,650
2,474
22
8
222
-16,376
0
Total sales
209,875
109,903
103,806
198,747
33,824
-16,376
639,779
Segment earnings (EBITDA
adjusted)
16,341
17,438
14,749
23,399
4,742
-3,476
73,193
1/1/-30/9/2024
External sales
206,032
114,691
100,290
205,065
36,157
0
662,235
Internal sales with the
SURTECO Group
13,367
1,339
83
0
0
-14,789
0
Total sales
219,399
116,030
100,373
205,065
36,157
-14,789
662,235
Segment earnings (EBITDA
adjusted)
21,171
21,387
13,981
21,680
5,398
-6,824
76,793
Segment reporting by regional markets
Sales revenues
€ 000s
BU
Surfaces
BU
Edgebands
BU
Profiles
BU
North
America
BU
Asia
Pacific
SURTECO
Group
1/1/-30/9/2025
Germany
53,599
19,961
48,055
0
0
121,615
Rest of Europe
135,089
43,395
55,185
1,600
0
235,269
America
3,257
36,994
88
181,067
378
221,784
Asia, Australia, Others
4,280
7,079
456
16,072
33,224
61,111
196,225
107,429
103,784
198,739
33,602
639,779
1/1/-30/9/2024
Germany
58,836
19,856
46,180
0
0
124,872
Rest of Europe
140,004
48,613
53,355
1,272
0
243,244
America
2,631
40,041
5
188,274
285
231,236
Asia, Australia, Others
4,561
6,181
750
15,519
35,872
62,883
206,032
114,691
100,290
205,065
36,157
662,235
11
Calculation of indicators
EBITDA adjusted
Earnings before financial result, income tax and depreciation and amortization
less extraordinary income, acquisition costs, consultancy expenses, material
write-down arising from discontinuation of impregnates and restructuring costs
EBITDA
Earnings before financial result, income tax and depreciation and amortization
EBIT
Earnings bevor financial result and income tax
EBIT margin in %
EBIT/Sales
EBITDA margin in %
EBITDA/Sales
Equity ratio in %
Equity/Total equity (= balance sheet total)
Earnings per share in €
Consolidated net profit/Weighted average of the issued shares
Free cash flow in €
Cash flow from current business operations - (Payout from business combina-
tions + Purchase of property,
plant and equipment + Purchase of intangible assets + Inflows from disposal of
property, plant and equipment +
Dividends received)
Leverage
Net dept/EBITDA adjusted for the last 12 month
Cost of materials ratio in %
Cost of materials/Total output
Net debt in €
Short-term financial liabilities + Long-term financial liabilities –
Cash and cash equivalents
Debt-service coverage in %
(Consolidated net profit + Depreciation and amortization) / Net debt
Personnel expense ratio in %
Personnel expenses/Total output
Level of debt in %
Net debt/Equity
Working Capital in €
(Trade accounts receivable + Inventories) – Trade accounts payable
Interest cover factor
EBITDA/Interest (net) (Interest income – Interest expenses)
12
Contact
Martin Miller
Investor Relations
T: +49 8274 9988-508
ir@surteco.com
SURTECO GROUP SE
Johan-Viktor-Bausch-Straße 2
86647 Buttenwiesen
Germany
ISIN: DE0005176903
www.surteco.com
