Aalberts 3Q25 in line but mixed divisional performance, FY margin outlook trimmed
Over 3Q25 Aalberts' topline came in above expectations organically declining by -1.9%. Topline stood at €773m compared to our €747mE and consensus of €754mE. Adjusted EBITA of €96m was in line with our €97mE and CSS of €97mE. Overall EBITA margin was a bit softer at 12.5% (vs. 12.8% CSS, 13% KBC) and down from 13.7% in 3Q24. The company is now guiding for a fully year EBITA margin of around 13% down from a range of 13-14% issued at the 2H25 release. KBC and CSS are currently banking on 13.5% margins for FY25. Company states challenging EBITA margin conditions especially in the building segment. Given the referral to soft end markets and the slightly trimmed margin outlook we stick to our Hold & TP.Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
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