Deceuninck FIRST LOOK: Slight beat in FY25 adj EBITDA, no precise FY26 guidance
Deceuninck reported a 6.7% drop in FY25 adj EBITDA to € 110.2m, which was 4% above our estimate and 2% above consensus. Deceuninck is not offering a precise guidance for FY26, but mentioned that the market shows some signs of stabilization, although it is too early to predict when a meaningful recovery of demand will materialize. The search for a new CEO is ongoing. While acknowledging the cyclical character of Deceuninck's business, we believe valuation is clearly attractive and we reiterate our BUY rating and € 4.2 TP.Deceuninck is an international designer and manufacturer of PVC systems for windows and doors, cladding & roofline, interior and garden applications. The basic technology used by Co. is extrusion of PVC and patented Twinson composite material. The production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. Co. is active in more than 75 countries across Europe, North America and Asia and maintains nine PVC extrusion facilities capable of processing 260,000 tons of compound.
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