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TREVISO, Italy – Approved by the Board of Directors of De’ Longhi S.p.A. the consolidated results for the first quarter of 2025. In the first quarter the Group achieved: revenues for € 755.2 millions, up by 14.6%; an adjusted Ebitda of € 116.3 millions, equal to 15.4% on revenues (vs. 14.2% last year); a net income pertaining to the Group equal to € 57.4 millions (+11.7% with respect to the first quarter of 2024); a positive net financial position equal to € 482.8 millions.
The Group CEO Fabio de’ Longhi commented:
“The positive growth momentum over the past two years has continued into early 2025, with the household division expanding by a solid 7.2% and the professional division accelerating significantly to a pro-forma rate of 22%.
This remarkable set of results once more demonstrates the strength of our brands and the resilience of our core categories, as well the Group’s ability to create value through acquisitions. The Group is outperforming the market while maintaining best-in-class margins.
In the household division, we continue to gather consumer’s preference, investing in design, innovation and communication, such as the new global campaign with Brad Pitt that is coming soon. In the professional division, both companies achieved double-digit growth, with La Marzocco boosting the expansion of luxury home products by leveraging its outstanding brand awareness and unique partnerships, such as the Porsche one.
Our strong operational know how and the solid relationships with key suppliers allowed us to promptly adapt our supply footprint, relocating our US products in South East Asia and Europe. In addition, our market leadership has enabled us to implement effective mitigation measures to address tariffs effects minimizing their impacts.
In light of these actions and the favourable trends observed since the start of the year, despite the recent dynamic in the American market, we confirm our 2025 guidance with a 5% to 7% increase in turnover, as well as an adjusted Ebitda of around €580-600 million for the new perimeter.”
General outlook
In the first quarter of 2025 the Group achieved an expansion in revenues of 14.6%, supported by the continuity of the growth trend in the household sector (+7.2%) and by the acceleration of the professional division, which grew by approx. 22% on a pro-forma basis.
In particular, the coffee segment, which accounted for 65% of the Group De’ Longhi revenue in the quarter, benefited from the structural expansion of the market across all key geographic areas both in the home and professional sectors, supported by the ongoing global penetration of espresso and increasing consumer focus on beverage quality and variety, which continues to drive the premiumization of the market.
The increase in volumes and the improvement of the product mix in the household division, together with the expansion of the professional division, contributed to the further improvement in the Group’s operating margins compared to the first quarter of 2024, enabling at the same time additional investments in media and communication.
The flexibility and diversification of our production platform, the solid alliances with strategic partners in the supply chain and the leadership position in the market have enabled the Group to act promptly, adopting effective mitigation measures to address recent international uncertainties and minimize their effects.
Revenues
In the first quarter of 2025, the Group’s revenues were equal to € 755.2 millions, up by 14.6% with respect to the first quarter of 2024.
The household division achieved a turnover of € 657.2 million (+7.2% compared to 2024), while the professional division recorded revenues of € 99.2 million (+114.3% compared to 2024, corresponding to a pro-froma growth of 22.0%).
The forex component impacted positively in the quarter for approximately one percentage point.
It should be noted that La Marzocco contributed € 70.4 million to the Group’s turnover in the three months of 2025, while in the first quarter of 2024 the contribution, relating only to the month of March, amounted to € 21.0 million.
Revenues by geography
The Group recorded positive performance across all geographies and for both divisions, with the Asia-Pacific area experiencing significant expansion.
In more details:
• Europe recorded a turnover expansion of 10.7%, backed by the positive contribution of both divisions. Specifically, household division grew by 6.6% with market dynamics in line with what has been seen in recent quarters, where turnover in countries such as Italy, Iberian Peninsula and United Kingdom increased at a significant pace of growth, thanks to the positive performance of coffee machines for the home market. The professional business division instead benefited from the strong return to growth of Eversys as well as the significant expansion of La Marzocco;
• The recovery of the MEIA area persists, increasing by 25.6% in the first quarter, despite the continuation of geopolitical tensions in the region. In particular, the household sector contributed significantly to growth, with an increase of 16.9%, thanks to the acceleration of some countries, such as Saudi Arabia and Turkey;
• The America area recorded growth of 18.7% in the first quarter, thanks to a positive performance in both the professional and the household division, as well as the partial increase in perimeter. We highlight a sustained growth in both coffee machines for professional use and for the household sector, while the nutrition category was down compared to the same period last year, also due to a challenging comparison;
• Finally, Asia-Pacific turnover grew by 23.7%, with a positive performance from both divisions. Specifically, the household was pushed by a sizable growth of the Chinese market, as well as by a significant recovery of Japan that achieved a mid-teens growth rate.
Revenues by product category
Both the Group’s division recorded a positive performance in the first quarter of 2025. In particular, for the household division the following should be noted:
• Home coffee achieved an expansion in turnover of around 10%, in line with the structural evolution of the market seen in recent years. We highlight the positive contribution of all product categories, with significant growth in the quarter of pump machines, supported also by recent product launches;
• The nutrition & food preparation segment slowed down to a low single digit rate in the quarter, mainly due to a challenging comparison with respect to the previous year in some categories, despite the good performance of Kenwood’s kitchen machines and other products such as blenders and fryers;
• Finally, we highlight the positive performance of the other categories (comfort, home care & other), with the ironing systems branded Braun confirming the significant growth trend recorded in the last two years and the recovery of the mobile air conditioning that suffered in 2024 the extraordinarily unfavorable weather condition.
Regarding the professional division, De’ Longhi highlights a solid expansion of the business which registered a growth of 22% on a pro-forma basis. Both brands achieved double-digit performance, with Eversys significantly recovering compared to the weakness highlighted during 2024, and La Marzocco continuing to strengthen its presence in the home luxury segment, thanks to significant brand awareness and exclusive collaborations.
Operating margins
In the first quarter of 2025, the Group significantly improved margins, benefiting not only from the consolidation of La Marzocco for two additional months, but also from the increase in volumes and the improvement of the product mix in the household sector.
In the first quarter:
• the net industrial margin stood at €394.8 million, equal to 52.3% of revenues, compared to 50.9% in 2024, thanks to the positive contribution of the mix, the increase in volumes and certain cost efficiencies;
• the adjusted Ebitda was equal to € 116.3 millions, 15.4% on revenues, a marked increase compared to the 14.2% of the previous year, backed by the expansion of volumes and the improvement of the mix in the household sector, as well as by the consolidation of La Marzocco for two additional months. This improvement in margins was achieved notwithstanding the further increase in media and communication investments, to support the growth and the launch of the new campaign;
• the Ebitda amounted to €111.9 million, or 14.8% of revenues after €0.9 million of non-recurring charges, as well as €3.6 million of costs linked to existing stock-option plans, compared to €2.6 million of non-recurring items and stock-options in 2024;
• the operating result (Ebit) stood at € 80.2 millions, corresponding to 10.6% on revenues;
• finally, the net income pertaining to the Group was equal to € 57.4 millions, 7.6% on revenues (7.8% in 2024). The financial incomes stood at € 2.6 millions compared to the € 4.1 millions in 2024.
Balance sheet and cash flow
In March 2025, the Group’s Net Financial Position was active for € 482.8 million, an improvement compared to € 307.6 million in March 2024, while the Net Financial Position toward banks and other lenders stood at € 596.7 million (compared to € 409.9 million in march 2024).
In the first three months of the year, cash flow before dividends, buybacks and acquisitions was negative for €124.2 million, mainly due to the effect of the cash absorption related to the increase in inventory, which followed the ordinary seasonality of the business and grew on an extraordinary basis in order to minimize the potential risks deriving from the current scenario.
With regards to cash generation, the cash flow before dividends, buybacks and acquisitions (“Free Cash Flow before dividends, buybacks and acquisitions”) was € 320.1 million in the 12 months.
Operating working capital amounted to € 230.9 million, equal to 6.4% of revenues, an increase of approximately € 47.3 million compared to 2024 (equal to 5.9% in 2024), mainly due to the increase in inventory.
Investment spending was equal to € 28.4 million, growing by approximately €2.8 million compared to the first quarter of 2024.
