Aquafil’s FY25 results were better than the headline revenue decline suggests, as the year was defined more by mix, margin, and operating discipline than by top-line growth. Revenue fell 3.9% to €520.8M, largely reflecting lower raw material-linked selling prices. Volumes increased 4.4% on the year, leading to EBITDA increasing 16.1% to €72.4M representing EBITDA margin of 13.9%. In our view, the key takeaway is that Aquafil is showing early signs of a cleaner earnings profile, supported by resilient North America trends, continued Engineering Plastics growth, ECONYL® exceeding 60% of fiber revenues, and early savings from the €17M cost rationalization program. At the same time, the balance sheet improved, with net financial position at €209.5M and leverage declining to 2.89x, suggesting management’s focus on cost control, mix, and debt reduction is beginning to translate into more durable operating leverage heading into 2026.
