BME keeps resilience in 2025 despite challenging market environment, while continuing to selectively invest in future growth

Financial results full year 2025:

• Revenue: €4,838 million (stable versus 2024, like-for-like excluding divestment of Quester/Austria)
• Adjusted EBITDA: €237 million (stable versus 2024)
• Adjusted EBITDA margin: 4.9% of revenue (stable versus 2024)
• Cash flow from operating activities: €100 million

In 2025, we continued to operate amidst a challenging market environment, with weaker demand across some of our geographies (DACH region), and ongoing pricing pressure in certain countries where demand continues to be on low levels. At the same time, we observed trading conditions gradually improving during the year for the Group, with sales returning to growth on a comparable working day basis in the second half of 2025.

In response to these market conditions, we maintained a strong focus on disciplined operational execution, including targeted pricing actions, improved procurement conditions, and ongoing cost-optimization. These measures supported a 28-basis points improvement in gross profit margin compared with 2024, and helped stabilize the adjusted EBITDA margin at 4.9%.

Performance across our operating companies remained mixed. We delivered solid growth in Netherlands, Belgium, Spain and Portugal supported by resilient demand and market share gains. While market conditions remained challenging in Germany and Switzerland, early signs of stabilization in residential indicators began to emerge during the year.

Investing in long-term growth

We continued to invest decisively in the future of our business by relentlessly driving operational excellence supported by improving our IT and digital capabilities to drive down costs whilst further enhancing customer experience.

We also continued to grow and upgrade our footprint to support market share growth, opening new stores, and renovating our existing locations across Europe, to serve our customers even better.

At the same time, we maintained a strong focus on cash generation and working capital discipline, with cash flow from operating activities increasing to €100 million in 2025.

Staying the course

Despite challenging market conditions, we remained committed to our long-term sustainability ambitions. Recognizing that our biggest impact lies in the sourcing and sale of sustainable building materials, we took an important step forward by launching our Responsible Building Solutions framework, creating a stronger foundation to help customers make more sustainable choices.

“In 2025, we continued to navigate a demanding market environment, while staying disciplined in the way we manage our business. We focused strongly on cost, cash, and operational execution, all with the aim to strengthen our value proposition to customers. These actions further strengthened the resilience of our business and position us well to accelerate profitable growth as market conditions continue to improve.” – Remco Teulings, Group CEO.

Looking ahead, BME remains confident in the trajectory of its business, supported by strong structural drivers that continue to underpin the mid- to long-term outlook: persistent housing shortages, ageing housing stock, growing demand for energy-efficient renovation, and broader macroeconomic and climate-related opportunities.

With a strong foundation and team in place, and with market conditions gradually improving over the past quarters, BME is well positioned to leverage its scale and expertise to accelerate growth again over time.