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Investing.com -- TKH Group saw its sales increase organically by 8.0% to €419 million in the third quarter of 2025, while its shares fell 1% following the announcement.
The company experienced strong performance in its Smart Connectivity and Smart Vision segments, but Smart Manufacturing declined due to lower order intake in previous quarters and challenging year-over-year comparisons.
TKH’s added value as a percentage of turnover decreased to 50.2% in Q3 2025 from 51.5% in the same period last year. EBITA dropped by 6.4% organically to €38.7 million, attributed to temporary underutilization at Eemshaven, weak Tire Building activity, and continued fiber market weakness. These issues were further compounded by a slightly lower added-value margin and higher fixed cost absorption.
The company’s order book decreased to €1.03 billion from €1.08 billion in June, primarily due to weak Smart Manufacturing intake as Tire Building orders remained subdued amid geopolitical uncertainty. Management expects recovery ahead, supported by solid Vision momentum and new offshore cable wins in Electrification, including the Gennaker offshore windfarm project.
Looking forward, TKH expects Smart Vision systems to maintain strong momentum, with both turnover and EBITA projected to rise in the second half of 2025. This growth will be supported by the delivery of larger secured orders across Machine Vision and Security Vision segments.
Meanwhile, Smart Manufacturing systems are anticipated to see softer performance in H2, reflecting a lower order book. Tire Building demand has yet to recover, though management anticipates gradual improvement in order intake over the coming quarters.
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