Guiding for a gradual recovery in 2026

PVA TePla (PVA) has reported preliminary FY25 results that are in line with guidance. Revenues came in at €244m (guidance €235–255m) and EBITDA amounted to €25m (guidance €25–30m). Order intake in Q4 was an impressive €91.5m, a further acceleration after Q3’s €72.9m. The company is guiding for a gradual recovery in FY26 and expects revenues of €255–275m and EBITDA of €26–31m. This is at the lower end of expectations, which we believe is due to a combination of the slower conversion of the order book than previously expected and a number of one-off effects. We will adjust our estimates following the release of the final results on 19 March.