revenue growth
-2–3 pct
FY 2026
official guidance
INTERPUMP GROUP S.P.A.
Last · Milan€35.16-0.14 (-0.40%)close · yahoo · 35h ago
Market cap€3.7B105.1M sh
P/E · TTM17.6fwd 14.7 · eps 2.00
Beta1.28vs S&P 500
Div yield1.00%annual · TTM
52w range
€30.10€51.30
Volume152.0Ksession
| Revenue | €2.1B |
|---|---|
| Operating income | €336.6M |
| Net income | €208.1M |
| Free cash flow | €242.2M |
| Operating margin | 16.3% |
| Net margin | 10.1% |
| Return on equity | 9.9% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Recovery and cash generation are attractive, but near-term growth and margin visibility are insufficient for a clean buy.
Hold: Interpump exited 2025 with improving Hydraulics momentum (+4.8% organic in Q4), record €220 million free cash flow and resilient full-year margins, but Q4 Hydraulics profitability fell to roughly 17% because capacity remained underutilized and missed consensus. 2026 organic growth guidance is only -2% to +3% plus approximately 2% from acquisitions; management acknowledged that a flattish Water Jetting year is already an aggressive assumption, while geopolitical and geographic uncertainty remain high.
Themes
- Hydraulics Recovery
- Water Jetting Comparisons
- 2026 Guidance
- Free Cash Flow
- Working Capital
- M And A
Near term
Hydraulics recovery is the key earnings driver: over 80% of the division returned to growth in Q4, but lift, representing about 8% of sales, remained down high single-digit.
The United States delivered its first group-level growth quarter after six declines, but management cautioned that this may largely reflect an easy comparison; Germany remained weak and group-level US and Germany trends were still negative for 2025.
Water Jetting faces exceptionally difficult comparisons from the prior year's China-related mega order; order intake is improving, but backlog is declining and management called a full-year flattish outcome aggressive.
Management will provide formal 2026 margin guidance after Q1 results, leaving the risk that the unfavorable mix toward Hydraulics pressures the 22.3% 2025 group EBITDA margin.
Working-capital improvement remains a cash upside: trade working capital is still above the 35%-36% target, despite record €220 million free cash flow.
Longer term
The €2.5 billion 2028 revenue target depends on positive organic growth after 2026 and roughly €50 million-€80 million of bolt-on acquisitions annually; management also said larger transactions could be considered, introducing capital-allocation and execution risk.
The long-term margin framework remains around 22.5% EBITDA, supported by diversification, owned manufacturing sites, automation and flexible cost structures, but Q4 showed that underutilization can still expose operating leverage.
White Drive US remains behind its recovery plan and requires significant work in 2026; the outcome will test whether prior restructuring and integration capabilities can restore the acquired business.
A stronger Hydraulic cycle could improve factory utilization and margins, while Water Jetting's roughly 27% profitability is considered sustainable even without the China mega order.
Management expects net financial position to reach zero by 2028, but that assumes substantial cash generation after approximately €200 million-€250 million of potential three-year M&A spending.
Red flags
Management explicitly attributed the Q4 Hydraulics margin weakness to insufficient capacity utilization and extra factory shutdown days, not to a one-off; this suggests operating leverage remains a live risk if recovery stalls.
The CEO declined to confirm that the 22.3% 2025 EBITDA margin is a floor and deferred margin guidance until May, despite analyst pressure on the unfavorable division mix.
Water Jetting backlog is down after the prior-year mega order, and management said a flattish full-year result would be aggressive; the 2026 group range therefore relies heavily on Hydraulics recovery.
Customer destocking appears to have ended, but customers are not rebuilding inventories, limiting the upside from channel restocking.
The company cited substantial geopolitical and macroeconomic uncertainty in the US, Germany and France, with the downside end of guidance at -2% organic growth.
The response on the prior inventory write-down's benefit to 2025 margins was unquantified and described as not significant, leaving like-for-like margin comparability imperfect.
Forward outlook
revenue
2500 $million
FY 2028
management target
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.45
Est. revenue
0
Earnings transcripts
- Issuer IR
Conference call 4Q 2025 - transcript 318.6 KB
INTERPUMP GROUP S.P.A.
- Issuer IR
Conference call 1H 2026 - transcript 176.68 KB
INTERPUMP GROUP S.P.A.
- Issuer IR
Conference call 1Q 2026 - transcript 123.33 KB
INTERPUMP GROUP S.P.A.
- Issuer webcast
Conference call financial results 4Q 2025 - mp3 15.33 MB
INTERPUMP GROUP S.P.A.
Documents
FormReporting forFiledFlags
—2026-08-050