This article first appeared on GuruFocus .
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Revenue:EUR3.6 billion, an increase of around 1% year-on-year.
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EBIT:EUR435 million, a slight uptick of EUR1 million above last year.
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Free Cash Flow Before Acquisitions:EUR316 million, up by 3% compared to last year.
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Earnings Per Share:Increased by 2% year-over-year.
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Gross Margin:Improved to 34.9%, an increase of 40 basis points compared to last year.
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EBIT Margin:12.2%.
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Net Liquidity:Improved by EUR110 million, reaching EUR151 million for the full year.
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Dividend Proposal:Increase of EUR0.06 per share, resulting in EUR1.23 per preference and EUR1.22 per ordinary share.
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Asia Pacific Sales:Exceeded EUR1 billion, with organic growth of 7%.
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Americas Sales:Increased by 2% year-on-year, with a strong growth of 7% offset by negative currency effects.
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Net Operating Working Capital:Improved from 22.3% to 21% of annual sales.
Release Date: March 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Fuchs SE ( FUPBY ) achieved a new all-time high in sales, reaching EUR3.6 billion in 2025, reflecting both organic and external growth.
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The company reported a strong free cash flow before acquisitions of EUR316 million, up by 3% compared to the previous year.
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Earnings per share increased by 2% year-over-year, demonstrating solid financial performance.
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Fuchs SE ( FUPBY ) maintained a progressive dividend policy, proposing a dividend increase for the 24th consecutive year.
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The company successfully managed cost discipline, resulting in an EBIT of EUR435 million, slightly above the previous year, and an EBIT margin of 12.2%.
Negative Points
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Fuchs SE ( FUPBY ) faced significant currency headwinds, negatively impacting top-line growth by 2%.
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The Americas region experienced an 18% decline in EBIT year-over-year, primarily due to negative mix effects and higher costs.
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The company anticipates challenges in raw material availability due to geopolitical tensions, particularly affecting oil and petrochemical supply chains.
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Functional costs rose by 4% year-on-year, driven by additional costs from recent acquisitions and inflation-related salary increases.
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The outlook for 2026 includes potential macroeconomic and geopolitical uncertainties, which could impact sales and earnings growth.
Q & A Highlights
Q: Why are earnings and margins in EMEA highest in Q4 despite lower sales due to the Christmas holiday? A: Stefan Fuchs, CEO, explained that the margin improvement in EMEA during Q4 is not due to year-end effects but rather due to good customer pricing and the impact of cost-saving initiatives implemented earlier in the year. These measures began showing results towards the end of Q3 and into Q4, contributing to the positive margin and EBIT performance in EMEA.
Q: How is Fuchs SE managing raw material availability in Asia, given the dependency on Middle Eastern oil imports? A: Stefan Fuchs, CEO, stated that Fuchs SE has a globally diversified sourcing setup, which provides flexibility. While there are no current force majeures affecting their supply, the company is closely monitoring the situation and has countermeasures in place to address potential cost increases. The focus remains on ensuring availability for existing customers.
Q: What is Fuchs SE's approach to passing on rising raw material costs to customers, especially those without price variation clauses? A: Stefan Fuchs, CEO, mentioned that while Fuchs SE aims to maintain good relationships with customers, they will take necessary actions to pass on cost increases. The company has a track record of managing such situations effectively, as seen in 2022, and will continue to prioritize availability and customer service.
Q: Can you provide more details on the sales outlook for 2026 and the factors contributing to volume growth? A: Stefan Fuchs, CEO, indicated that the 2026 sales outlook includes organic growth and contributions from the OPET FUCHS acquisition in Turkey. The company expects mid-single-digit growth, with significant headwinds from FX rates. The growth is expected to come from new business wins and the strength of their local-to-local strategy.
Q: How is Fuchs SE addressing the challenges in the Americas region, given the 18% decline in EBIT last year? A: Stefan Fuchs, CEO, acknowledged the challenges in the Americas, particularly due to currency impacts and operational issues. The company has appointed a new CEO and President for North America, Dr. Megan Omer, who is focused on improving performance. Fuchs SE sees significant growth potential in the region, especially in the US, Mexico, and Canada.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
