Persistently difficult market environment: revenue declines by 5.8% to EUR 1,386.9 million
Profitability improves: operating EBIT rises significantly to EUR 49.9 million (01–09 2024: EUR 38.0 million) at a margin of 3.6% (01–09 2024: 2.6%)
Group EBIT rises to EUR 42.4 million after EUR –2.4 million in the previous year
“TOP 10 Measures” program shows sustained effects
Weak demand due to economic conditions weighs on the Automotive product area (–9.0%), while Commercial Vehicles (+0.3%) records stable development
Outlook for 2025 as a whole confirmed: revenue at the previous year’s level of around EUR 1.9 billion with operating EBIT of around EUR 60 million
Ursensollen, October 30, 2025 – The GRAMMER Group today published its figures for the first nine months of 2025. They show that revenue declined by 5.8% to EUR 1,386.9 million in the reporting period (01–09 2024: EUR 1,472.0 million) against the backdrop of ongoing macroeconomic and trade policy uncertainties. Looking at the business segments, the decline in the Group was particularly evident in the AMERICAS region, where revenue fell by 19.5% to EUR 245.8 million (01–09 2024: EUR 305.3 million). In APAC, the GRAMMER Group also recorded a decline in revenue of 8.9% to EUR 359.7 million (01–09 2024: EUR 394.7 million). In EMEA, on the other hand, revenue increased slightly by 0.3% to EUR 812.9 million (01–09 2024: EUR 810.8 million).
The performance in the Automotive and Commercial Vehicles product areas diverged in the reporting period. While revenue in the Automotive product area fell by 9.0% to EUR 879.3 million (01–09 2024: EUR 965.8 million), the development in Commercial Vehicles remained stable, producing a slight increase in revenue of 0.3% to EUR 507.6 million (01–09 2024: EUR 506.2 million). This product area recorded very positive revenue growth, particularly in the period from July to September 2025. Growth in the third quarter came from the EMEA (+17.5%) and APAC (+19.4%) regions. The increase in both regions mainly reflected a weak prior-year base.
Despite the overall decline in revenue, GRAMMER recorded a significant increase in operating EBIT to EUR 49.9 million in the first nine months of 2025 (01–09 2024: EUR 38.0 million). The operating EBIT margin improved to 3.6% (01–09 2024: 2.6%). Operating EBIT was adjusted for negative currency effects of EUR 11.1 million, income from the dissolving of restructuring provisions of EUR 5.1 million and a deconsolidation loss of a US Group company of EUR 1.5 million. Consolidated earnings before interest and taxes (EBIT) amounted to EUR 42.4 million (01–09 2024: EUR –2.4 million). The significant increase in profitability was primarily due to the “Top 10 Measures” program, further restructuring measures and timely seasonal capacity adjustments, which led to efficiency gains at the plants. Furthermore, the substantial increase should also be viewed against the backdrop of a weak prior-year result, which was impacted by exceptional effects, among other things, increased costs due to volatile plant utilization and ramp-up costs for a Commercial Vehicles plant in North America.
Business development in the regions
In the EMEA region, GRAMMER generated revenue of EUR 812.9 million in the period from January to September 2025 (01–09 2024: EUR 810.8 million) – a year-on-year increase of 0.3%. Revenue in the Commercial Vehicles product area rose by 2.0% to EUR 345.2 million (01–09 2024: EUR 338.4 million). In the Automotive product area, however, revenue declined by 1.0% to EUR 467.7 million (01–09 2024: EUR 472.4 million). This development was particularly influenced by the weak market in the automotive sector. Against this backdrop, the positive effects of the successful integration of the Jifeng Automotive Interior (JAI) Group could not fully offset the decline in revenue. At EUR 34.6 million, operating EBIT in EMEA was also significantly higher than the previous year’s level (01–09 2024: EUR 18.9 million). The operating EBIT margin rose accordingly to 4.3% (01–09 2024: 2.3%). Operating EBIT was adjusted for negative currency effects of EUR 5.4 million, income from the dissolving of restructuring provisions of EUR 2.0 million and a deconsolidation loss of a US Group company of EUR 0.3 million.
The APAC region recorded an 8.9% drop in revenue to EUR 359.7 million in the first nine months of 2025 (01–09 2024: EUR 394.7 million). The decline was mainly attributable to the Automotive product area, which saw revenue decrease by 11.3% to EUR 259.1 million (01–09 2024: EUR 292.1 million). The Commercial Vehicles product area recorded a decline in revenue of 1.9% to EUR 100.6 million (01–09 2024: EUR 102.6 million) mainly due to currency effects. This drop and an unfavourable product mix saw operating EBIT fall to EUR 26.7 million (01–09 2024: EUR 32.8 million) at an operating EBIT margin of 7.4% (01–09 2024: 8.3%).
Revenue in the AMERICAS region totalled EUR 245.8 million in the reporting period, down 19.5% on the previous year (01–09 2024: EUR 305.3 million). In the Automotive product area, revenue fell by 24.2% to EUR 162.3 million (01–09 2024: EUR 214.2 million), while in the Commercial Vehicles product area, revenue declined by 8.3% to EUR 83.5 million (01–09 2024: EUR 91.1 million). The previous year’s figures were adjusted for the activities of the TMD Group, which was sold and deconsolidated in September 2024. Due to ongoing ramp-up costs for the new Commercial Vehicles plant in the USA and inefficiencies in production, operating EBIT for the first nine months was negative at EUR –3.9 million (01–09 2024: EUR –3.2 million). The operating EBIT margin was –1.6%, representing a deterioration of 0.6 percentage points compared with the same period in the previous year.
Jens Öhlenschläger, CEO of GRAMMER AG: ”In the third quarter, we continued to stabilize our company's operations and once again improved profitability despite a decline in revenue. The progress made in implementing our ”Top 10 Measures” program is clearly having an impact – thanks especially to a noticeable reduction in costs and efficiency gains at our plants in EMEA. The market environment remains challenging, but we have shown that we can improve our results even under these conditions. We will continue to pursue this course in a consistent fashion.”
Net assets and financial position as of September 30, 2025
The GRAMMER Group’s total assets fell to EUR 1,598.5 million as of September 30, 2025 (December 31, 2024: EUR 1,699.8 million). Non-current assets declined slightly by 0.8% to EUR 919.6 million (December 31, 2024: EUR 927.2 million). In particular, property, plant and equipment fell by 4.1% to EUR 462.7 million (December 31, 2024: EUR 482.5 million). Current assets decreased significantly by 12.1% to EUR 678.9 million (December 31, 2024: EUR 772.6 million).
Equity rose by 1.1% to EUR 269.9 million as of September 30, 2025 (December 31, 2024: EUR 266.9 million). The equity ratio thus increased by 1.2 percentage points to 16.9% (December 31, 2024: 15.7%). Non-current liabilities decreased by EUR 44.1 million to EUR 720.8 million (December 31, 2024: EUR 764.9 million). Current liabilities fell by EUR 60.1 million or 9.0% to EUR 607.8 million (December 31, 2024: EUR 667.9 million).
Outlook for the full year 2025
GRAMMER presented its assessments of the company's expected performance in the current year in detail in its outlook in the 2024 annual report. For 2025 as a whole, GRAMMER continues to expect revenue at the previous year’s level of around EUR 1.9 billion with operating EBIT of around EUR 60 million. However, the outlook for the GRAMMER Group depends largely on further geopolitical developments and their impact on the global economy. The company continues to expect a challenging environment as a result of the difficult macroeconomic and industry-specific conditions.
The full report for the first nine months of 2025 is available on the website at https://www.grammer.com/en/investor-relations/financial-publications-presentations/quarterly-reports/.
Company profile
GRAMMER AG, based in Ursensollen, specializes in the development and production of components and systems for car interiors as well as suspended driver and passenger seats for onroad and offroad vehicles. In the Automotive product area, the company supplies headrests, armrests, center console systems, high-quality interior components and operating elements for well-known car manufacturers and system suppliers in the vehicle industry. The Commercial Vehicles product area comprises the business areas of truck and offroad seats (tractors, construction machinery and forklifts) as well as train and bus seating. GRAMMER operates in 19 countries with around 12,000 employees. GRAMMER’s shares are listed in the Prime Standard and traded on the Munich and Frankfurt stock exchanges and the Xetra electronic trading platform.