SBF AG (ISIN: DE000A2AAE22; WKN: A2AAE2) published its Annual Report 2025 on Thursday, confirming preliminary figures. The Leipzig-based specialist for rolling stock, lighting, electromechanics and sensor technology generated consolidated revenue of EUR 40.7 million in fiscal year 2025, down from EUR 47.2 million in 2024, but at the upper end of the most recently forecast range of EUR 39 million to EUR 41 million.
Despite the revenue decline, the company significantly increased EBITDA to EUR 1.0 million, compared to EUR 0.6 million in the prior year, resulting in an EBITDA margin of 2.5%, up from 1.3%. “Our earnings performance shows that our strategic adjustments are taking us in the right direction. In an exceptionally challenging environment for the manufacturing industry, we were able to significantly improve our profitability despite restructuring-related burdens,” said Robert Stöcklinger, Member of the Management Board of SBF AG. “We will continue on this path by expanding sales activities, optimizing cost structures and consistently unlocking SBF’s potential.”
Business development across the three divisions was mixed. The Rolling Stock division, which supplies interior, ceiling and lighting systems to leading rolling stock manufacturers, generated revenue of EUR 18.9 million (2024: EUR 21.0 million) and EBITDA of EUR 1.8 million (2024: EUR 2.9 million). SBF cited changes in investment behavior and capacity and supply chain issues on the customer side as reasons for project postponements, though it continues to see attractive growth prospects in this segment.
The Public and Industrial Lighting division faced project-related delays in the municipal sector and restrained investment activity, leading to revenue of EUR 9.8 million, below plan and down from EUR 12.0 million in 2024. EBITDA was EUR -1.7 million, improving slightly from EUR -1.9 million, but impacted by one-off expenses related to the complete relocation of production. The company expects efficiency gains from this move starting in 2026.
The Sensor Technology and Electromechanics division, including AMS Software & Elektronik GmbH, posted revenue of EUR 12.7 million (2024: EUR 14.9 million), with customer call-offs lower than expected. However, progress in integration and synergies in purchasing, project management, digitalization and production helped achieve EBITDA of EUR 1.5 million, exceeding expectations and reversing a loss of EUR -0.8 million in 2024.
During the year, SBF implemented key Group-wide measures to strengthen its operational setup, including efficiency enhancements, optimization of production capacities and expansion of the site in Ceske Budejovice, Czech Republic. The manufacturing facilities there now provide mechanical production and electronic and mechanical assembly for all business divisions from a single source.
The Annual Report 2025 is available for download on the company’s website at https://www.sbf-ag.com/investor-relations/finanzpublikationen/.
