Brembo reported full-year 2025 revenues of €3.70 billion, a 3.6% decline from the prior year. On a like-for-like exchange rate basis, the drop narrows to 1.6%. The Bergamo-based brake manufacturer cited persistent weakness across its car, motorcycle, and commercial vehicle segments, partially offset by strong racing division growth fueled by its Öhlins acquisition.
Highlights
- Revenue declined 3.6% to €3.70 billion, with EBITDA falling 7.4% to €612.1 million (16.5% margin)
- Net profit dropped 20.3% to €209.3 million, while net financial debt nearly doubled to €719.2 million following the Öhlins acquisition
- Racing segment surged 52.9% thanks to Öhlins revenue contributions, while passenger car, motorcycle, and commercial vehicle segments all contracted
- 2026 outlook calls for flat revenue and margins, contingent on no further geopolitical deterioration
Financial Performance
Brembo’s EBITDA margin compressed 70 basis points to 16.5%. EBIT fell 14.5% to €336.5 million, representing a 9.1% margin. Net interest expense rose to €39.8 million from €38.6 million a year earlier. The effective tax rate ticked up slightly to 27.6%.
Earnings per share came in at €0.66, down from €0.82 in FY 2024. The board proposed a gross dividend of €0.30 per share, payable starting May 20, 2026.
Segment and Regional Breakdown
Passenger car applications, Brembo’s largest segment at 73.5% of revenue, fell 5.2% to €2.72 billion. Motorcycle revenue dropped 10.6% and commercial vehicles declined 10.5%. The racing segment stood out with 52.9% growth, reaching €274.5 million.
Regionally, North America — Brembo’s largest market at 25.2% of sales — declined 8.7% to €932.5 million. China fell 9.9% to €527.2 million. Growth areas included France (+11.0%), the United Kingdom (+4.2%), Italy (+4.1%), and South America (+8.8%). Japan and other Asian markets posted sharp gains, rising 75.8% and 58.0% respectively.
Balance Sheet and Cash Flow
Net financial debt reached €719.2 million at year-end, up from €360.4 million at the close of 2024. The increase stems largely from €365.9 million spent on subsidiary acquisitions, primarily Öhlins. However, debt declined €128 million from the end of September 2025 despite accelerated capital spending.
Net investments totaled €807.5 million for the year, compared to €219.2 million in FY 2024. The debt-to-equity ratio rose to 30.9% from 15.5%. ROI fell to 10.9% and ROE declined to 9.2%.
Sustainability Milestones
Brembo earned a double “A” rating from CDP for climate change and water security. The company also entered the S&P Global Sustainability Yearbook 2026 for the first time. Renewable energy usage rose to 88% of total consumption, up from 83%. CO₂ emissions per cast tonne fell approximately 24% year-over-year.
2026 Outlook
Brembo expects 2026 revenues to remain in line with FY 2025 on a constant-currency basis. The company targets an EBITDA margin of approximately 16.5%, capital expenditures of around €350 million, and net financial debt below €700 million. Executive Chairman Matteo Tiraboschi acknowledged the geopolitical environment has further deteriorated and said the global automotive market has not yet shown signs of recovery.
Governance Changes
The board proposed an 11-member board for shareholder approval at the April 29 annual general meeting. Nine current directors were nominated for reappointment. Two new candidates were proposed: Alessandra Cozzani, an executive at Esselunga and independent director at Burberry, and Andrea Pirondini, Prysmian’s North America CEO. The board also proposed a share buyback program of up to 10 million shares, capped at €180 million over 18 months.
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