Link Securities | CIE Automotive (CIE) presented its results for the first nine months of the financial year (9M2025) on Wednesday, from which we highlight the following aspects:
CIE achieved a turnover of €2,974.0 million between January and September, representing a 1.3% year-on-year decline (up 2.0% at constant exchange rates versus 1.0%; market). Breaking down turnover by geography, Europe contributed €1,057.7 million (35.6% of the total), followed by North America with €905.7 million (30.5% of the total). India contributed €497.9 million (16.7% of the total); Brazil, €318.8 million (10.7% of the total); and finally China, EUR 193.9 million (6.5% of the total).
Meanwhile, operating cash flow (EBITDA) rose to €563.6 million, up 0.8% year-on-year. Breaking down the EBITDA figure by geography, Europe contributed €186.9 million (33.2% of the total); followed by North America, with €178.9 million (31.7% of the total); India, with €91.5 million (16.2% of the total); Brazil, with €66.8 million (11.9% of the total); and China, with €39.5 million (7.0% of the total). In terms of turnover, the EBITDA margin closed 9M2025 at 19.0% (versus 18.6%; 9M2024).
Net operating profit (EBIT) remained at €419.1 million in 9M2025, in line (+0.0%) with the figure obtained in 9M2024. In terms of turnover, the EBIT margin closed 9M2025 at 14.1% (versus 13.9%; 9M2024).
Breaking down margins by geography:
- Brazil: EBITDA margin 21.0%; EBIT margin: 17.7%;
- China: EBITDA margin: 20.4%; EBIT margin: 15.1%;
- North America: EBITDA margin: 19.8%; EBIT margin: 14.4%;
- India: EBITDA margin: 18.4%; EBIT margin: 14.7%;
- Europe: EBITDA margin: 17.7%; EBIT margin: 12.3%;
Finally, CIE obtained a net profit attributable of €266.2 million in 9M2025, representing a 2.9% year-on-year improvement and setting a new historical record for the first nine months of a financial year.
In terms of the balance sheet, CIE generated operating cash flow of €383.8 million, representing 70.8% of EBITDA. CIE’s return on operating assets (RONA) reached 20.0%. Net financial debt (NFD) stood at €980.7 million at the end of September, an improvement of €80 million over the last twelve months. The NFD/EBITDA debt ratio stood at 1.32x (times) in 9M2025 (versus 1.43x in 9M2024).
