Half-Year Results 2025 – Decline in Revenue During Transition Phase, Order Intake Above Previous Year, Guidance Adjusted
- Revenue decreased to EUR 1.5 million (–17% vs. H1 2024)
- EBITDA at –848 EUR thousand (H1 2024: –699 EUR thousand)
- Order intake at EUR 3.1 million (+95% vs. previous year)
- Book-to-Bill ratio at 2.05 (H1 2024: 0.87)
- Full-year 2025 guidance adjusted
| Key Figure | H1 2025 (EUR thous.) | H1 2024 (EUR thous.) | Change |
| Revenue | 1,508 | 1,823 | –17% |
| EBITDA | –848 | –699 | –21% |
| Order Intake | 3,093 | 1,582 | +95% |
| Book-to-Bill Ratio | 2.05 | 0.87 | +136% |
In the first half of 2025, NCTE AG recorded lower revenues in a continued challenging market environment. Revenue amounted to EUR 1.5 million, around 17% below the previous year. EBITDA decreased to –848 kEUR (H1 2024: –699 kEUR). The main drivers were the ongoing weak demand in the E-Bike and Off-Highway sectors. However, the higher-margin Industrial and Motorsport segments recorded a noticeable increase in sales.
Order Intake Above Previous Year – Book-to-Bill Ratio Improved
Order intake showed an exceptionally positive development: at EUR 3.1 million, it was 95% higher than in the previous year. This resulted in a Book-to-Bill ratio of 2.05 (H1 2024: 0.87). The order backlog at the end of June 2025 reached a very promising level of EUR 4.1 million, up 47% year-on-year, forming a solid basis for the future and underlining the success of NCTE’s structural realignment.
Strategic Focus Confirmed – Continued Emphasis on Innovation and New Applications
NCTE AG remains in a transition phase that is being used consistently to advance its technological agenda. In 2024 and 2025, key innovation projects were initiated to strengthen existing markets (e.g. agricultural technology, E-Bikes) and open up new application areas. The goal is to achieve profitable growth and a balanced operating result by 2026 through structural realignment and a strengthened product portfolio.
Full-Year 2025 Outlook – Guidance Adjusted
Against the backdrop of weaker revenue development in the first half of the year and a continued subdued market environment, NCTE AG has adjusted its full-year 2025 guidance.
The company now expects revenue between EUR 3.2 and 3.35 million (previously: EUR 4.0 to 5.25 million) and EBITDA between –1.85 and –1.7 million (previously: –1.6 to –0.6 million).
The EBITDA forecast includes capitalized development costs of EUR 0.2 to 0.3 million (previously: 0.5 to 0.8 million).
For the second half of 2025, the company continues to expect a challenging environment, particularly in its core markets of E-Bikes and agricultural technology. Nevertheless, the Management Board sees opportunities to use this transition phase purposefully to lay the foundation for profitable growth from 2026 onwards through innovation and targeted investment.
Statement by Sebastian Müller, Management Board of NCTE AG
“The performance in the first half of the year confirms that the market environment remains challenging. At the same time, we are making progress in our innovation projects and order intake. With the ongoing support of our majority shareholder and a clear focus on technological differentiation and profitability, we are laying the foundation for a return to profitable growth from 2026 onwards.”
Note:
The figures in this release for the first half of 2025 and the full-year 2025 guidance are based on preliminary, unaudited results.
Forward-Looking Statements:
This release contains forward-looking statements that are subject to risks and uncertainties and reflect NCTE’s assessment as of the date of publication. Such statements do not represent guarantees or assurances and are subject to numerous risks and factors beyond NCTE’s control that may cause actual results to differ materially from those anticipated. NCTE expressly disclaims any obligation to update or revise these forward-looking statements in light of new information or future events.