HGears Group Sees Adjusted EBITDA Rise in 2025 Despite Revenue Decline

hGears Group reported a mixed financial performance for the year 2025. The group achieved an adjusted EBITDA of EUR 1.6 million, up from EUR 0.5 million in the previous year, thanks to efficiency and cost reduction measures. However, revenue fell 4.1% to EUR 91.8 million, with a noticeable decline in the e-Bike sector due to high inventory levels.

The e-Tools segment saw a positive revenue growth of 7.0%, reaching EUR 34.8 million, driven by demand for gardening tool components. The [e]-Mobility arm also grew, with a 5.9% increase to EUR 46.8 million, benefiting from its premium focus despite challenges in the automotive sector.

While these measures improved the adjusted gross margin to 45.7%, free cash flow remained negative at EUR -3.3 million. The equity ratio stood at 31.9%, indicating a stable balance sheet, though cash reserves decreased to EUR 8.7 million.