Financial Reports

Turning market recovery into opportunity

After two challenging years and despite persistent economic uncertainty, 2025 was a transformative year. The garden machinery market began to recover, driven by accelerating demand for electrified and automated solutions.

Against this scenario, STIGA outperformed the global trend. Through relentless innovation in products, channel management and brand development, we have successfully converted the demand for sustainable technology into a scalable engine for growth. I am delighted to report that STIGA’s market share grew to 9.3%, building on the gains of 2024.

This was achieved through solid strength in Traditional Trade, and expansion in Mass Market and in E-commerce. Specifically, E-commerce sales growth was a key focus and it grew by 15% year-on-year, now representing 6% of Group total revenue. Mass Market was our fastest-growing channel (+24% 2024), driven by a surge in ride-on sales (+84%) and the launch of small robotic mowers (+44%). Traditional Trade remains our main distribution channel, accounting for over 70% of total sales.

This segment grew 10% compared to 2024, driven by a record-breaking performance from STIGA branded products – which now account for 69% of the channel’s volume.

Leading the lawn mowing sector

STIGA continues to set the pace maintaining its leading position in the lawn mowing sector. We are the primary architect of the industry’s shift toward electrification, particularly within the ride-on segment, a category where we excel and have further cemented our market-leading position in 2025. We are pivoting aggressively toward autonomy, and our robotic innovations are accelerating the market’s transition away from wired devices.

This evolution is further amplified by our recent entry into the commercial sector, where our new generation of professional machines and cassette batteries —engineered, designed, and produced entirely in-house— are set to deliver next level performance, and are already gaining significant attention. Our commitment to a smarter gardening experience is not just mechanical, but digital. The intelligent garden care prompted our next-gen robots and our award winning STIGA.GO app, secured the 2025 Red Dot Award.

Strong growth, stronger margins

Sales in key markets such as France, Poland, and Germany showed robust growth. Battery powered products, including autonomous robots, grew by 3%, reinforcing our strategic shift towards sustainable and technologically advanced solutions. Our reported EBITDA reached EUR 58.9 million, a 25% increase from 2024. This substantial growth in profitability was achieved through higher sales and enhanced margins, highlighting the success of our strategy and the value of our innovative portfolio.

Record cash flow, relentless innovation

I am pleased to report a significant strengthening of our balance sheet. STIGA’s financial trajectory continues to trend upwards, with our Net Financial Position improving by EUR 36.4 million to reach EUR 44.1 million. This progress was underpinned by a rigorous optimisation of our cash flows and working capital, enabling us to reduce our long-term debt by EUR 28 million.

We enter the new financial year with a leaner, more resilient, and more agile fiscal profile. Our capital expenditure rose to EUR 18 million—a substantial EUR 5.8 million increase over 2024—ensuring our unwavering commitment to world-class Research & Development. These investments are fuelling innovation, particularly in Battery-Powered, Robotic and Professional Technologies, as we continue to expand our product range and strengthen our technological leadership.

Driving the future of garden care

Looking ahead, our ambition is to lead the transformation of garden care by driving battery innovation, advancing autonomy, and becoming a dominant force in robotics. The rapid growth of battery-powered solutions reflects a structural shift towards cleaner, quieter and more convenient technologies.

Consumers increasingly expect sustainable products that deliver strong performance with minimal maintenance. With the broadest range of battery-powered machines & tools and autonomous solutions on the market, STIGA is well positioned to drive this transition.

Autonomy is redefining expectations. It is no longer simply about robotic function, but about intelligent systems that anticipate needs, reduce manual effort and maximise results. This represents a significant opportunity, and we are well placed to lead this evolution through continuous innovation and advanced navigation technologies.

Through sustained investment in STIGA’s comprehensive suite of proprietary technologies, we are leveraging artificial intelligence, sensor fusion, digital and connected ecosystems, to enhance the customer experience and solidify our technological leadership. Our commitment remains clear: to make every patch of green smarter, greener and effortless to care for.

We are grateful for your continued confidence in our company and look forward to shaping the next chapter of garden care together.

Financial results for the year 2025 solidify our trajectory of growth, reflecting a resilient corporate performance. The top line expanded by an encouraging 10%, serving as a catalyst for a substantial 25% year-over-year improvement in EBITDA. It is noteworthy that these robust financial metrics were realised in a challenging operating environment. The broader market for gardening products experienced significant turbulence, which was further compounded by escalating geopolitical tensions.

Following two consecutive years of contraction, market conditions stabilised in 2025. The Group successfully outpaced the broader market recovery, expanding its European market share by 0.6% points to reach 9.3%. This milestone was primarily driven by the strategic expansion of our specialist dealership network across key regions, a sharper focus on core distribution channels, and a positive market reception for our product portfolio.

Driving branded product sales remains a core strategic pillar, a commitment evidenced by these products accounting for 67% of total revenue. In alignment with the Group’s overarching strategy, we achieved a further reduction of lower-margin private label activities to optimise our overall sales mix.

In 2025, the strategic market penetration of our autonomous robots remained a core focus, driving continued sales growth. This momentum was fueled by an expanded dealer network and strong customer engagement with the new STIGA.GO app features, enabling the Group to capture market share in a highly competitive landscape. Concurrently, R&D prioritised the portfolio’s evolution by developing the new Robot Vista version, while focusing in laying the foundation for the upcoming 2026 Professional Range launch.

During the year, we directed increased investment toward strategic product development ahead of new launches planned for 2026. Simultaneously, we secured substantial cost efficiencies through initiatives across our sourcing and operational functions. These Group-wide cost-reduction measures, coupled with the successful execution of our strategy to drive a higher mix of branded product sales, were instrumental in enhancing overall profitability.

In 2025, advancing our ESG agenda remained a strategic priority for STIGA. We successfully finalised our Sustainability Report in full compliance with ESRS standards. Furthermore, the Group officially formalised its commitment to the Science Based Targets initiative (SBTi), ensuring that our decarbonisation goals are firmly aligned with the Paris Agreement and underpinned by rigorous scientific criteria.

To strengthen the Group’s organisational structure, qualified managers were onboarded, particularly in France and the UK, the latter in relation to leadership reshuffle following local offices and logistics relocation.

The Group’s Net Financial Position strengthened by 45%, underpinned by robust cash flow generation stemming from margin expansion and disciplined working capital management. This significant financial improvement was further driven by a targeted focus on inventory optimisation – specifically the reduction of slow-moving stock coupled with enhanced supplier terms.

STIGA’s most significant results in 2025 include:

 

• Sales registered +10% compared to 2024, mainly in France, Germany and Poland. Sales increase was fuelled by a dual-track performance: the continued success of our flagship Petrol Ride-Ons and the expansion of the innovative Autonomous Robots
  category;

 

• Adjusted EBITDA was EUR 58.3 million, due to higher sales, higher gross margin partially offset by higher Operating Expenses and marketing spending supporting the top line growth;

 

• Net Financial Position was EUR -44.1 million, improving by 36.4 million compared to 2024 (+45%), driven by the Trade Working Capital improvement thanks to inventory efficiency, increase of payables and better cash collection;

 

• In 2025 we refined our market focus to 85 countries, exiting 8 low value destinations and entering in 6 new markets and optimising our presence in our core Export regions;

 

• Average employees rose mainly in Italy, Slovakia and China. The total increased by 79 Full Time Equivalent (+6% compared to 2024), primarily in Italy, as a result of increased production volumes and a new organisational structure;

 

• Capex at EUR 17.9 million was higher than 2024 (+47%), with higher investment in new product development R&D programme, marketing support materials and ICT strengthening.

Leading with purpose, acting with responsibility

2025 has represented a year of concrete action and strategic evolution for STIGA. In a world of constant change and global challenges, we have strengthened our foundations while continuing to advance our responsible business practices. As we look ahead, our direction remains clear: to grow with purpose, anticipating change and reinforcing our dedication to solutions that create lasting value for people and the planet.

This year, we have prepared our Sustainability Report in accordance with the new European Sustainability Reporting Standards (ESRS), anticipating the timelines established by EU Directives. This voluntary decision reflects our commitment to transparency and robust governance.

By aligning with ESRS ahead of regulatory deadlines, we strengthen the quality, comparability, and reliability of our disclosures, offering stakeholders a comprehensive view of our impacts, risks, and opportunities.

What is more, in 2025, STIGA formalised its commitment to the Science Based Targets initiative (SBTi), ensuring that our carbon emission reduction targets are aligned with the Paris Agreement. Decarbonisation is now officially integrated in our strategic planning, investment decisions, and product development roadmap. This step reinforces our determination to actively contribute to limiting global warming while driving efficiency across our operations and value chain.

Our commitment to responsible operations is further demonstrated by the renewal of our ISO certifications for environmental management and occupational health and safety. These certifications confirm our continuous efforts to reduce environmental impacts, protect natural resources, and ensure safe and healthy working conditions for our people.

At the same time, innovation continues to be a driving force behind our transformation. A significant share of our R&D investments is dedicated to advancing battery-powered technologies. By accelerating the technological evolution of electric solutions, we are supporting the transition toward lower-emission gardening while delivering the high performance and reliability our customers expect.

We are also accelerating efforts to embed circular economy thinking by carefully selecting raw materials and increasing the use of recycled plastics. Applying circular principles from the earliest stages helps extend product life cycles, reduce waste, and minimises our environmental footprint. Sustainability extends beyond our own operations: in 2025, we continued to strengthen engagement with our suppliers and responsible practices across the entire value chain.

Driven by the growing necessity for companies to equip themselves with increasingly sophisticated defences, our company in 2025 significantly fortified its IT security infrastructure against cyber-attacks by establishing a new Security Operation Center (SOC), enhancing firewall defences, upgrading the Extended Detection and Response (XDR) system, and implementing a hacker-proof storage solution for system log-in monitoring.

As we look ahead, we recognise that sustainability requires consistency, accountability, and ambition. By setting science-based targets, investing in greener innovations, and reinforcing responsible practices, we are building a stronger STIGA. On behalf of the Board, I thank our employees, partners, suppliers, and stakeholders for their continued trust.