Duferco Participations Holding SA released its consolidated financial results and sustainability report for fiscal year 2025 (FY25), which ended on September 30, 2025. The company stated that, despite challenging macroeconomic and geopolitical conditions, its diversified business model maintained resilience.
Revenue performance
Group consolidated revenue increased by 46%, rising from USD 18.4 billion in the previous year to USD 26.9 billion in FY25. This growth was driven mainly by volume expansion in energy and steel activities, while prices remained broadly stable.
Net profit development
Duferco’s consolidated net profit declined from USD 152.4 million to USD 86.8 million. The company attributed this decrease to normalization in energy markets and weaker global steel market conditions.
Balance sheet position
Net working capital stood at USD 1,025 million, with a current ratio of 1.56. Liquidity remained strong at USD 690 million. Total equity reached approximately USD 1.93 billion, while the net financial position was recorded at USD 405 million.
Energy segment performance
The energy division continued to deliver strong results, posting USD 70.6 million in net profit and USD 22.3 billion in revenue. Natural gas and LNG volumes increased by 42%, while electricity volumes rose by 58%. Duferco Energia’s retail segment generated USD 47.7 million in net profit and USD 3.8 billion in revenue. The division exceeded 625,000 active supply points, and hydro and solar projects across Italy, Albania, and Brazil reached 220 GWh of production. The company also entered the solar EPC and tracking systems market through the acquisition of Comal SpA, while LNG trading expansion and battery storage investments further supported growth.
Steel segment performance
Despite sales volumes of 1.7 million tons, the steel division recorded a net loss of USD 23.4 million. EBITDA amounted to EUR 18.5 million. The company maintained volumes thanks to efficiency gains at the San Zeno plant, but weak demand and pricing pressure negatively impacted profitability. Management noted ongoing weakness in European steel markets due to subdued demand, trade tensions, and geopolitical risks, while expecting gradual recovery in 2026 supported by infrastructure spending and carbon regulation frameworks.
Shipping and other activities
The shipping division generated USD 356 million in revenue and USD 11.9 million in net profit. The fleet was expanded, and new partnerships were formed in cement and logistics transport.
Innovation and corporate development
The group entered a strategic partnership with Generative Bionics in humanoid robotics and launched talent development programs through Duferco Academy.
2026 outlook
The company expects global steel demand to grow by 1.3% and European demand by 3.2% in 2026. Energy and photovoltaic investments are expected to support growth, while carbon regulations and new EU policies are likely to continue shaping the steel industry.
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