- Consolidated net profit: USD 86.8 million, confirming the strength of the diversified business model.
- Consolidated revenues: USD 26.9 billion, +46% compared to FY 2024 (USD 18.4 billion), driven by energy and steel.
- Net working capital: approximately USD 1,025 million, with a current ratio of 1.56.
- Total equity: approximately USD 1,930 million, nearly five times higher than net financial debt.
- Global wholesale energy and gas trading division: net profit of USD 70.6 million; revenues of USD 22.3 billion; gas/LNG volumes +42%, electricity volumes +58%.
- Italian retail energy and gas distribution division: net profit of USD 47.7 million; revenues of USD 3.8 billion.
- Steel Division: volumes sold 1.7 million tonnes; EBITDA EUR 18.5 million; net loss of USD 23.4 million; operational efficiency and working capital optimization maintained.
- Shipping: Group share of net profit USD 11.9 million; revenues USD 356 million; equity USD 354 million; debt reduction > USD 24.2 million; fleet expansion and integrated logistics development.
- 2026 Outlook: global steel demand +1.3%, Europe +3.2%; San Zeno rolling mill operational; energy and photovoltaic growth supported by new incentives.
The Board of Directors of Duferco Participations Holding SA has approved the consolidated financial statements for the financial year 2025 ended September 30, 2025, confirming the strength and resilience of the Group’s diversified business model in a complex macroeconomic and geopolitical environment.
Consolidated revenues reached USD 26.9 billion, up 46% compared to USD 18.4 billion in FY 2024, primarily driven by the expansion of volumes traded and distributed within the Energy Division and significant growth in steel activities, in a context of broadly stable prices and low volatility.
The Group’s balance sheet remains solid, with net working capital of approximately USD 1,025 million and a current ratio of 1.56. Financial debt increased to USD 1,095 million, while liquidity remains strong at USD 690 million. As a result, the net financial position stands at USD 405 million, equal to approximately one-fifth of total Group equity, which reached approximately USD 1,930 million. The Group has USD 5.4 billion in committed and uncommitted credit lines, with average utilization of 41%, further strengthening its robust and flexible financial position.
The Group’s consolidated net profit amounted to USD 86.8 million, compared to USD 152.4 million in the previous financial year. This decrease reflects the normalization of the energy market following the exceptional previous years, alongside persistent weakness in global and European steel markets.
“In 2025 we operated in a complex international environment, amid energy market volatility and geopolitical uncertainty. Nevertheless, we succeeded in consolidating our global presence and strengthening our core business lines. The integrated approach across energy, steel and logistics enabled us to respond swiftly to market dynamics, mitigate risks and seize new opportunities, contributing to solid results across all sectors,” stated Antonio Gozzi, Chairman of Duferco Group.
In the energy sector, DXT International S.A. reported a net profit of USD 70.6 million, confirming the strength of its diversified model integrating conventional and renewable energy, carbon credits and green assets. Despite margin normalization and increased competition, revenues rose to USD 22.3 billion, driven by the expansion of gas, LNG and electricity volumes. The company further expanded its global footprint, with offices in Switzerland and Singapore, delivering 41 LNG cargoes and broadening its counterparty base beyond Europe. Investments in the energy transition continued, with the establishment of a Copenhagen-based subsidiary dedicated to the development of battery energy storage systems and the opening of a Madrid office to enter the Spanish renewable energy and LNG markets. In the United States, DXT Commodities North America generated a net profit of USD 10.5 million, demonstrating its ability to leverage a diversified portfolio even in volatile markets.
Duferco Energia S.p.A., operating in Italy, Greece, Spain and North Macedonia, achieved a net profit of USD 47.7 million, confirming a year of strong growth. The retail division increased its number of customers and delivery points by 25%, while wholesale trading and electricity and natural gas supply operations maintained solid performance. At the same time, investments in renewables and storage systems progressed successfully, with new authorizations for photovoltaic and wind plants and the launch of agrivoltaic projects under the National Recovery and Resilience Plan (PNRR). The Giammoro gas turbine plant operated at full capacity, ensuring fixed revenues and flexibility services to the power system. In addition, the electric vehicle charging network and woody biomass production further strengthened the division’s sustainable activities.
Regarding the steel sector, the macroeconomic environment—already weak in 2024—experienced further slowdown due to escalating trade tensions, persistent geopolitical conflicts and subdued global demand, generating additional uncertainty for industrial activity. In this challenging context, the European steel market remained particularly affected, still penalized by weak demand in key manufacturing sectors and indirect effects of U.S. trade measures. A gradual recovery is expected only in 2026, supported by improved macroeconomic conditions, planned infrastructure investments, declining inflation, anticipated monetary easing and the impact of European support policies for the sector (safeguard measures and CIBAM).
In this scenario of weak demand and price pressure, the Steel Production and Distribution Division, represented in Italy by Duferco Travi e Profilati, maintained solid operating performance thanks to geographic diversification, disciplined cost management, working capital optimization and productivity gains, recording positive EBITDA of USD 18.5 million. However, after depreciation and financial charges, the net result was negative at USD 23.4 million.
Sales volumes remained stable at 1.7 million tonnes, while the commercial strategy quickly adapted to changes in international trade flows and trade defense measures. Investments focused on industrial efficiency, reducing environmental footprint and logistics optimization.
The Group expanded its presence in renewable energy through the acquisition of Comal S.p.A., entering the Solar EPC market and the supply of solar trackers. In the six months following the acquisition, Comal contributed a net profit of USD 2.5 million, benefiting from global photovoltaic market growth and the strong development of utility-scale projects in Italy.
In shipping, the 50% stake in the Nova Marine Holding joint venture contributed a net profit of USD 11.9 million, with revenues of USD 356 million and consolidated equity rising to USD 354 million. The company strengthened strategic partnerships, expanded its fleet and developed end-to-end supply chain initiatives, consolidating its leadership in the cement, livestock transport and integrated logistics sectors.
The Group continues to strengthen its governance through compliance and safety policies and integrates ESG criteria into strategic decisions through a Sustainability Plan comprising more than 50 initiatives, aimed at creating environmental, social and economic value for all stakeholders. ESG reporting follows GRI standards and aligns with CSRD and EU Taxonomy regulations, while sustainable finance instruments such as sustainability-linked loans support responsible growth.
“Looking ahead to 2026, we expect a gradual stabilization of global markets, with declining inflation and increasingly regionalized international trade. Global steel demand is forecast to grow by 1.3%, with Europe at +3.2%. The San Zeno rolling mill has already achieved solid technical performance, delivering cost benefits and improved service quality. In the energy sector, we will continue to grow by expanding trading activities, developing renewables and storage systems, consolidating the MATRIX platform in Brazil and strengthening our retail portfolio in Italy. In photovoltaics, new incentives and utility-scale projects will support demand and open further development opportunities,” concluded Antonio Gozzi.