Jacquet Metals: Quarterly sales retreat but recurring EBITDA climbs
Jacquet Metals reported first-quarter 2026 sales of 502 million euros, down 1.7% year-on-year. Gross margin stood at 124 million euros, representing 24.7% of revenue compared to 23.4% in the first quarter of 2025.
Recurring EBITDA came in at 29 million euros, or 5.7% of revenue, up from 4.8% in Q1 2025. Net income (Group share) rose to 9 million euros, compared to 2 million euros for the same period last year.
As of late March 2026, the European special steels distributor generated 10 million euros in operating cash flow. Shareholders' equity stood at 666 million euros, with the net debt-to-equity ratio (gearing) at 25% (compared to 21% at year-end 2025).
Excluding external growth, capital expenditures totaled 20 million euros, primarily related to the acquisition of the Zaragoza site in Spain, operated by IMS group, and the construction of a distribution center in Chengdu, China, which will triple the Jacquet division's capacity in that province.
During the quarter, the group faced a persistent climate of uncertainty, exacerbated by geopolitical tensions in the Middle East. Under these conditions, it managed to preserve its operational performance. The Jacquet and Stappert divisions, specializing in stainless steel distribution, proved resilient overall. Volumes distributed by Jacquet were 8.2% higher than in Q1 2025, benefiting notably from the division's positioning and investments in North America.
For its part, Stappert recorded a 2.3% increase in volumes over the same period.
The IMS group division, which specializes in engineering steels, was particularly affected by the industrial slowdown in the German market, reporting distribution volumes 3.7% lower than in the first quarter of 2025.
'Economic conditions in the coming quarters are expected to mirror those observed since the beginning of the year. In this context of limited visibility, the group will focus on the rigorous management of its financial balance while pursuing its investment and development policy', the company stated regarding its outlook.
The Board of Directors will propose a dividend of 0.2 euros per share at the Annual General Meeting on June 26, 2026.
Furthermore, Jacquet Metals has just finalized the acquisition of the Spanish company Sabater Fundimol, an aluminum distribution specialist with 2025 revenue of 11 million euros. Based in Alicante, this company strengthens IMS group's aluminum business unit.
Jacquet Metals is one of the largest European distributors of specialty steels. Net sales (including intragroup) break down by family of products as follows:
- mechanical construction steel (48.7%; IMS group): bars made of carbon steel, pre-treated steel, polished pipes, etc.;
- long stainless-steel products (27.2%; Stappert);
- stainless steel quarto plates and anti-abrasion steel (24.1%; Jacquet): alloy steel plates, perforated plates, mill rods, manganese molded parts, etc.
At the end of 2025, the group had a network of 119 distribution centers in in Europa, Azië en Noord-Amerika.
Net sales are distributed geographically as follows: France (9.8%), Germany (31.5%), Italy (8%), Spain (7.4%), the Netherlands (6.6%), Europe (26.1%), North America (8.3%) and other (2.3%).
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