Interpump Group SpA
MIL:IP
Interpump Group SpA
Founded in 1977 in the Italian town of Sant’Ilario d’Enza, Interpump Group SpA has evolved into a prominent player on the global industrial stage. Originally capturing attention with its innovative high-pressure piston pumps, the company capitalized on its engineering prowess to redefine fluid and water management solutions. Interpump’s story is one of strategic acquisitions and a diversified portfolio, as it has consistently expanded its reach beyond its initial product lines to encompass an array of hydraulic systems and technologies. This diversification strategy has allowed Interpump not only to mitigate risks inherent in a single-product focus but also to tap into various booming industrial markets worldwide.
The fabric of Interpump’s business model is woven with a commitment to quality and technological excellence, driving its revenue streams across its different divisions. Central to its success is the Hydraulic Sector, which includes the production of hydraulic components and systems critical for industries as diverse as agriculture, construction, and transportation. Meanwhile, the Water Jetting Sector, once its sole focus, still thrives, providing equipment used in industrial cleaning, surface preparation, and precision cutting. By maintaining a robust global distribution network and strong customer relationships, Interpump Group adeptly translates its production expertise into sustained profitability, ensuring that it remains a pivotal force in its industry sectors.
Founded in 1977 in the Italian town of Sant’Ilario d’Enza, Interpump Group SpA has evolved into a prominent player on the global industrial stage. Originally capturing attention with its innovative high-pressure piston pumps, the company capitalized on its engineering prowess to redefine fluid and water management solutions. Interpump’s story is one of strategic acquisitions and a diversified portfolio, as it has consistently expanded its reach beyond its initial product lines to encompass an array of hydraulic systems and technologies. This diversification strategy has allowed Interpump not only to mitigate risks inherent in a single-product focus but also to tap into various booming industrial markets worldwide.
The fabric of Interpump’s business model is woven with a commitment to quality and technological excellence, driving its revenue streams across its different divisions. Central to its success is the Hydraulic Sector, which includes the production of hydraulic components and systems critical for industries as diverse as agriculture, construction, and transportation. Meanwhile, the Water Jetting Sector, once its sole focus, still thrives, providing equipment used in industrial cleaning, surface preparation, and precision cutting. By maintaining a robust global distribution network and strong customer relationships, Interpump Group adeptly translates its production expertise into sustained profitability, ensuring that it remains a pivotal force in its industry sectors.
Hydraulics Recovery: Hydraulics division grew 4.8% in Q4, with momentum building after a tough start to 2025; 80% of business lines back to growth, led by agriculture and construction.
Water Jetting Division: Water Jetting saw a slight revenue decline in Q4 due to tough comparisons, but posted 6.3% organic growth for the year; order intake is up, though backlog is down due to a major Chinese contract last year.
Free Cash Flow Record: Free cash flow reached a record EUR 220 million in 2025, topping last year’s high; management expects another record in 2026.
Guidance 2026: Organic growth guidance for 2026 is between -2% and +3%, with about 2% added from 2025 acquisitions; management calls this a prudent outlook given macro uncertainty.
Profitability & Margins: Full-year EBITDA margin at 22.3%, with Water Jetting margin rising to 27.2%; Hydraulics margin saw Q4 softness but full-year held close to 20%.
CapEx & Working Capital: CapEx normalized at 4.4% of revenue; working capital improved but still above target, with further progress expected.
M&A Outlook: Pipeline for acquisitions is strong, with focus on bolt-on deals but management remains open to larger transactions if the right fit appears.
Medium-Term Target: Group aims for EUR 2.5B revenue and zero net debt by 2028, combining organic growth and ongoing acquisitions.
