Broadpeak (ALBPK) H1 2025 earnings summary

Executive summary

• Revenue grew 26.2% year-over-year to €21.7M in H1 2025, driven by a major Cloud PVR contract in EMEA and strong SaaS and maintenance growth.

• EBITDA turned positive at €0.8M from a loss of €4.2M, reflecting improved gross margin and reduced operating expenses.

• Net loss narrowed to €1.5M from €4.4M, aided by a €2.1M research tax credit.

• Recurring revenue accounted for 44.4% of total, reflecting a shift toward SaaS and maintenance.

• Major product launches and new client wins in EMEA and APAC, including Telenor, RMC-BFM, Media Prima, and Chunghwa Telecom.

Financial highlights

• Revenue: €21.7M (+26.2% YoY); EMEA up 88.2%, APAC up 66.1%, Americas down 36.9%.

• Gross margin: €17.0M (78.6% of revenue, down from 80.6%).

• Adjusted EBITDA: €2.9M (vs. -€1.9M YoY); EBITDA: €0.8M (vs. -€4.2M YoY); EBITDA margin 3.8%.

• Net loss: €1.5M (vs. -€4.4M YoY); EPS: -€0.12.

• Operating expenses down 21% YoY; personnel expenses stable at €13.1M; outsourcing expenses down 32%.

• Cash at €1.1M; net debt €9.1M; financial debt reduced to €10.2M.

Outlook and guidance

• Confident in full-year revenue growth and positive EBITDA, supported by signed orders and new SaaS contracts.

• Targeting €50M revenue and 15% EBITDA margin by 2027, with 50% recurring revenue.

• Management expects continued sales momentum and innovation to support growth.

• Strategic roadmap prioritizes SaaS, energy efficiency, and market diversification.