Cogelec (ALLEC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €42.6 million, up 16.1% year-over-year, with strong growth in both France (+16.8%) and international markets (+11.9%).

• Subscription revenues rose 17.4% in Q2 2025, now representing 31.2% of total revenue.

• EBITDA increased 16.1% to €7.1 million, while net income was €2.4 million, down from €2.85 million in H1 2024.

• Gross margin improved to €28.3 million (66.5% of revenue), reflecting effective cost control and a favorable product mix.

• The group maintained a strong cash position of €24.4 million at period end.

Financial highlights

• Turnover: €42.6 million (+16.1% YoY); France: €36.7 million (+16.8%); International: €5.9 million (+11.9%).

• EBITDA: €7.1 million (+16.1% YoY); EBITDA margin: 16.7%.

• Net income: €2.4 million (down from €2.85 million YoY).

• Gross margin: €28.3 million (66.5% of turnover).

• Shareholders’ equity: €8.7 million; financial debt: €23.8 million.

Outlook and guidance

• Management confirms objectives of annual revenue and EBITDA growth above 2024 levels, supported by a growing installed base and recurring revenues.