EKINOPS (EKI) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was €57.2 million, stable year-over-year (-1% at constant exchange rates), with gross margin at 55.9% and EBITDA margin at 13.1%.

• Acquisition of Olfeo in May 2025 added €0.5 million to revenue and expanded cybersecurity offerings.

• International business grew 4%, now 59% of total revenue; France declined 6% due to lower Access sales to a major customer.

• Software & Services share of revenue increased to 20% from 17% a year earlier, growing 22% and boosted by Olfeo.

Financial highlights

• Gross profit was €32.0 million (55.9% margin), nearly unchanged from H1 2024.

• EBITDA was €7.5 million (13.1% margin), down from €8.2 million (14.3%) in H1 2024.

• Current operating profit was €2.0 million, versus €2.6 million a year earlier; current operating income rose 14% to €3.4 million.

• Net income was (€0.5 million), compared to €1.5 million in H1 2024, impacted by a one-time €2.0 million financial expense.

• Cash and cash equivalents at period end were €36.7 million, down from €46.4 million at year-end 2024.

Outlook and guidance

• Full-year 2025 revenue guidance is €110–120 million, compared to €117.7 million in 2024.

• Gradual recovery in the telecom market expected, driven by AI and Cloud applications.

• Optical Transport momentum remains strong; Access business to stay challenging due to temporary demand decline from main customer.

• Cost control remains a focus, with operating expenses down 2% in H1 2025.

• Bridge plan targets double-digit growth and 20% EBITDA margin by 2028.