Hexaom (ALHEX) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €306.3M, down 26.5% year-over-year, reflecting a cyclical low but with well-managed results and financial structure.

• Operating income was €12.2M, down 14.1% year-over-year, with operating margin improving to 4.0% from 3.4% in H1 2024.

• Net income attributable to the group was €5.4M, down 48.6% year-over-year, representing 1.8% of revenue.

• The integration of Groupe HDV since January 2025 contributed positively to margins and results.

• Strong commercial momentum and order growth across all business lines, especially in house construction.

Financial highlights

• Revenue: €306.3M (H1 2025), down 26.5% year-over-year.

• Operating income: €12.2M (H1 2025), down 14.1% year-over-year.

• Net income: €5.4M (H1 2025), down 48.6% year-over-year.

• Net cash position at June 30, 2025: €32.7M; cash and equivalents: €133.5M.

• All business segments maintained positive operating margins.

Outlook and guidance

• Revenue for 2025 is expected to decline by 10–15%, with operating profitability targeted above 3%.

• Anticipation of strong revenue and earnings growth in 2026, supported by robust order book and diversification.

• Vigilance maintained due to ongoing economic and geopolitical volatility.