Maps (MAPS) H2 2025 earnings summary

Executive summary

• Value of production rose 6% year-over-year to €35.1M, with total revenues up 6% to €31.6M.

• Proprietary software products now represent 95% of core revenues, up from 87% in 2024, driven by healthcare.

• Project revenues declined sharply by 54%, while product revenues grew 13% year-over-year.

• EBITDA decreased to €5.6M (18% margin) from €7.4M (25% margin) due to contraction in projects and retention of project staff.

• Net profit fell to €0.6M from €1.9M year-over-year.

Financial highlights

• Healthcare product revenues increased 11% to €21.8M; recurring fees from healthcare products rose 12% to €9.3M.

• Contribution margin dropped to €13.8M (45% of core revenues) from €15.2M, reflecting project contraction.

• Net financial position worsened to €12.7M from €7.0M, mainly due to the Ellysse S.r.l. acquisition.

• Shareholders’ equity increased to €26.3M from €25.7M.

Outlook and guidance

• Management expects continued growth in digital, healthcare, and energy markets, focusing on innovation and proprietary platforms.

• Macroeconomic uncertainty persists, but sector demand for software, cloud, and AI remains strong.

• Strategic focus remains on healthcare and energy, with plans to scale solutions and pursue both organic and external growth.