Obiz (ALBIZ) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €57.9M, up 11.6% year-over-year, driven by growth in relational and affinity programs and e-commerce activities.

• Gross margin increased 3.2% to €8.3M, but gross margin rate declined to 14.3% from 15.4% due to changes in business mix.

• EBITDA fell to -€0.2M from €1.0M a year earlier, reflecting higher fixed costs, integration of HA PLUS PME, and operational efficiency measures.

• Net result (group share) was -€1.6M, impacted by increased personnel and operating expenses, as well as integration costs.

Financial highlights

• Revenue: €57.9M (+11.6% year-over-year; +8% pro forma including HA PLUS PME).

• Gross margin: €8.3M (+3.2% year-over-year), gross margin rate 14.3%.

• EBITDA: -€0.2M (vs. €1.0M in H1 2024).

• Net result (group share): -€1.6M (vs. -€0.5M in H1 2024).

• Equity: €10.0M at June 30, 2025 (vs. €11.9M at Dec 31, 2024).

• Net cash: €3.3M at June 30, 2025 (down from €4.9M at Dec 31, 2024).

• Financial debt (excluding Relance bonds) at €20.0M, with €18.2M medium/long-term.

Outlook and guidance

• Strategic plan Equinoxe 2027 launched to improve profitability and cash flow generation.

• Cost optimization, organizational integration, resource pooling, and automation initiatives underway.

• Ongoing discussions with lenders and bondholders to adjust debt covenants and maturities.

• Priority is to consolidate gains and improve profitability in coming periods.