Reply (REY) Q1 2025 earnings summary

Executive summary

• Q1 2025 consolidated revenues reached €603.4 million, up 8.9% year-over-year, with EBITDA at €105.3 million (17.5% of turnover), and EBIT at €88.7 million (14.7% of turnover), both showing significant increases from Q1 2024.

• Profit before tax was €86.9 million, up from €73.1 million in Q1 2024, equal to 14.4% of turnover.

• Net financial position improved to €537.0 million as of March 31, 2025, up from €349.1 million at year-end 2024 and €368.9 million a year ago.

• Strong demand for Generative AI, Data Analysis, Cloud Computing, and Cybersecurity solutions drove growth.

• All key financial indicators were positive, reflecting improved profitability and business momentum.

Financial highlights

• Revenues grew by €49.1 million year-over-year to €603.4 million, with like-for-like growth at 5.3% after adjusting for FX and M&A.

• EBITDA margin improved to 17.5% from 15.8% in Q1 2024, and EBIT margin increased to 14.7% from 13.0% year-over-year.

• Cash and cash equivalents at quarter-end were €656.0 million, up from €543.0 million in Q1 2024 and €491.7 million at year-end.

• Net financial position (excluding IFRS 16) improved to €657.1 million from €498.3 million year-over-year.

• Profit before tax reached €86.9 million (14.4% margin) vs €73.1 million (13.2%) year-over-year.

Outlook and guidance

• Like-for-like revenue growth was 5.3%, indicating solid organic expansion despite FX and M&A headwinds.

• Continued investments in specialized consulting, design, and AI integration services to meet evolving client needs.

• New offerings such as Agentic AI, Silicon Shoring, and AI pre-built applications to support future demand.

• Growing centrality of AI, data, and connected solutions in client strategic investments across industries.