SeSa (SES) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €783.0 million, up 1% year-over-year, with EBITDA at €56.6 million (+1.5% Y/Y) and a stable margin of 7.2%.

• Excluding Digital Green, revenues grew 7.1%, EBITDA 10.9%, and adjusted net profit 9.5% year-over-year, reflecting strong performance in core sectors.

• Business Services and Software & System Integration (SSI) segments drove growth, while Digital Green declined 48.8%–49% due to reduced public incentives.

• Workforce expanded to over 6,000 employees (+17.1% Y/Y), supported by recent acquisitions.

• Five acquisitions completed in Q1 2025, adding €30 million in annual revenues and 240 resources, mainly in SSI and Business Services.

Financial highlights

• EBITDA margin stable at 7.2% year-over-year; adjusted EBIT at €45.4 million (+1.4% Y/Y); operating income at €37.8 million (-1.5% Y/Y).

• Adjusted net profit attributable to the Group was €26.6 million (+0.5% Y/Y); EAT margin stable at 3.4%.

• Net financial position (net liquidity) at €184.1 million, down from €208.5 million Y/Y; reported net debt at €25.0 million vs €11.4 million.

• Shareholders’ equity increased to €496.2 million from €450.4 million Y/Y.

• Net interest expenses €7.8 million, up 6–6.6% Y/Y, but down 35% quarter-on-quarter due to improved cash management.

Outlook and guidance

• Guidance for FY 2025 confirmed: revenue and profitability growth expected to accelerate from Q2 2025, with continued investment in digital skills and business applications.

• FY 2025 guidance: revenues €3.35–3.5 billion, EBITDA €252–270 million, EAT Adjusted €110–115 million, HR 6,120–6,400.

• Excluding Digital Green, profitability growth guided at ~10%, revenue growth >7%.

• Digital Green revenues expected to stabilize at €45–50 million per quarter or €180 million for FY 2025.

• Anticipated benefit from less tough year-on-year comparisons and improved IT demand in H2 FY 2025.