SeSa (SES) Q3 2025 earnings summary

Executive summary

• Revenues for the nine months ended January 2025 rose 5.0% year-over-year to €2,516.9 million, with Q3 up 11.7% year-over-year, driven by Business Services and Digital Green.

• EBITDA for the nine months was €176.7 million, down 2.0% year-over-year, but Q3 saw a 2.6% increase, reflecting sectoral recovery.

• Adjusted Net Income for the nine months was €75.4 million, down 10.4% year-over-year, mainly due to higher amortization and financial charges.

• Workforce expanded to 6,367 employees, up 14.5% year-over-year, supporting business expansion and integration of acquisitions.

• Ten M&A deals completed in FY 2025, adding €180 million in annual revenues and nearly 500 professionals, with major acquisitions in Business Services, Digital Green, and SSI.

Financial highlights

• Q3 2025 revenues: €999.5 million (+11.7% year-over-year); Q3 EBITDA: €68.8 million (+2.6% year-over-year); Q3 Adjusted Net Income: €33.2 million (-2.7% year-over-year).

• 9M 2025 consolidated EBITDA margin: 7.0%; Group EAT Adjusted margin: 3.0%.

• Net Financial Position as of January 2025: net debt of €92.2 million, up from €62.5 million a year earlier, reflecting M&A, buybacks, and dividends.

• Net working capital at January 2025: €79.2 million, improved from October 2024.

• Shareholders’ equity increased to €518.0 million from €470.4 million year-over-year.

Outlook and guidance

• FY 2025 guidance: revenues ~€3.4 billion (+5.9% year-over-year), EBITDA ~€250 million (+4.5% year-over-year), with mid-single-digit growth expected in both revenues and EBITDA.

• FY 2026 targets: revenues above €3.6 billion and EBITDA of €270 million, with continued focus on digitalization, AI, and technology innovation.

• Q4 2025 anticipated to benefit from business services momentum, Digital Green recovery, and lower financial charges.