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CM.com (CMCOM) investor relations material
CM.com H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue declined 7% year-over-year to €124.3 million, but gross margins improved to 32.4% and gross profit remained flat at €40.3 million.
Launch of the HALO agentic AI platform and Voice AI drove innovation, with 30% month-over-month revenue growth and €1.2M added to ARR within four to five months.
The company is transitioning to an AI-first organization, leveraging internal AI agents to optimize operations and workforce.
Major refinancing in Q1 2025 included early redemption of €100M convertible bonds, new €80M revolving credit facility, and €20M equity raise, improving capital structure and liquidity.
CFO Jörg de Graaf will step down in November 2025, with a search for a successor underway.
Financial highlights
H1 2025 revenue: €124.3 million (-7% YoY); Q2 2025 revenue: €62.4 million (-12% YoY).
Gross profit: €40.3 million (flat YoY); gross margin: 32.4% (H1 2024: 30.0%).
EBITDA: €7.8 million (H1 2024: €6.6 million); normalized EBITDA: €7.8 million (-5% YoY), but 19% higher than reported H1 2024.
Free cash flow was €2.1 million, supported by a 10% year-over-year decline in CapEx.
Unrestricted cash at end of Q2 was €15.2–15.3 million, with €70 million drawn on an €80 million credit facility.
Outlook and guidance
Full-year EBITDA expected at the lower end of the €22M–€27M guidance range, with stronger H2 performance anticipated due to seasonality and business visibility.
Normalized operating expenses projected to remain similar to 2024 levels.
Recovery in volatile Connect business and continued growth in Pay and Engage units expected to support H2 results.
Focus remains on profitable growth, operational efficiency, and scaling AI-driven innovations.
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