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Growens (GROW) investor relations material

Growens Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Operates in fast-growing B2B SaaS and CPaaS markets, focusing on email content design and mobile messaging, with a global client base.

  • Achieved significant global expansion, serving 12,000 clients and over 1 million free users in 180 countries.

  • Completed 7 acquisitions and 2 major divestments since 2015, with recent focus on Beefree and Agile Telecom.

  • Consolidated revenues for the first nine months of 2025 were €54.7 million, stable year-over-year, with Q3 revenues up 4.2% to €18.5 million compared to Q3 2024.

  • Gross profit for the nine months rose 16% to €14.7 million, with a gross margin of 27%.

Financial highlights

  • FY 2024 revenues at €74.5m, down 0.8% year-over-year; EBITDA improved from -€0.6m to -€0.1m.

  • SaaS revenues grew 23% year-over-year to €11 million, representing 20% of total revenues; CPaaS revenues declined 3% to €43 million, accounting for 79% of total.

  • Beefree revenues grew 23.5% to €12.7m in FY 2024, while Agile Telecom declined 5.1% to €60.3m.

  • 9M 2025 revenues stable at €54.7m; EBITDA turned positive at €0.6m from -€0.5m in prior period.

  • Gross profit increased 20% in FY 2024, with R&D and S&M costs up 37% and 31% respectively.

Outlook and guidance

  • Beefree targets ARR of $21–23m by December 2026 and $24–27m by December 2027.

  • Revenue CAGR for Beefree projected at 20–23% (2024–2027), with gross margin >80% and EBITDA margin >15% by 2027.

  • Beefree is expected to reach EBITDA breakeven by 2027, with negative cash flow until 2028.

  • Strategic focus on Beefree organic growth, R&D, and targeted M&A.

Beefree investments impact on group cash position
Agile Telecom's profitability strategy effectiveness
Key drivers of NFP change from 2024 year-end
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Frequently asked questions

Growens SpA is a leading company offering internet services, focusing on the direct marketing sector through email services. This digital platform enables effective management and dispatch of newsletters, SMS, and faxes. It incorporates comprehensive campaign management tools that include triggered messages, dynamic content, flexible A/B testing, and social features, coupled with a simple mail transfer protocol (SMTP) relay service and plugins for e-commerce. The suite of tools is designed to enhance communication strategies and engage audiences more effectively. The company is headquartered in Milan, Italy, and its shares are listed on the Euronext Growth Milan.

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