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Nagarro (NA9) investor relations material
Nagarro Q2 2025 (Retail Investors) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved moderate revenue growth in H1 2025 (3.4% YoY to €498.9M), with strong operational efficiency and margin improvements, though results were masked by significant FX fluctuations and noncash accounting losses.
Strategic focus on accelerating double-digit growth through AI, data, cloud, new partnerships, and governance enhancements, with clients increasingly recognizing AI benefits.
Acquisition of Notion Edge France expanded SAP Customer Experience capabilities and European market presence.
Continued increase in clients generating over €1 million in revenue and high client satisfaction (NPS 66–67, CSAT 93.8%).
Wage inflation and attrition remained moderate, with a net reduction in workforce and ongoing search for a new CFO.
Financial highlights
Q2 2025 revenue: €252M (+3.2% YoY); H1 2025 revenue: €498.9M (+3.4% YoY); adjusted EBITDA: €30.5M for Q2, €60.8M for H1; adjusted EBITDA margin: 12.1% for Q2, 12.2% for H1.
Gross margin improved to 33.2% in Q2 and 31.9% in H1, up from 30–30.5% YoY, driven by productivity gains.
Net profit for H1 2025: €19.6M (down from €28.6M YoY); basic EPS: €1.51 (down from €2.14).
Net leverage ratio at 1.8x; net debt €245.8M; cash balance €121.8M–€122M; financial liabilities €274.7M–€300.7M.
Top 5 clients contributed 14.8–15% of revenue; operating cash flow for H1 2025: €26.1M (down from €27.6M YoY).
Outlook and guidance
Full-year 2025 revenue expected near the lower end of €1,020M–€1,080M guidance; gross margin target maintained at ~30%.
Adjusted EBITDA margin revised to 13.5–14.5% (previously up to 15.5%) due to FX impacts; margins expected to normalize if rates stabilize.
Management sees medium-term strength for digital specialists, with AI and digital transformation as growth drivers.
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