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S4 Capital (SFOR) investor relations material
S4 Capital H1 2025 (U.S.) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 (U.S.) earnings summary15 Sep, 2025
Executive summary
Net revenue for H1 2025 declined 12.7% reported and 10% like-for-like, driven by macroeconomic volatility and tech clients prioritizing AI CapEx over marketing spend.
Operational EBITDA was £20.8 million (6.3% margin), down 30.9% reported, with adjusted EPS at 0.2p, down from 1.2p year-over-year.
Free cash flow improved to £16 million from £3.1 million in H1 2024, reducing net debt to £145.9 million from £182.9 million.
Cost reduction initiatives and organizational restructuring are underway to align personnel costs with industry averages and support future growth.
AI-driven transformation and major new business wins (General Motors, Amazon, T-Mobile, PIF, major FMCG) are expected to drive stronger H2 performance.
Financial highlights
Revenue for H1 2025 was £360.4 million, down 11.9% like-for-like and 14.7% reported.
Operational EBITDA margin declined by 170-190bps year-over-year to 6.3%.
Personnel and operating expenses reduced by 11.2% year-over-year; workforce down 4% since December 2024.
Adjusted operating profit was £16.4 million, down from £24.8 million prior year.
Free cash flow of £16 million in H1 2025.
Outlook and guidance
Full-year 2025 like-for-like net revenue expected to decline by mid-single digits.
Operational EBITDA for 2025 targeted to be broadly similar to 2024, with stronger H2 performance anticipated.
Net debt forecasted to end 2025 between £100-140 million; capital returns to shareholders planned if net debt falls below £100 million.
Effective tax rate expected at 30%-32%.
Board may approve an enhanced final dividend for 2025 if H2 targets are met.
What H2 performance metrics enable enhanced dividend?
Explain the shift to output-based revenue model
Detail the plan to reach 65% staff cost ratio
How will AI shift client payment models?
Outline path to 65% staff cost ratio.
Detail capital allocation for shareholder returns.
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Next S4 Capital earnings date
H2 202523 Mar, 2026
Next S4 Capital earnings date
H2 202523 Mar, 2026
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Frequently asked questions
S4 Capital PLC operates as a digital advertising and marketing services company in North America, the Latin America and Caribbeans, the United Kingdom, the Rest of Europe and Africa, the Middle East, and Asia Pacific. It offers services in various disciplines, including digital content production and publishing; video/TV; e-commerce; programmatic media buying, data management/analytics, digital media planning and optimization; social media marketing; search engine optimization; creative strategy development and creative execution.
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