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Tinexta (TNXT) investor relations material
Tinexta Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues rose 13.6% year-over-year to €347.2 million, with organic growth of up to 4.8% and strong cash generation, led by Cybersecurity and Digital Trust, despite delays in Ascertia and challenges in Business Innovation from French market instability.
Adjusted EBITDA increased 11.9% to €62.7 million, with reported EBITDA up 19.9% to €54.5 million; net loss was €16.5 million due to significant goodwill impairments.
Net financial position improved to €299.2 million, with leverage ratio dropping to 2.55x LTM adjusted EBITDA, expected to reach 2.4x by year-end.
Major developments included multiple acquisitions (LexTel AI, Defence Tech, Linkverse, Lenovys) and a 38.74% stake purchase by Nextalia and Advent, triggering a public tender offer and board changes.
Free cash flow from continuing operations reached €55.9 million, up 46.5% year-over-year.
Financial highlights
Adjusted EBITDA margin was 18.1% (vs 18.3% PY); reported EBITDA margin rose to 15.7% (from 14.9% PY).
Adjusted net profit was €15.1 million, while reported net loss was €16.5 million, mainly due to €29.6–31.8 million in goodwill impairments.
Adjusted operating profit was €31.4 million; reported EBIT was negative €26.3 million due to impairments.
Free cash flow conversion improved significantly, with adjusted free cash flow at a historical high.
Net financial indebtedness at €299.2 million, down from €321.8 million at year-end 2024.
Outlook and guidance
2025 revenue guidance updated to 11–13% growth (6–8% organic), with adjusted EBITDA expected to grow 8–10% (3–5% organic); excluding ABF, adjusted EBITDA growth forecast at 12–14%.
Leverage ratio projected to be 2.4x by year-end.
Guidance revised downward due to ABF underperformance and French political/economic instability.
CapEx and cash taxes expected to decrease, supporting healthy cash conversion.
Regulatory changes in Italy and France, including reduced Industry 5.0/Transition 5.0 tax credits, may impact future performance.
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