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Virtualware (MLVIR) investor relations material

Virtualware H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary9 Oct, 2025

Executive summary

  • Strategic consolidation in international markets, especially the U.S., and technological reinforcement of the VIROO platform marked the first half of 2025.

  • The company listed on Euronext Growth, enhancing liquidity and international investor access.

  • Signed the largest contract in its history, worth over €5 million, for 66 VET Centres in Spain.

  • Integration of Simumatik, acquired in late 2024, is progressing well.

Financial highlights

  • Revenues for H1 2025 declined 22% year-over-year due to seasonality and multi-year contract cycles.

  • Gross margin improved to 95% from 85% in H1 2024, driven by a shift away from hardware-related services.

  • Personnel expenses increased due to headcount growth from the Simumatik integration.

  • EBITDA turned negative for the first time since 2022, attributed to a change in product mix.

  • Cash decreased from €680,000 to €520,000; net financial debt increased by €1 million to €1.4 million.

Outlook and guidance

  • Expects a very positive second half of 2025, supported by the new major contract and a strong pipeline.

  • Reaffirms growth outlook for FY2025, anticipating positive EBITDA and cash flow.

  • Forecasts a record year for new contract volume.

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Frequently asked questions

Virtualware 2007 S.A. is a technology company specializing in immersive virtual reality (VR) solutions. The company offers its VRaaS (Virtual Reality as a Service) platform, VIROO, which is designed to make advanced virtual reality accessible for various industries. Virtualware’s solutions are used in sectors such as industrial training, healthcare, and education, enhancing processes like simulations, safety training, and rehabilitation through immersive technology. Virtualware 2007 S.A. is headquartered in Basauri, Spain, and its shares are listed on Euronext Paris.

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