adesso (ADN1) Q2 2025 earnings summary

Executive summary

• Sales grew 12% year-over-year to €709.5M in H1 2025, with Q2 revenues of €366M, driven by organic expansion and strong digitalization demand.

• EBITDA increased 34% to €37.2M, with margin improving to 5.2% from 4.4% in H1 2024.

• Net loss narrowed to €-6.0M from €-9.9M, and EPS improved to €-0.88 from €-1.51 year-over-year.

• Employee headcount rose 7% to 10,794 FTEs, supporting business growth.

• Full-year guidance reaffirmed, expecting revenue of €1.35–1.45B and EBITDA of €105–125M.

Financial highlights

• Gross profit increased 10% to €598.0M; personnel costs up 10% to €493.7M.

• Free cash flow was negative at -€80.8M, down 61% year-over-year, mainly due to higher net working capital and CapEx.

• Net debt increased to €143.0M, mainly from acquisitions and share buybacks.

• Equity ratio declined to 21.5% from 24.2% at year-end 2024.

• Operating cash flow was -€44M, impacted by higher trade receivables and contract assets.

Outlook and guidance

• On track to achieve full-year revenue guidance of €1.35–1.45B and EBITDA of €105–125M, with higher earnings expected in H2 due to more working days and increased IT spending.

• Margin target set above 7.6%, with expectations to surpass last year’s margin.

• Anticipates increased IT spending in the public sector and further license sales in H2.