Admie Holding (ADMIE) Q2 2025 earnings summary

Executive summary

• H1 2025 saw declines in income and net profit for both the holding and operating entities, with net profit at €34.1 million, mainly due to a lower share of profits from the 51% stake in IPTO S.A.

• Revenue for H1 2025 was €34.5 million, down from €39.4 million in H1 2024, reflecting IPTO Group performance.

• Cash and cash equivalents rose significantly to €58.3 million as of June 30, 2025, from €21.1 million at the end of June 2024.

• Dividend distributions continued, with interim and remaining 2024/2025 dividends scheduled and a payout ratio of 50%.

• The group advanced key interconnection projects, including Crete, Cyclades, Dodecanese, and international links with Italy, Turkey, Albania, Egypt, Germany, and Saudi Arabia.

Financial highlights

• Holding income fell 12.4% year-over-year to €34.5m; net profit dropped 12.2% to €34.1m.

• IPTO Group revenue decreased 2.4% to €219.9m; EBITDA declined 7.5% to €152.7m; net income down 12.4% to €67.6m.

• EBITDA for H1 2025 was €33.8 million, down from €38.8 million in H1 2024.

• Cash position for the holding rose 66% to €58.3m; IPTO Group cash at €274.3m.

• Capex for H1 2025 reached €300.4m, up from €262.3m in H1 2024.

Outlook and guidance

• Remaining 2025 dividend expected at ~€0.031/share in 2026.

• Interim dividend of €27.97 million (€0.121 per share) to be distributed in October 2025.

• Major projects scheduled for commissioning between 2025 and 2031, with total capex of €6.1bn.

• Regulatory WACC set at 7.45% for 2025, supporting stable returns.

• Strategic objectives include asset safeguarding, operational upgrades, and attracting long-term investors.