AdUX (ADUX) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €11.2 million, down 8% year-over-year, mainly due to reduced activity in Belgium and France amid a challenging market.

• Gross margin remained stable at 45%, with gross profit at €5.1 million, also down 8% year-over-year.

• EBITDA was €1.7 million, a 5% decrease from H1 2024, with an EBITDA margin of 15.6% versus 15.2% last year.

• Net income reached €0.8 million, compared to €1.1 million in the prior year period.

• Performance marketing and drive-to-store campaigns helped outperform broader market trends.

Financial highlights

• Purchases decreased to €1.9 million from €2.2 million year-over-year.

• Payroll charges were stable at €1.4 million.

• Depreciation, amortization, and provisions totaled €0.5 million, mainly from tech platform investments and IFRS 16 application.

• Operating profit was €1.2 million, a decrease of €0.1 million from H1 2024.

• Cost of indebtedness increased to €0.3 million from €0.1 million year-over-year.

Outlook and guidance

• Strategy focuses on strict cost control and adapting commercial offerings amid economic uncertainty.

• Despite revenue decline, EBITDA margin was preserved and even improved, confirming the ability to maintain profitability.

• The group expects to meet its financial obligations over the next 12 months, supported by its majority shareholder.

• Next financial announcement: annual results for 2025 in April 2026.