AdUX (ADUX) H2 2025 earnings summary

Executive summary

• Revenue remained stable at €24.6M in 2025, with strong performance in France offsetting declines elsewhere.

• EBITDA was positive at €4.2M, down 3% year-over-year, reflecting disciplined cost control amid rising costs.

• Net income dropped 42% to €2.1M, mainly due to a base effect from deferred tax gains in 2024 and higher tax charges in 2025.

• The group maintained strong operating profitability despite macroeconomic uncertainties and cost pressures.

Financial highlights

• Gross margin decreased by 5% to €10.0M, impacted by increased direct operating costs.

• Operating profit fell 14% to €2.6M, mainly due to higher depreciation and amortization expenses.

• External purchasing costs decreased by 10% to €2.8M, while personnel costs remained stable at €3.0M.

• Net debt/EBITDA ratio stood at 1.23, indicating a strong balance sheet.

Outlook and guidance

• The group will continue rigorous cost control in 2026, focusing on the resilient French market as its primary growth driver.

• Management remains committed to maintaining strong operating profitability and financial strength.