Almunda Professionals (AMUND) H1 2025 earnings summary

Executive summary

• Delivered solid performance in a challenging market, with revenue of €13.1 million, down from €14.6 million year-over-year.

• EBITDA decreased to €1.7 million from €2.7 million in the same period last year.

• Net result attributable to shareholders was €0.7 million negative, mainly due to higher non-cash amortization charges.

• Adjusted net result (excluding amortization) was €0.5 million positive.

• No expectation to recover first-half shortfall in the second half; full-year revenue and EBITDA expected to be lower.

Financial highlights

• Revenue: €13.1 million (2024: €14.6 million), EBITDA: €1.7 million (2024: €2.7 million), EBIT: -€0.2 million (2024: €1.0 million).

• Net result attributable to shareholders: -€0.7 million (2024: €0.2 million).

• Net cash position: €3.1 million (2024: €3.3 million).

• Solvency ratio: 40% (2024: 37%).

• Net result per share: -€0.03 (2024: €0.01); adjusted for amortization: €0.02 (2024: €0.06).

Outlook and guidance

• Full-year 2025 revenue and EBITDA expected to be lower than 2024 due to inability to recover first-half shortfall.

• Novisource expected to recover over the next 12 months; ICE continues to see strong demand.

• Anticipated add-on acquisition in the utilities sector to strengthen ICE's position.