Almunda Professionals (AMUND) H2 2025 earnings summary

Executive summary

• Revenue increased to €31.4 million in 2025 from €29.0 million in 2024, driven by the acquisition of kWh and strong performance at ICE, while PIDZ and Novisource saw revenue declines due to challenging market conditions.

• EBITDA remained stable at €4.8 million, but EBIT declined to €0.8 million from €1.3 million, and net loss attributable to shareholders was €0.58 million, compared to a loss of €0.36 million in 2024.

• The group completed the acquisition of kWh, consolidated ICE and kWh under Kalice, and fully acquired SureCare, expanding its footprint in the energy and healthcare sectors.

Financial highlights

• Revenue: €31.4 million (+8.1% year-over-year); EBITDA: €4.8 million (flat year-over-year); EBIT: €0.8 million (down from €1.3 million).

• Net loss attributable to shareholders: €0.58 million (2024: €0.36 million loss); adjusted EPS: €0.08 (2024: €0.09).

• Equity attributable to shareholders: €12.2 million (2024: €12.7 million); solvency ratio: 35.3%.

• Net interest-bearing debt: €13.2 million (2024: €12.1 million); net debt/EBITDA: 2.7x.

• Cash and cash equivalents: €5.3 million (2024: €5.7 million).

Outlook and guidance

• Expectation of a positive result in 2026, with continued focus on synergy between ICE and kWh, and further rollout of PIDZ's staffing proposition.

• PIDZ faces ongoing uncertainty due to Dutch labor law changes but is investing in a new platform and expanding staffing services.

• Planned refinancing of €4.0 million subordinated shareholder loans at PIDZ in 2026.

• Regular investments in digitalization and IT systems (~€0.3 million) and buyout of franchise locations (~€0.7 million) planned for 2026.