Broadpeak (ALBPK) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €21.7m, up 26.2% year-over-year, with Q2 growth accelerating to 37.3% due to a major European contract.

• Recurring revenue accounted for 44.4% of H1 activity, supporting the target of 50% recurring revenue by 2027.

• All business lines grew over 20% in H1, with strong order intake for flagship software and SaaS offerings.

Financial highlights

• Licenses & Services revenue rose 23.4% to €9.9m, driven by a large Cloud PVR contract.

• Maintenance & SaaS revenue increased 29.6% to €9.6m, now 44.4% of total revenue.

• Equipment sales grew 24.2% to €2.2m, normalizing after a strong Q1 in Asia.

• EMEA revenue surged 88.2% to €14.4m, while Americas declined 36.9% and APAC rose 66.1%.

• Negative currency effect of €0.3m; constant currency growth was 27.8%.

Outlook and guidance

• 2025 guidance reaffirmed: revenue growth and return to positive EBITDA.

• 2027 ambitions reiterated: revenue above €50m, 50% recurring revenue, and EBITDA margin around 15%.