Cancom (COK) Q1 2025 earnings summary

Executive summary

• Group revenue declined 6.8% year-over-year to €410.5 million in Q1 2025, with organic revenue down 7.0%.

• EBITDA fell 30.6% year-over-year to €21.1 million, with margin at 5.1% versus 6.9% last year.

• Net profit dropped to €3.2 million from €10.1 million year-over-year.

• German segment revenue dropped 14.4% year-over-year, while international segment grew 8.3%.

• Challenging market conditions and customer reluctance to invest, especially in Germany, impacted results.

Financial highlights

• Revenue: €410.5 million (–6.8% year-over-year); organic revenue: –7.0%.

• EBITDA: €21.1 million (–30.6% year-over-year); margin: 5.1%.

• Net profit: €3.2 million, down from €10.1 million; EPS from continued operations: €0.10, down from €0.29.

• Cash flow from operating activities: €3.1 million, sharply down from €56.3 million in Q1 2024.

• Net cash at €134.7 million, down from €212.5 million in Q1 2024.

Outlook and guidance

• 2025 revenue forecast: €1,700–1,850 million; EBITDA: €115–130 million; EBITA: €61–76 million.

• Management anticipates muted H1 2025 with gradual improvement in H2 2025, driven by digitalisation and AI trends.

• No change to previous guidance; positive medium-term outlook based on long-term digitalisation trends.