Cancom (COK) Q2 2025 earnings summary

Executive summary

• Group revenue declined 3.8% year-over-year to €803.8m in H1 2025, with Germany down and International up.

• EBITDA dropped 33.9% to €36.7m, impacted by €4m in restructuring charges and cost increases.

• Profit for the period fell to €2.7m from €17.3m year-over-year.

• Business segments showed mixed performance, with Germany underperforming and International, led by Austria, growing.

• Management expects gradual improvement in H2 2025, citing digitalisation and AI as growth drivers.

Financial highlights

• H1 2025 group revenue: €803.8m, down 3.8% year-over-year; organic decline of 4.0%.

• H1 2025 group EBITDA: €36.7m, down 33.9% year-over-year; EBITDA margin fell to 4.6% from 6.6%.

• Profit for the period: €2.7m, down from €17.3m; earnings per share: €0.09.

• CapEx for H1 2025 was €8.1m, representing 1.0% of sales; investment ratio improved from 1.5%.

• Cash and cash equivalents at period end were €85.1m, down from €144.7m at year-end 2024.

Outlook and guidance

• 2025 revenue forecast: €1,650–1,750m; EBITDA: €100–110m; EBITA: €46–56m.

• Management anticipates muted H1 2025 with gradual improvement in H2 2025.

• Positive IT market development expected in Germany and Austria in H2 2025, driven by digitalisation and AI.

• Macroeconomic and geopolitical uncertainties remain, especially in public sector business.