Cancom (COK) Q3 2025 earnings summary

Executive summary

• Group revenue for Q3.25 increased 0.3% year-over-year to €423.9m, with both business segments stable; sequential revenue growth was 7.8% from Q2.25.

• 9M.25 group revenue was €1,227.7m, down 2.4% year-over-year, reflecting cautious IT investment and weak hardware demand in core markets.

• EBITDA for Q3.25 was €27.1m, down from €31.0m in Q3.24, including €2.6m in restructuring costs; 9M.25 EBITDA was €63.9m, a 26.2% decrease year-over-year.

• Net cash stood at €55.1m at the end of Q3.25, with cash and cash equivalents at €70.1m as of September 30, 2025.

• Net profit for the period was €10.3m, down from €26.5m in the prior year.

Financial highlights

• EBITA fell 49% year-over-year to €23.6m; EBIT declined 54.7% to €16.9m.

• EBITDA margin for 9M.25 was 5.2% (vs. 6.9% in 9M.24); Q3.25 EBITDA margin was 6.4%, down from 7.3% in Q3.24.

• Operating cash flow for 9M.25 was -€11.6m, compared to €58.5m in the previous year.

• CapEx ratio for 9M.25 was 0.9% of sales, below the 1.0% target.

• EPS from continued operations (undiluted) for 9M.25 was €0.33, down from €0.77 year-over-year.

Outlook and guidance

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

• Management expects IT market demand to recover in late 2025, driven by digitalisation and AI trends, despite ongoing economic and geopolitical uncertainties.

• Progress toward 2025 guidance is on track.