CHAPTERS Group (CHG) H1 2025 earnings summary

Executive summary

• Achieved significant growth in H1 2025, expanding to 55 operating companies and executing nine acquisitions, including a major merger in Financial Technologies.

• Revenue and adjusted EBITDA increased substantially year-over-year, driven by both organic and inorganic growth.

• Strategic focus on three segments: Public Sector, Enterprise, and Financial Technologies, with targeted capital allocation and operational improvements.

• Emphasis on AI and cyber risk as both opportunity and challenge, with a new CTO appointed to coordinate AI initiatives.

Financial highlights

• Revenue for H1 2025: €84.5M (up from €55.6M in H1 2024).

• Adjusted EBITDA: €19.3M (up from €13.3M in H1 2024).

• Adjusted earnings per share (excl. securities and share-based comp.): €0.15 (up from €0.08 in H1 2024).

• Net loss for H1 2025: €17.8M, impacted by high share-based compensation and restructuring costs.

• Invested capital: €543.5M as of June 30, 2025.

• Total assets increased to €591.4M (from €353.7M at year-end 2024).

• Equity ratio: 48.2% (down from 63.6% at year-end 2024).

Outlook and guidance

• Organic EBITDA growth expected in the low double-digit percentage range (10–13%).

• Organic revenue growth forecast revised downward to mid-single digits, with Financial Technologies outperforming and Public/Enterprise segments lagging.

• Interest income from shareholder loans expected at €15–17M for 2025.

• No reliable forecast for absolute revenue or EBITDA due to dynamic acquisition activity.