CHAPTERS Group (CHG) H2 2025 earnings summary

Executive summary

• Achieved record inorganic growth in 2025, adding 16 companies and completing the major merger of Fintiba GmbH and Expatrio Global Services GmbH, creating a category leader in financial services for international students and expats.

• Issued a €72 million corporate bond and completed multiple capital increases, enhancing financial flexibility for further acquisitions.

• Implemented the Manuscript Method across the group, driving measurable organic growth and operational improvements.

• Strong focus on AI adoption, with the appointment of a new CTO and launch of the Momentum Initiative to accelerate AI-driven transformation.

Financial highlights

• Total output reached €195 million in 2025, up from €124.6 million in 2024.

• Adjusted EBITDA increased to €49.1 million, a 12% organic growth year-over-year.

• Earnings per share (EPS) was €-0.03, impacted by negative contributions from recent Public segment acquisitions and one-off merger and financing costs.

• Net loss for the year was €40.2 million, with €10.6 million attributable to minority interests.

• Cash and cash equivalents rose to €106.7 million, with positive operating cash flow of €18.5 million.

• Net debt stood at €138.5 million; invested capital totaled €563.4 million.

Outlook and guidance

• For 2026, expects organic growth in total output of 7–9% and adjusted operating EBITDA growth of 14–17%.

• Anticipates continued strong inorganic growth through further acquisitions.

• No dividend distributions planned; focus remains on reinvestment for growth.