CM.com (CMCOM) H1 2025 earnings summary

Executive summary

• Revenue declined 7% year-over-year to €124.3 million, mainly due to a strong 2024 comparison and a historically low volatile Connect business, with gross profit stable at €40.3 million and gross margin improving to 32.4%.

• The Engage business unit saw mid-single digit growth, driven by the launch of the AI platform Halo, which achieved 30% month-over-month revenue growth and €1.2 million ARR in 5 months.

• Operating expenses remained tightly controlled, up just 1% year-over-year on a normalized basis, with a 1.6% reduction in FTEs.

• Major refinancing completed: €100 million convertible bonds repurchased early, replaced by €80 million revolving credit facility and €20 million equity raise, improving capital structure and liquidity.

• Customer engagement platform saw strong cross-sell (2.07), reduced churn (2.2%), and continued innovation with launches in Voice AI and ticketing resale.

Financial highlights

• H1 2025 revenue: €124.3 million (-7% YoY); Q2 2025 revenue: €62.4 million (-12% YoY).

• Gross profit: €40.3 million (flat YoY); gross margin: 32.4% (H1 2024: 30.0%).

• EBITDA: €7.8 million (H1 2025), 5% lower than normalized H1 2024 but 19% higher than reported H1 2024.

• Free cash flow was €2.1 million for H1 2025, supported by a 10% year-over-year decline in CapEx.

• Unrestricted cash at the end of Q2 was €15.2 million, with €70 million drawn on an €80 million credit facility.

Outlook and guidance

• Full-year EBITDA is expected at the lower end of the €22–27 million range, with H2 anticipated to be stronger due to seasonality and business visibility.

• Normalized operating expenses are expected to remain at similar levels to 2024.

• Gross profit and ARR are expected to grow further, with a recovery in the volatile Connect business and Pay returning to growth.

• Focus remains on profitable growth, operational efficiency, and scaling AI-driven innovations.