CM.com (CMCOM) H2 2025 earnings summary

Executive summary

• Achieved record 2025 EBITDA of €18.4 million, up 12% year-over-year, and Adjusted EBITDA of €19.8 million, within guidance.

• Revenue declined 5% to €259.4 million due to FX effects and lower CPaaS activity from large clients, but ARR grew 7% to €35.9 million.

• Launched Agentic AI Platform HALO, driving innovation and 44% quarter-on-quarter revenue growth in Q4 2025.

• Messaging volumes reached a record 9.1 billion in 2025, up 10% year-over-year.

• Net loss improved to €3.8 million from €19.8 million in 2024, aided by a net gain on bond extinguishment and absence of goodwill impairment.

Financial highlights

• Gross margin increased to 31.3%, up 1 percentage point year-over-year, reflecting improved product mix.

• Gross profit per employee rose 6% due to cost discipline and an 8% reduction in FTE.

• Adjusted EBITDA margin reached 7.6% for 2025.

• Net debt reduced by 25% to €61.9 million; Adjusted Leverage ratio improved from 4.5x to 3.1x.

• Free Cash Flow turned slightly negative due to reduced outstanding payables.

Outlook and guidance

• Adjusted EBITDA for 2026 expected to grow by at least 30% compared to 2025.

• Revenue growth anticipated to resume in Q1 2026, supported by AI adoption and favorable market conditions.