Coheris (COH) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €7.9M, up 7.3% year-over-year, driven by growth in subscription sales and services.

• Net income increased to €1.9M from €1.6M in H1 2024, reflecting higher sales and improved financial results.

• Subscription (annual licences) now represents 51% of business revenue, with perpetual licences and maintenance down to 18%.

• Service revenue rose 16% year-over-year to €2.2M, now 31% of business revenue.

• Recurring annual revenue (ARR) stable at €10.3M–€10.4M as of June 30, 2025.

Financial highlights

• Operating income for H1 2025 was €2.0M, up from €1.44M in H1 2024, with a margin of 25%–25.1%.

• Net financial result improved to +€412K, mainly due to higher interest on current accounts with ChapsVision.

• Equity increased to €22.1M, up from €18.9M a year ago and 7% higher than December 31, 2024.

• Net cash position was €12.6M, up from €8.9M at year-end 2024.

• Operating cash flow for H1 2025 was €5.2M, up 4% year-over-year.

Outlook and guidance

• No significant changes in risk factors or related party transactions expected for the remainder of 2025.

• Ongoing transition to subscription-based software distribution since 2019 continues to impact revenue mix.