CompuGroup Medical (COP) Q2 2025 earnings summary

Executive summary

• Strategic partnership with CVC led to a voluntary tender offer, delisting from Frankfurt Stock Exchange as of June 24, 2025, and CVC representation in governance from July 2025.

• Gotthardt family remains majority shareholder post-delisting, with CVC as a significant anchor investor and shared board control.

• Group revenues reached €576m in H1 2025, up 2% year-over-year, with organic growth of 2% after a decline last year.

• Recurring revenue share increased to 76%, and free cash flow doubled to €77m compared to prior year.

• Major acquisitions included Farma Point, perimed, Technosanté, and Adour Santé.

Financial highlights

• Q2 2025 revenues reached €290m, up 4% year-over-year; H1 2025 revenues at €576m, up 2% year-over-year.

• Q2 adjusted EBITDA was €50m (down 6% yoy); H1 adjusted EBITDA €102m (down 11% yoy), margin at 17.6% (down from 20.3%).

• Q2 adjusted EPS at €0.30 (prior year: €0.34); H1 adjusted EPS at €0.65–0.66 (prior year: €0.81).

• H1 free cash flow improved to €77m from €39m in the prior year, driven by better working capital management.

• Consolidated net income for H1 2025 was €16m, down €16m from prior year; tax rate stable at 30%.

Outlook and guidance

• 2025 guidance projects low to mid-single digit organic revenue growth, slight increase in recurring revenues, and at least slight organic revenue growth in each segment.

• Moderate adjusted EBITDA growth anticipated; guidance excludes future acquisitions and is subject to market and FX uncertainties.