Delticom (DEX) Q2 2025 earnings summary

Executive summary

• Revenues rose 11.6% year-over-year to €236.5 million in H1 2025, with gross merchandise volume up 10.4% to €285.4 million.

• EBITDA declined 32.3% to €5.3 million, and EBIT turned negative at €-0.6 million due to unscheduled depreciation and currency losses.

• Net income was €-1.7 million, down from €0.1 million in H1 2024, with EPS at €-0.12.

• Over 355,000 new customers were acquired, a 16.4% increase year-over-year.

Financial highlights

• Gross margin decreased to 24.3% from 26.4% year-over-year, mainly due to a change in sales mix.

• Gross profit increased 5.2% to €69.9 million.

• Operating cash flow improved to €-4.6 million from €-21.5 million in H1 2024, mainly due to better working capital management.

• Equity ratio stood at 20.5%, with equity at €50.0 million.

• Liquidity position was €3.5 million at period end.

Outlook and guidance

• Full-year revenue guidance maintained at €470–490 million.

• Operating EBITDA for 2025 expected in the range of €19–21 million.

• Management expects free cash flow for the year to be in the low single-digit million range.

• Winter tyre business in H2 2025 will be crucial for annual performance.