Doxee (DOX) H2 2025 earnings summary

Executive summary

• Revenues grew 17% year-over-year to €31.1 million, with strong performance in both Italy (+17%) and the DACH region (+38%).

• EBITDA rose 113% to €6.3 million, and net profit reached €0.4 million, reversing a €3.7 million loss in 2024.

• Net financial debt reduced to €14.3 million from €19.3 million, with leverage ratio dropping from 6.6x to 2.3x.

• Recurring subscription revenues accounted for 72% of turnover, providing stability and visibility.

• Board approved the 2025 Sustainability and Impact Reports, and proposed treasury share buyback and a free share capital increase.

Financial highlights

• Revenues reached €31.1 million (+17% YoY); gross margin €21.3 million (+33% YoY).

• EBITDA at €6.3 million (+113% YoY); EBIT at €1.4 million (from -€2.3 million in 2024).

• R&D investments increased to €5.0 million, all expensed in 2025.

• Net working capital at -€1.6 million, reflecting increased deferred income.

• Fixed assets at €29.3 million, mainly intangibles (€27.9 million).

Outlook and guidance

• Structural trends such as regulatory compliance, digitalization, and AI adoption support growth plans through 2030.

• Focus on expanding ARR in DACH and Italy, entering new EU countries, and enhancing sales and marketing.

• Continued implementation of the O³ strategy, platform consolidation, and AI integration to drive efficiency and margin improvement.

• Ongoing reduction of net financial debt, with no need for renegotiation of existing financing.

• Continued investment in managed services and compliance with evolving EU digital regulations (DORA, NIS2, AI Act, eIDAS2).