EKINOPS (EKI) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was €57.2m, nearly flat year-over-year, with stable gross margin at 55.9% and EBITDA margin at 13.1%.

• Olfeo acquisition contributed €0.5m to revenue and expanded cybersecurity offerings.

• International sales grew 4%, now 59% of total revenue, while France declined 6%.

Financial highlights

• Gross margin for H1 2025 was €32.0m (55.9%), nearly unchanged from H1 2024.

• EBITDA was €7.5m (13.1% margin), down from €8.2m (14.3%) in H1 2024.

• Current operating income rose 14% to €3.4m; net income was -€0.5m due to one-time financial expense.

• Net cash position at June 30, 2025 was €11.0m, with cash of €36.7m and borrowings of €25.7m.

Outlook and guidance

• Full-year 2025 revenue guidance is €110–120m, compared to €117.7m in 2024.

• Cost control remains a focus, with operating expenses down 2% in H1 2025.

• Anticipates gradual telecom market recovery, with growth in Optical Transport and Software & Services.

• Bridge plan targets double-digit growth and 20% EBITDA margin by 2028.