Elis (ELIS) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €2,343.1 million, up 4.3% year-over-year, with 3.5% organic growth and a 1.8% M&A contribution, partially offset by -1% FX impact and a -0.5% calendar effect.

• Adjusted EBITDA rose 5.1% to €813.8 million, with margin up 30bps to 34.7%; Adjusted EBIT increased 3% to €353.8 million, margin down 20bps to 15.1%.

• Headline net income per share grew 3% to €0.85 fully diluted; net income rose 28.6% to €152.5 million; headline net income up 2.6% to €213.2 million.

• Free cash flow was €31 million, in line with full-year objectives; financial leverage ratio improved to 1.92x from 2.06x a year earlier.

• Strong commercial momentum, new contracts, and a rebound in hospitality in France and Southern Europe supported growth; all 2025 financial objectives reaffirmed.

Financial highlights

• Organic revenue growth of 3.5% (approx. 4% restated for calendar), with robust performance in France, Central Europe, Southern Europe, and Latin America.

• Adjusted EBITDA margin improved by 30bps to 34.7%; EBIT margin slightly declined by 20bps to 15.1%.

• Net income rose 28.6% to €152.5 million; headline net income up 2.6% to €213.2 million.

• Free cash flow of €31 million, impacted by seasonal working capital but aligned with full-year trajectory.

• Net financial debt at €3,206.5 million as of June 30, 2025; leverage ratio at 1.92x.

Outlook and guidance

• 2025 organic revenue growth expected slightly below 4% due to -0.3% calendar effect.

• Modest improvements anticipated in adjusted EBITDA margin, EBIT margin, EPS, and free cash flow.

• Financial leverage ratio targeted to decrease by ~0.1x by year-end.

• Medium-term (2025–2028) targets: 5–6% annual revenue growth (4% organic, 1–2% M&A), 20bps average annual EBITDA margin improvement, €1.5 billion cumulative free cash flow.

• All 2025 financial objectives confirmed.