Equasens Société anonyme (EQS) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €115.97M, up 7.4% year-over-year, with net income at €18.13M, stable versus H1 2024.

• Recurring EBITDA rose 5.5% to €29.8M, with a margin of 25.7% of sales.

• Integration of CALIMED and exclusive negotiations for new software acquisitions strengthened the medical and hospital software portfolio.

• Net financial surplus increased by €19.2M to €98.8M as of June 30, 2025.

• The group remains confident for H2 2025, expecting continued growth and successful integration of new acquisitions.

Financial highlights

• Operating income for H1 2025 was €21.14M, with an operating margin of 18.2%, slightly down from 19.4% in H1 2024.

• EBITDA margin stood at 25.7%, compared to 26.1% a year earlier.

• Cash flow from operations after interest and tax was €24.8M, up from €20.87M in H1 2024.

• Net cash position at period end was €18.79M, up from €15.99M at end-2024.

• Gross cash increased by €9.4M to €136.7M.

Outlook and guidance

• Guidance maintained for nearly 10% reported revenue growth in H2 2025, driven mainly by organic growth and recent acquisitions.

• Positive commercial momentum across all divisions supports a confident outlook for H2 2025.

• Integration of DIS and ResUrgences expected to drive synergies and performance in AXIGATE LINK from Q3 2025.

• Continued investment in new solutions and digital transformation for healthcare professionals.

• Vigilance maintained regarding public policy decisions on healthcare reimbursement, which could impact the pharmacy sector.