Execus (EXEC) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 94.3% YoY to €3.973m and production value increased 104% to €4.393m; growth included ZCA Digital, acquired in January, and organic gains across existing businesses.

• On a homogeneous perimeter, revenue increased 24.3% to €3.973m and EBITDA rose 18.2% to €483k; EBITDA margin was 11.0% versus 11.9% in H1 2024.

• Consolidated net loss narrowed to €48k from €221k; net cash was €691k at June-end, down from €1.309m at FY24-end.

• Growth strategy combines direct-sales expansion, AI-led product development and targeted acquisitions; Vanilla Marketing and ZCA Digital were acquired during the half, with integration underway.

Financial highlights

• Sales revenue €3.973m, up 94.3% YoY; production value €4.393m, up 104%.

• EBITDA €483k, up 458% reported and 18.2% on a homogeneous-perimeter basis; EBITDA margin 11.0%, versus 4.0% reported and 11.9% homogeneous in H1 2024.

• EBIT €44k versus a €192k loss; net loss €48k versus €221k, including €80k loss attributable to the parent and €32k profit attributable to non-controlling interests.

• Organic-perimeter revenue grew 24.3%; €1.360m of reported revenue growth came from ZCA and €569k from organic growth at the other businesses.

• Operating cash flow was negative €786k, investing cash flow negative €1.293m and financing cash flow positive €1.925m; period-end cash was €1.383m.

Outlook and guidance

• FY25 priorities include integrating ZCA and Vanilla, capturing operational and commercial synergies, and continuing to assess complementary acquisition targets.

• AI platforms including Execus BI and Digital Echo are being developed, alongside an AI-agent network; commercial launch of virtual agents was planned for October 2025.

• Direct sales remains a core growth driver; the sales network had 29 agents/agencies and 4 lead generators at June-end, with further reinforcement planned.

• 2026 prospects were described as positive, supported by modular and recurring-revenue offerings and increased specialization in AI solutions; investments and costs are expected to remain higher in the short term.

• A €500k medium-/long-term loan received in July 2025 is intended to fund internal development and accelerate organic growth.