FamiCord (V3V) Q3 2025 earnings summary

Executive summary

• Revenue and EBITDA increased year-over-year, with net profit returning to positive territory and profitability restored at all earnings levels.

• The business model is increasingly driven by recurring revenues, with annual payment contracts gaining share and improving long-term visibility.

• Regional performance varied: Eastern Europe and the GCC region drove growth, while Germany and Southern Europe remained weak.

• The company has delivered ten consecutive quarters of improving results.

• Shift from prepayment to subscription model led to short-term cash flow pressure but is expected to benefit long-term recurring revenue.

Financial highlights

• Group revenue for the first nine months of 2025 rose 10.1% year-over-year to €66.4m; Q3 revenue was €22.8m.

• EBITDA from continuing operations increased to €8.7m, with margin improving to 17.3% from 13.1% year-over-year.

• Net profit turned positive at €1.8m versus a loss of €0.1m in the prior year period.

• Operating cash flow declined 56% to €3.4m, and cash & equivalents fell 32.9% to €11.3m, mainly due to M&A activity.

• Equity ratio improved in H1 due to M&A, but declined to 7.7% as of September 30, 2025.

Outlook and guidance

• Management confirms full-year 2025 outlook: revenue €85–95m, EBITDA €8.7–10.3m.

• Q3 performance provides momentum for a strong year-end, but Q4 is typically less predictable and costlier.

• Acquisitions in 2025, including "novum" in Poland, expected to contribute to growth from 2026.