FDM Group (Holdings) (FDM) H2 2025 TU earnings summary

Executive summary

• Financial performance for the year to 31 December 2025 is expected to be within the range of market expectations.

• 2025 was a challenging year, with continued focus on aligning resources to client demand across geographies.

Financial highlights

• Revenue for 2025 expected at £178 million, down 31% year-over-year (30% on constant currency basis).

• 828 training completions in 2025, compared to 877 in 2024.

• Closing cash balance of £35 million, compared to £41 million in 2024.

• No debt on the balance sheet.

• FY25 Adjusted Profit Before Tax expected between £13.5m and £14.4m.

Outlook and guidance

• Uptick in activity levels in the last four months of 2025 appears to be continuing into early 2026.

• Economic and political backdrops remain uncertain, but some clients are showing renewed investment appetite.

• Focus remains on aligning resources with demand and prudent investment.