Gofore (GOFORE) Q2 2025 earnings summary

Executive summary

• Q2 2025 was historically weak, with net sales down 7.9% and adjusted EBITA margin dropping to 2.6%, impacted by one-off project write-downs and restructuring costs.

• 80 employees were laid off through change negotiations, targeting €6.1M in annual savings, with €2.4M realized in H2 2025.

• The Huld acquisition (enterprise value €54.5M) will double the intelligent industry workforce and expand security and product design capabilities.

• Management expects corrective actions and the Huld acquisition to drive improved utilization and profitability in H2.

• Utilization rate improved by June, and the talent pool was renewed to align with market demand.

Financial highlights

• Q2 net sales decreased by 7.9% year-over-year to €44.2M; H1 net sales were €90.6M, down 6.8%.

• Adjusted EBITA margin was 2.6% in Q2 (12.7% prior year) and 5.4% in H1 (13.2% prior year).

• One-off items in Q2 included a €1.0M project write-down, €1.2M restructuring costs, and €0.2M transaction costs for the Huld acquisition.

• Cash and cash equivalents stood at €49.6M at the end of June 2025, with an equity ratio of 59.9% and net gearing at -28.5%.

• H1 net profit was €1.2M, down from €8.5M year-over-year; Q2 net loss of €0.7M.

Outlook and guidance

• Full-year 2025 adjusted EBITA margin guidance is 8–10% of net sales, excluding the Huld acquisition.

• Profitability is expected to improve in H2, driven by restructuring and the Huld acquisition.

• Moderate growth is anticipated in the public sector and private sector manufacturing; DACH region recovery remains slow.

• No further layoffs planned; focus is on post-restructuring performance and Huld integration.

• Long-term target remains €500M in net sales by 2030 and 15% adjusted EBITDA margin.