Gofore (GOFORE) Q3 2025 earnings summary

Executive summary

• Q3 2025 profitability reached the highest level of the year, with adjusted EBITA at 8.7% of net sales, despite ongoing price competition and a challenging market environment.

• Net sales for Q3 increased by 5.2% year-over-year to €41.2 million, driven by the Huld acquisition, though organic growth was -3.3%.

• The integration of Huld, completed in September, added over 400 employees and expanded expertise in Intelligent Industry and Defence & Space.

• Restructuring measures in H1 improved Q3 utilisation rates and profitability compared to Q2.

Financial highlights

• Q3 2025 net sales: €41.2m (+5.2% YoY); Q1–Q3 2025 net sales: €131.8m (-3.3% YoY).

• Q3 adjusted EBITA: €3.6m (8.7% of net sales, down from 11.2% YoY); Q1–Q3 adjusted EBITA: €8.5m (6.4% of net sales, down from 12.6% YoY).

• Q3 operating profit (EBIT): €1.8m (4.3% margin); Q1–Q3 EBIT: €3.5m (2.6% margin).

• Q3 profit for the period: €1.8m; Q1–Q3 profit: €3.0m.

• Q3 EBITDA: €3.9m (9.5% margin); Q1–Q3 EBITDA: €9.5m (7.2% margin).

• Earnings per share (EPS) Q3: €0.10; Q1–Q3: €0.16.

Outlook and guidance

• Adjusted EBITA for full year 2025 guided at 8–10% of net sales, including the Huld acquisition.

• Market outlook remains cautious with weak customer demand, but some positive signals in the private sector and ongoing moderate growth in the public sector.

• Q4 expected to benefit from increased capacity due to Huld and improved utilisation rates.