Growens (GROW) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenues reached €54.7M, stable year-over-year, with Q3 revenues up 4% to €18.5M.

• Gross profit for the nine months rose 16% to €14.7M, with a gross margin of 27%.

• EBITDA returned to positive territory at €0.6M for 9m 2025 and €0.8M for Q3 2025, driven by margin recovery in Agile Telecom.

• SaaS recurring revenues grew 23% to €11M, now 20% of total sales; CPaaS revenues declined 3%.

• Beefree business unit posted the highest growth, with Q3 revenues up 28% and 9m revenues up 24%.

Financial highlights

• Q3 2025 gross profit was €5.2M (28.1% margin), up from €4.6M (26.1%) in Q3 2024.

• Q3 2025 EBITDA was €0.76M, a significant improvement from €0.23M in Q3 2024.

• Earnings before taxes (EBT) for 9m 2025 were negative €2.6M, impacted by €3.2M in depreciation/amortization.

• Net financial position as of September 2025 was €9.6M cash, down from €13M at year-end 2024.

Outlook and guidance

• Beefree is expected to reach EBITDA breakeven by 2027, in line with the investment plan.

• Strategic focus remains on Beefree and profitability improvements in Agile Telecom.