ID Logistics Group (IDL) H1 2025 earnings summary

Executive summary

• Revenue grew 16.0% year-over-year to €1,761.7 million in H1 2025, with like-for-like growth at 17.1% and strong momentum across all regions despite unfavorable currency effects.

• Underlying operating income increased by 12.9% to €65.8 million compared to H1 2024.

• Net income attributable to the group rose 23.2% year-over-year to €22.4 million.

• Expansion continued with entry into Canada, marking operations in 19 countries and a major e-commerce client partnership.

• Strong performance in France (+15.8%), Europe ex-France (+11.8%), North America (+32.7%), and Latin America/Asia (+22.6%).

Financial highlights

• H1 2025 revenue reached €1,761.7m, up from €1,518.6m in H1 2024.

• Underlying EBITDA rose 13.8% to €267.0m, with a margin of 15.2% (down 20bps year-over-year).

• Net cash and cash equivalents at period end were €295.2m.

• Net financial debt/EBITDA ratio at 0.9, well below covenant threshold of 2.5.

• Cash flow from operating activities after capex rose 20.8% to €155.9 million.

Outlook and guidance

• Focus on ramping up productivity at new sites, controlling start-ups, and managing peak periods in H2.

• Plans to expand into new sectors such as Cosmetics and High Tech, with continued AI and digital development and ongoing M&A activity.

• Second half expected to deliver higher profitability and cash flow generation, though new project start-ups may impact short-term margins.