Intred (ITD) H1 2025 earnings summary

Executive summary

• Sales rose 7.2% year-over-year to €27.8 million in H1 2025, with organic growth of 7.8% and EBITDA at €12.5 million (44.9% margin); EBIT at €6.0 million (21.6% margin); net profit at €3.6 million.

• Investments totaled €12.2 million, mainly for proprietary network expansion, which grew 9.9% to over 14,250 km.

• Customer base expanded, with data line users exceeding 56,500 (up 11.4% YoY), low churn (4.4%), and strong growth in the public administration segment (+33.1% YoY).

Financial highlights

• Value of production increased to €27.9 million from €26.3 million YoY.

• EBITDA grew to €12.5 million (44.9% margin), EBIT to €6.0 million (21.6% margin), and net profit to €3.6 million.

• Net financial position/debt at -€37.4 million, up from -€32.9 million at end-2024, due to network investments.

• Cash flow from operations was €9.8 million, with cash funds at period end of €7.0 million, down from €10.3 million at end-2024.

• Equity increased 3.2% to €61.6 million.

Outlook and guidance

• Management forecasts highly positive growth for the remainder of 2025, driven by ultra-broadband sales and ongoing network investments.

• Recurring revenue and client base growth are expected to sustain strong results.