Kontron (SANT) H1 2025 earnings summary

Executive summary

• Q2 2025 EBITDA surged to €98m from €47m year-over-year, including €48m in one-off effects from portfolio streamlining and COM deconsolidation.

• Operating cash flow improved to €16.3m for 6M 2025 from -€16.8m in 6M 2024, with no cash-in from streamlining yet.

• Backlog reached €2.3bn, supporting the annual revenue plan; book-to-bill ratio at 1.23.

• Workforce reduced to 6,938 employees as of June 30, 2025, from 7,263 at year-end 2024.

• Major contract wins, including a three-digit million euro deal with SNCF and significant orders in transportation and automotive.

Financial highlights

• Q2 2025 revenue declined 6.6% year-over-year to €396m; H1 2025 revenue stable at €781m (+0.2% year-over-year).

• EBITDA rose 78.2% to €146m in H1 2025; Q2 EBITDA up 110.8% to €98.1m, mainly due to one-off effects.

• Net income attributable to owners increased 134.6% to €88.9m; EPS (undiluted) rose to €1.45.

• Gross margin for H1 2025 was 42.0%, with Q2 2025 at 37.7% due to portfolio optimization effects.

• Cash and cash equivalents stood at €193.5m as of June 30, 2025.

Outlook and guidance

• 2025 revenue guidance at €1.8bn, EBITDA expected to exceed €270m, maintaining organic growth at 2024 levels.

• EBITDA margin targeted to reach ~20% by 2030, with further portfolio optimization planned.

• Equity ratio targeted above 40% by 2026; working capital and net debt expected to improve further in H2 2025.

• Expansion of Global segment to 25% of group revenues over four years.