Largo (ALLGO) H2 2025 earnings summary

Executive summary

• Strong positioning in the refurbished mobile market, with a robust client portfolio and strategic reorganization to lower the breakeven point.

• Annual revenue for 2025 reached €32.4M, with a record contribution from the Operators channel, representing 68% of total sales.

• Strategic reorganization led to a reduction in structural costs by over €1M, effective fully from January 2026.

• EBITDA improved by more than €1M in H2 2025 compared to H1 2025, reflecting immediate benefits from the restructuring.

• Major partnerships renewed and expanded with leading operators and distributors, reinforcing market presence.

Financial highlights

• 2025 revenue reached €32.4M, down from €34.8M in 2024, reflecting a strategic shift away from less profitable channels.

• Gross margin for 2025 was €6.5M (20.1% of revenue), compared to €7.4M (21.4%) in 2024.

• EBITDA for 2025 was -€2.0M, an improvement from -€2.6M in 2024; H2 2025 EBITDA at -€0.49M, up over €1M from H1 2025.

• Net result for 2025 was -€3.3M, impacted by €984K in non-recurring charges, mainly from restructuring.

• Cash position at year-end 2025 was €1.5M, affected by high year-end purchasing activity.

Outlook and guidance

• 2026 outlook anticipates continued commercial acceleration, with a historic Q1 and further partnership development.

• Full-year effect of cost reductions and strategic reorganization expected to drive significant profitability improvement.

• Next financial update scheduled for April 23, 2026, covering Q1 2026 revenue.