Lindbergh (LDB) H1 2025 earnings summary

Executive summary

• Revenues for H1 2025 rose to €15.84 million, up 53% year-over-year, driven by strong HVAC and Waste/Circular Economy segment growth and recent acquisitions.

• EBITDA increased 36% to €2.8 million, with an EBITDA margin of 17.7%.

• Net profit reached €1.11 million, up 31% from H1 2024.

• The group completed several acquisitions, including Alfatermica Srl, ITR Srl, Eco Manutenzioni Srl, and Termotecnica Monzese Srl, and divested a French business unit.

• Exit from the French market allowed focus on three core business units, supporting structural progress.

Financial highlights

• Revenues from sales and services: €15.84 million (+53% YoY).

• EBITDA: €2.8 million (+36% YoY); EBITDA margin: 17.7%.

• EBIT: €1.73 million (+45% YoY).

• Net profit: €1.11 million (+31% YoY); net profit margin: 7%.

• Net financial debt: €5.27 million, up from €3.4 million at year-end 2024, mainly due to acquisitions.

• Cash and cash equivalents: €2.82 million, down from €5.04 million at year-end 2024.

Outlook and guidance

• HVAC segment expected to see further revenue growth in H2 2025 due to seasonality and recent acquisitions.

• Waste/Circular Economy BU projected to maintain strong organic growth; Network & Warehouse Management BU anticipated to continue stable growth.

• Lower interest rates may encourage increased financial leverage.