Lindbergh (LDB) H2 2025 earnings summary

Executive summary

• Net profit rose 62% year-over-year to €2.61 million, with EBITDA up 44% to €6.21 million and revenue up 36% to €32.82 million as of December 31, 2025.

• Operating cash flow reached €5.4 million, representing 87% of EBITDA.

• The group continued its growth trajectory, driven by organic expansion and multiple acquisitions in the HVAC and Circular Economy sectors.

Financial highlights

• Consolidated revenue increased 36% year-over-year to €32.82 million, with sales and services revenue up 37% to €32.36 million.

• EBITDA margin improved to 18.9% from 17.9% in 2024.

• EBIT rose 65% to €3.88 million, and net profit margin increased to 7.9% from 6.7%.

• Net financial debt increased to €8.63 million from €3.42 million, with net bank debt at €532 thousand.

• Total equity grew to €10.5 million from €8.3 million.

Outlook and guidance

• Organic margin growth expected in Network BU for 2026, with new clients and operational efficiencies anticipated to boost margins.

• Full consolidation of recent acquisitions in HVAC and Waste/Circular Economy BUs expected to drive further expansion.

• Continued focus on cost optimization and reinvestment of profits into development initiatives.

• Financial leverage may increase, but NFP/EBITDA ratio will be closely monitored.