Linedata Services (LIN) H1 2025 TU earnings summary

Executive summary

• First-half 2025 revenue reached €86.6m, a 3.5% decrease compared to H1 2024, with a 3.7% decline at constant structure and exchange rates.

• Recurring revenue represented 79% of total, stable year-over-year, but declined €2.8m in absolute value.

• Order intake was €23.3m, down 24.9% excluding €11m in exceptional orders from H1 2024.

Outlook and guidance

• Operating margin is expected to contract by end-June 2025 due to lower business activity in H1.

• Sales force efforts are being intensified to improve performance in the second half of the year.

Segment performance

• Asset Management revenue fell 5.4% to €56.3m; Software division down 8.6% (reported), Services division up 3.8%.

• Lending & Leasing revenue was stable at €30.3m; up 0.8% at constant structure and exchange rates.

• Asset Management Q1 revenue: €28.2m (-3.3%), Q2: €28.1m (-7.3%).

• Lending & Leasing Q1 revenue: €15.8m (+7.3%), Q2: €14.5m (-6.4%).