Linedata Services (LIN) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €86.6M, down 3.5% year-over-year, reflecting a slowdown in activity and ongoing strategic recruitments.

• EBITDA fell 15.2% to €18.6M (margin 21.5%), and operating income dropped to €12.3M (margin 14.2%).

• Net income was €8.0M, with a net margin of 9.3%, and EPS at €1.66, both lower than H1 2024.

• The group acquired NROAD, enhancing AI/data capabilities, and faced a significant cyberattack in August 2025, with financial impact yet to be determined.

• Share buybacks of €8.6M were conducted to deliver the AGA plan.

Financial highlights

• Asset Management revenue declined 5.4% to €56.3M; Lending & Leasing was stable at €30.3M.

• EBITDA margin for Asset Management dropped to 17.6%, while Lending & Leasing improved to 29.0%.

• Operating margin for Asset Management fell to 8.2%; Lending & Leasing rose to 25.3%.

• Net financial expense was €1.5M, slightly higher due to increased FX losses.

• EBIT was €12.3M, down 20.6% year-over-year.

Outlook and guidance

• The order book at June 2025 was €209.6M, reflecting future revenue expectations.

• No new risk factors identified for the remainder of the year; the impact of the cyberattack is under assessment.

• Medium-term strategic objectives and fundamentals remain solid.

• Next update scheduled for Q3 2025 revenue on October 23, 2025.