Linedata Services (LIN) H2 2025 earnings summary

Executive summary

• Revenue declined by 7.7% year-over-year to €169.6M, with EBITDA margin down to 22.1% from 29.6% due to one-off crisis management costs from a major cyber incident in August 2025.

• Net income fell 47.9% to €14.7M, with EPS at €3.04 versus €5.69 in 2024.

• The Asset Management segment saw a significant revenue drop, mainly due to the cyber incident impacting international operations.

• Lending & Leasing revenue remained stable at €63M, with growth in North America offsetting a slight decline in Europe.

Financial highlights

• Operating income dropped 43.3% to €22.6M, mainly due to accelerated server depreciation post-cyberattack.

• Net margin fell from 15.3% to 8.6%; EPS decreased from €5.69 to €3.04.

• Free cash flow dropped to €9.4M, with net cash flow at -€23.6M.

• Shareholders' equity at year-end was €120.6M, down from €138.4M.

• Cash available at year-end was €14.9M; net debt stood at €67.1M.

Outlook and guidance

• Increased CAPEX for R&D and cloud environment creation.

• Ongoing transformation plan post-cyber incident, with external expert support.

• Operations are expected to normalize in 2026 following the resolution of the cyber incident.