Llorente & Cuenca (LLYC) H1 2025 earnings summary

Executive summary

• Recurring EBITDA grew by 15% year-over-year in H1 2025, reaching €7.9 million, and operating income increased by 6.1% to €45.8 million, with total income up 18.9% versus H1 2024.

• The company achieved 39%-42% of its revised full-year EBITDA guidance and 40%-43% of its operating income guidance by mid-year.

• Strategic acquisitions included a 60% stake in Digital Solvers and full acquisition of Lambert, while divesting from beBartlet to reinvest in strategic priorities.

• New high-value contracts were secured across Corporate Affairs and Marketing, and the company received significant industry recognition and awards.

Financial highlights

• Recurring EBITDA for H1 2025: €7.9 million (+15% vs. H1 2024).

• Operating income for H1 2025: €45.8 million (+6.1% vs. H1 2024).

• Total income for H1 2025: €64.8 million (+18.9% vs. H1 2024).

• Achieved 39%-42% of new EBITDA guidance and 40%-43% of new operating income guidance by H1.

Outlook and guidance

• Full-year 2025 recurring EBITDA expected between €19 million and €20.5 million (+9% to +18% vs. 2024), with an EBITDA margin of approximately 18%.

• Operating income projected between €106 million and €114 million (+13% to +22% vs. 2024).

• No significant M&A transactions anticipated for the remainder of 2025 due to market volatility.

• Focus remains on profitability, cost optimization, and innovation, leveraging AI-powered tools.