Lumibird (LBIRD) H1 2025 earnings summary

Executive summary

• Revenue increased 9% year-over-year to €106.8M, with both Medical and Photonics divisions contributing robustly and strong performance in Defense/Space and Medical segments.

• EBITDA surged 85% year-over-year to €20.2M (18.9% margin), driven by both divisions, and operating income rose to €9.6M.

• Net income improved to €4.9M, reversing a loss in H1 2024.

• Net financial debt stood at €94.6M, with €71.3M in cash and no covenant breaches.

Financial highlights

• Revenue reached €106.8M, up 9% year-over-year; at constant currency, growth was 9.1%.

• EBITDA rose to €20.2M (+85%), and operating income to €9.6M (+491%).

• Gross margin increased to 65.1%, up 4.4 percentage points year-over-year, with both divisions improving.

• Net income reached €4.9M, up from a loss in H1 2024.

• Net financial debt: €94.6M; cash: €71.3M; gearing: 48.2%; leverage: 2.2x.

Outlook and guidance

• Strong order book and robust demand expected to support growth, especially in Defense/Space and Medtech.

• No specific financial targets for revenue or EBITDA margin are provided; gross margin may decline slightly in H2 2025 due to product mix.