Maps (MAPS) H1 2025 earnings summary

Executive summary

• Strong growth in product revenues, especially in the Healthcare sector, offset by a decline in custom project revenues due to exceptional factors.

• Acquisition of Ellysse enhances strategic positioning in omnichannel and generative AI, expanding the healthcare offering.

• Organizational streamlining completed, introducing a new structure aligned with a scalable, product-based model.

Financial highlights

• Value of production reached €17.3M, up 7% year-over-year; total revenues at €15.8M, also up 7%.

• Product revenues rose 13% to €14.0M, now 93% of core revenues; recurring fees declined 11% to €5.4M.

• Project revenues dropped 48% to €1.1M, mainly due to a major telecom client restructuring.

• EBITDA was €3.0M (-6% year-over-year), with a margin of 19% (down from 22%).

• Net profit was €0.56M, slightly down 3% year-over-year.

Outlook and guidance

• Management expects continued growth, focusing on technological innovation, solution scalability, and sector positioning.

• The digital transformation and energy sectors present strategic opportunities, with healthcare digitalization remaining a priority.

• Growth strategy will leverage R&D consolidation, targeted acquisitions, and strategic partnerships.