Maps (MAPS) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached €14.8M, up 18% year-over-year, driven by Healthcare and Layers business units.

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

• Net profit for the period was €561.7K, slightly down from €576.9K in H1 2024.

• Significant events included the acquisition of 51% of Ellysse S.r.l. and the merger of SCS Computers S.r.l. into Artexe S.p.A.

• The group underwent a major business unit reorganization to enhance efficiency and market focus, introducing 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.

• Net financial debt increased to €11.0M from €7.0M at year-end, mainly due to the Ellysse acquisition and IFRS 16 impacts.

• Operating cash flow was €1.86M, while investing activities used €3.99M, and financing activities reduced cash by €1.92M.

• Cash and equivalents at period end were €4.33M, down from €6.25M at year-end.

Outlook and guidance

• Management expects continued growth, focusing on R&D, technological innovation, scalable solutions, and sector expansion through partnerships and acquisitions.

• Macroeconomic uncertainty persists, but digital transformation, healthcare digitalization, and energy transition trends remain strong.