Maps (MAPS) H2 2025 earnings summary

Executive summary

• Total revenues reached €31.6M in 2025, up 6% year-over-year, driven by proprietary software products and strong performance in Healthcare.

• Value of production increased to €35.1M from €33.0M in 2024.

• Proprietary software products now represent 95% of core revenues, up from 87% in 2024, led by healthcare.

• Project revenues declined sharply by 54%, while product revenues grew 13% year-over-year.

• EBITDA declined to €5.6M (18% margin) from €7.4M (25% margin) year-over-year, mainly due to project contraction and staff retention.

• Net profit dropped to €0.6M from €1.9M in 2024.

Financial highlights

• Healthcare product revenues increased 11% to €21.8M; recurring fees from healthcare products rose 12% to €9.3M.

• Gross margin on core revenues was 50% in Healthcare, 33% in Energy, 44% in Layers, and 1% in Mind Lab.

• Contribution margin dropped to €13.8M (45% of core revenues) from €15.2M, reflecting project contraction.

• Operating costs increased to €29.4M from €25.6M year-over-year.

• Net financial position worsened to €12.7M from €7.0M, mainly due to the Ellysse acquisition.

Outlook and guidance

• Management expects continued growth in digital, healthcare, and energy markets, focusing on innovation and proprietary platforms.

• Strategic initiatives include increasing ARR, leveraging AI for delivery, and targeted M&A.

• Macroeconomic uncertainty persists, but sector demand for software, cloud, and AI remains strong.

• Strategic focus remains on healthcare and energy, with plans to scale solutions and pursue both organic and external growth.