Martela (MARAS) Q2 2025 earnings summary

Executive summary

• Revenue and operating result improved year-over-year, with operating result turning positive in Q2 2025 after a prolonged challenging market.

• Customer demand strengthened, with new orders up 8% in H1 and order backlog 20% higher than last year.

• Efficiency measures and cost reductions contributed to improved profitability, though margins remained pressured by lower-margin projects and restructuring costs.

• Focus remains on profitability, cash flow, and efficiency for the remainder of 2025.

Financial highlights

• Q2 2025 revenue: €24.6M (+17% YoY); H1 2025 revenue: €50.2M (+21.8% YoY).

• Q2 operating result: €0.1M (vs. -€1.6M YoY); H1 operating result: -€1.4M (vs. -€3.8M YoY).

• H1 net result: -€2.5M (vs. -€4.8M YoY); EPS: -€0.54 (vs. -€1.04 YoY).

• Cash flow from operating activities in H1: €1.7M (vs. -€0.3M YoY).

• Personnel costs in H1: €11.0M (vs. €12.0M YoY); average headcount down 9.3%.

Outlook and guidance

• Full-year 2025 revenue expected to increase versus 2024; comparable operating profit anticipated to be close to zero.

• Management expects further improvement in profit margins in H2 2025.