NIQ Global Intelligence (NIQ) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $1,041M, up 5.7% year-over-year on an organic constant currency basis, with strong performance in Americas and EMEA and six consecutive quarters of mid-single-digit growth.

• Adjusted EBITDA increased 15.7% to $214.9M, with margin expanding 180 basis points to 20.6%.

• Net loss improved to $14.1M from $189.2M year-over-year, reflecting higher revenues and lower restructuring charges.

• Recurring revenue remains robust at 80%, with high retention rates and multi-year subscription contracts.

• Completed IPO in July 2025, raising $985.1M in net proceeds, used primarily to repay debt and reduce annual interest expense by over $100M.

Financial highlights

• Q2 2025 revenue: $1,041M (+5.7% YoY); H1 2025 revenue: $2,006.7M (+3.0% YoY).

• Adjusted EBITDA margin expanded by 180 basis points to 20.6% year-over-year.

• Net loss attributable to shareholders: $(14.1)M in Q2 2025, $(87.8)M in H1 2025.

• Free cash flow for H1 2025 was $(279.5)M, with guidance for $245M–$275M in the second half of 2025.

• Cash and cash equivalents at June 30, 2025 were $260M, with total liquidity over $1B.

Outlook and guidance

• FY 2025 organic constant currency revenue growth expected at 5.2%–5.4%, with adjusted EBITDA margin guidance of approximately 21%.

• Q3 2025 revenue guidance: $1,023M–$1,025M; full-year revenue: $4,137M–$4,145M.

• Free cash flow for H2 2025 projected at $245M–$275M.

• Net leverage targeted at ~3.5x by end of 2025 and below 3x by end of 2026.

• Management expects continued growth driven by pricing, upselling, and expansion into high-growth markets.