q beyond (QBY) Q2 2025 earnings summary

Executive summary

• EBITDA rose by 23% year-over-year to €2.7 million in Q2 2025, with profitability prioritized over top-line growth and a focus on high-margin business.

• Revenues declined to €44.4 million from €47.3 million in Q2 2024, reflecting a shift to higher-margin business lines.

• Operating earnings (EBIT) improved by €1.2 million to €0.2 million, and net income increased by €0.8 million to break-even in Q2 2025.

• Free cash flow improved to €1.1 million in Q2 2025, up from €0.8 million a year earlier, with strong liquidity and no bank debt.

• The company is on track to meet its 2025 goal of positive consolidated net income, supported by sector expertise, AI advancements, and cybersecurity focus.

Financial highlights

• EBITDA increased by 23% year-over-year for Q2; gross profit rose to €8.7 million from €7.9 million, and gross margin increased to 20%.

• Adjusted revenue grew by 2% year-over-year, with recurring revenues accounting for about 70%.

• EBITDA margin improved to 6% in Q2, with a target of 7%-8% by year-end and a midterm goal of 10%.

• Free cash flow for H1 2025 was €1.9 million, up from €1.4 million in H1 2024; net liquidity stood at €39.6 million as of June 30, 2025.

• Equity ratio improved to 68% as of June 30, 2025.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenues of €184–190 million, EBITDA of €12–15 million, and positive consolidated net income expected.

• Guidance includes 5% adjusted revenue growth, over 15% EBITDA growth, and sustainably positive free cash flow.

• Midterm EBITDA margin target set at 10%, with a share buyback planned for 2026 and dividend payment under consideration for 2027.

• Forecast assumes gradual recovery of the German economy and increased investment activity.