q beyond (QBY) Q3 2025 earnings summary

Executive summary

• Returned to profitability in Q3 2025, with EBITDA up 36% year-over-year to €3.0 million and net income improving by €1.4 million to €0.5 million, driven by the 2025plus Strategy and a tax windfall from the Plusnet transaction.

• Free cash flow rose to €1.7 million from €1.0 million in Q3 2024, and net liquidity reached €41.3 million (€0.33 per share).

• Focused on profitability over growth, leveraging sector expertise and high-margin business in a stagnant economic environment.

• 69% of revenues are recurring, with focus sectors accounting for 70% of Q3 revenues.

Financial highlights

• Q3 2025 revenues were €43.6 million, down from €47.0 million year-over-year; nine-month revenues totaled €134.4 million.

• EBITDA for the nine-month period was €8.1 million, up from €6.4 million year-over-year.

• Gross profit for Q3 was €7.3 million (vs. €7.6 million in Q3 2024), with a gross margin increase to 17%.

• Consolidated net income for Q3 was €0.5 million, reversing a €0.9 million loss in Q3 2024.

• Net liquidity as of 30 September 2025 was €41.3 million, with no bank liabilities.

Outlook and guidance

• Full-year 2025 guidance confirmed, with revenues expected at the lower end of €184–190 million and EBITDA at €12–15 million.

• Positive consolidated net income and free cash flow anticipated for the full year 2025.

• Strong Q4 anticipated, driven by seasonality, project completions, and license deals, especially in SAP.

• Medium-term target remains a double-digit EBITDA margin, aiming for at least 10% by 2028.