Q-Interline (QINTER) H1 2025 earnings summary

Executive summary

• Strong growth in ARR revenue continued in H1 2025, while sales of analytical systems slowed due to uncertainty over US-EU tariffs, especially in Europe; order intake rebounded late in Q2 with significant orders in several countries.

• ARR sales grew 37.2% year-over-year, exceeding expectations and building a solid recurring revenue base.

• First DairyQuant GO order to Germany's largest dairy group and a new three-year support agreement with Norway's TINE AS marked strategic milestones.

• Direct sales and support organization established in the UK, expected to strengthen market presence.

• Major license renewal with a large Northern European dairy customer and a significant US order highlight international traction.

Financial highlights

• Group revenue for H1 2025 was DKK 15.5 million, down 10.6% year-over-year.

• ARR accounted for 57.5% of total revenue, with ARR revenue up 37.2% from H1 2024.

• EBITDA was DKK -8.6 million (margin -55.3%), EBIT DKK -9.2 million (margin -59.3%), and net result DKK -9.6 million.

• Gross margin increased to 73.2% due to higher ARR share.

• Market capitalization at period end was DKK 95.3 million.

Outlook and guidance

• H2 2025 expected to see higher revenue, driven by strong pipeline and seasonal factors, but full-year revenue guidance lowered to DKK 40–47 million (from DKK 47–55 million).

• EBIT guidance adjusted to DKK -7 to -12 million for 2025.

• Growth expected in home market, Germany, and France; ARR growth to continue, but Pivetter® sales to be lower in H2.