Rebl Group (REBL) Q1 2025 earnings summary

Executive summary

• Revenue declined 8.9% year-over-year to €25.1 million in Q1 2025, with EBITDA dropping to -€0.2 million from €0.4 million.

• Operating result was -€2.4 million (vs. -€1.9 million), but pre-tax result improved to -€1.4 million (vs. -€2.4 million) due to securities trading gains.

• Net cash flow from operations improved to €0.9 million (vs. -€0.8 million).

• Strategic transformation continued with three business acquisitions and product development in digital services.

Financial highlights

• Gross margin and EBITDA weakened due to lower-than-expected revenue, especially in print and digital segments.

• Return on invested capital before taxes was -1.1%; return on equity after taxes was -3.4%.

• Diluted EPS (including discontinued operations) was -€0.10 (vs. -€0.18).

• Interest-bearing debt decreased to €39.6 million (from €45.1 million).

Outlook and guidance

• Revenue for 2025 expected to remain at 2024 levels; operating result projected to improve.

• Print segment demand expected to decline, but acquisitions and new contracts to partly offset volume loss.

• Visibility and digital segments expected to see demand growth, especially in outdoor and retail media.

• Guidance unchanged; macroeconomic uncertainty remains high.