Redegal (SCRDG) Q2 2025 earnings summary

Executive summary

• H1 2025 net revenue was €7.547m, up 16.7% YoY; adjusted EBITDA rose 59.3% to €597,718 and adjusted EBIT rose 95.8% to €230,513.

• Growth was led by Digital Business and Spain; investment in products and working capital contributed to negative operating cash flow and lower period-end cash.

Financial highlights

• Reported EBITDA was €109k versus €375k in H1 2024; reported EBIT was -€589,610 versus -€64k. Net loss was €608.5k, primarily attributable to the parent company.

• Adjusted EBITDA was €597,718, up 59.3% YoY; adjusted EBIT was €230,513, up 95.8% YoY.

• Gross margin excluding Digital Business supplies rose from 37.4% to 96.69%; recurring revenue was 95%, up 3.0 percentage points YoY.

• Personnel expenses were nearly stable YoY despite revenue growth; amortisation increased 42.6% to €367k, reflecting investment in intangible assets.

Outlook and guidance

• H2 is expected to be seasonally stronger, with continued double-digit growth, improved margins and positive operating cash flow anticipated; priorities include sustainable growth, profitability and scalability.

• 2028 targets: €22.6m revenue, including €21.9m net revenue, and €4.4m adjusted EBITDA; revenue targets are Digital Business €11m, Tech €7.1m and Product €3.8m.

• 2028E segment EBITDA margin targets: Digital Business 15%, Tech 19% and Product 40%.

• Projects worth €14m were underway at report date; forecasts depend on demand, client payment terms, Mexico performance, talent availability, margins and growth-plan execution.