Reply (REY) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €1,819.8 million, up 9.0% year-over-year from €1,669.6 million.

• EBITDA increased by 21.8% to €335.5 million (18.4% margin), up from €275.5 million (16.5%) in 2024.

• EBIT rose to €281.0 million (15.4% margin), compared to €224.2 million (13.4%) in 2024.

• Net financial position as of 30 September 2025 was €423.1 million, improving from €362.5 million at 30 June 2025.

• Employee count increased by 6.8% to 16,402 at the end of the period.

Financial highlights

• Q3 2025 revenue was €598.5 million, up from €553.8 million in Q3 2024.

• Q3 EBITDA was €111.8 million (18.7% margin), up from €95.0 million (17.2%) in Q3 2024.

• Q3 EBIT reached €92.7 million (15.5% margin), up from €77.5 million (14.0%) in Q3 2024.

• Income before taxes Q3 2025: €88.7 million (14.8% margin), up from €69.7 million (12.6%) in Q3 2024.

• Cash and cash equivalents stood at €524.4 million as of September 30, 2025.

Outlook and guidance

• Continued investment in agentic AI ecosystems and distributed architectures is planned.

• Focus on enabling AI as a native component in decision-making and operational processes.

• The company aims to help clients scale agentic solutions and transform business models.

• Year-to-date volume growth was 9.0%, with continued positive momentum across key business lines.

• Growth in technology and applications segments remains robust, supporting future expansion.