SeSa (SES) Q2 2025 earnings summary

Executive summary

• Pro-forma consolidated revenues for H1 2025 reached €1,517.5M, up 1.1% year-over-year, with EBITDA down 4.7% to €107.9M and adjusted net profit down 12–15.7%, reflecting challenging market conditions and sectoral volatility.

• Excluding Digital Green, revenues and EBITDA were broadly flat year-over-year, with EBITDA margin stable at 7.2%.

• Significant investments in innovation, high-margin sectors, and M&A activity are expected to drive future growth, with a positive outlook for H2 2025.

• Headcount increased 15.2% year-over-year to 6,181, focused on growth areas like Vertical Applications, Digital Platform, and System Integration.

Financial highlights

• FY 2024 revenues grew 10.4% year-over-year to €3,210.4M; EBITDA increased 14.4% to €239.5M, with margin up to 7.5%.

• H1 2025 pro-forma revenues were €1,517.5M (+1.1% year-over-year); EBITDA €107.9M (-4.7% year-over-year); adjusted net profit €42.2M to €46.3M (-12–15.7% year-over-year).

• Net financial position at H1 2025 was net debt of €113.0M–€122M, reflecting €26M in buybacks/dividends and €110M in M&A/CapEx over 12 months.

• Dividend per share maintained at €1.00.

Outlook and guidance

• Expectation of mid-single-digit growth in revenues and operating profit for H2 2025 and FY2026, with stabilization in Digital Green and continued strength in Business Services and System Integration.

• Full-year 2025 guidance targets mid-single-digit revenue growth and low single-digit EBIT adjusted growth, at the lower end of previous guidance.

• Anticipated improvement in bottom-line performance from lower financial charges as interest rates decline.

• Continued investment in digital skills, human resources, and innovative solutions is planned to drive sustainable value.