Solutions 30 (S30) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €467.4 million, down 9.7% year-over-year, mainly due to a sharp decline in the French telecoms/connectivity segment and a faster-than-expected slowdown in fiber deployment activities, while Energy and Germany posted robust growth.

• Adjusted EBITDA margin fell to 6.7% (down 60 bps), with margin pressure in France partially offset by improvements in Benelux, Germany, and other countries.

• Excluding French connectivity, group revenue was stable (-0.4%) and up 2.2% in Q2, with Energy up over 30% and Germany up 23.6%.

• The group is executing a transformation plan in French telecoms, with expected margin recovery from early 2026.

• Net income group share was -€16.8 million, compared to -€5.9 million in H1 2024; adjusted net income group share was -€11.8 million.

Financial highlights

• Group revenue: €467.4 million in H1 2025, down 9.7% year-over-year; organic decline of 10.7%.

• Adjusted EBITDA: €31.5 million, down 16.6%, margin at 6.7% (vs. 7.3% in H1 2024).

• Adjusted EBIT: €4.7 million (1% margin), down from €11 million (2%) a year earlier.

• Net result (group share): -€16.8 million, adjusted net result: -€11.8 million.

• Free cash flow was -€29.1 million, and net free cash flow was -€45.3 million, reflecting seasonality and business mix.

Outlook and guidance

• Transformation in French telecoms is underway, with margin improvement expected from early 2026.

• Energy segment in France is set for continued strong growth, aiming to triple revenue from 2023 to 2026.

• Benelux and Germany expected to maintain or accelerate growth, with Benelux fiber deployment resuming and Germany's long-term fiber rollout just beginning.

• Continued focus on higher value-added markets and diversification, especially in energy and Germany.

• Group remains committed to investor day targets, except for French telecoms, where recovery actions are ongoing.