Solutions 30 (S30) H2 2025 earnings summary

Executive summary

• Revenue declined by 5.4% year-over-year to €892.4m, mainly due to a sharp contraction in the French Connectivity business and strategic refocusing.

• Adjusted EBITDA was €65.2m, representing 7.3% of revenue, with margin improvements in Benelux and Other Countries offset by declines in France and Germany.

• Net income (group share) was negative at €(60.7)m, impacted by restructuring, transformation costs, and losses from discontinued operations.

• Strategic exits from the UK and Spanish telecom activities, with a focus on higher-margin segments and geographies.

• Refocusing and rationalization measures were implemented, especially in France and Other Countries.

Financial highlights

• Revenue: €892.4m, down 5.4% year-over-year.

• Adjusted EBITDA: €65.2m, down 12.7% year-over-year; margin at 7.3%.

• Adjusted EBIT: €7.3m, down 75.3% year-over-year.

• Net income (group share): €(60.7)m; adjusted net income (group share): €(35.7)m.

• Gross cash position at year-end: €73.2m; net bank debt limited to €36.3m.

Outlook and guidance

• Ongoing adaptation and streamlining in mature markets, especially France, with positive effects expected in H2 2026.

• Focus on margin and cash generation, with gradual delivery of 2024 CMD targets and profitability as a key priority for 2026.

• Continued implementation of strategic roadmap to improve growth and margin profile, emphasizing selectivity and operational discipline.