Solutions 30 (S30) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue was €232.4 million, a decrease of 12.3% year-over-year, reflecting a high comparison base and a strategic focus on margin over growth.

• Selectivity strategy prioritized higher-margin contracts, especially in mature telecom markets in France and Spain.

• Energy segment showed strong growth, particularly in France (+30.1%) and Germany (+20.7%).

• Growth resumed in Italy (+14.6%), while restructuring continued in Spain with a shift toward Energy and Technology.

Financial highlights

• Group revenue declined 12.3% year-over-year to €232.4 million, with an organic contraction of 12.8%.

• Connectivity revenue fell 20.0% to €164.2 million; Energy revenue rose 19.1% to €41.3 million; Technology revenue increased 7.3% to €26.9 million.

• Currency effects contributed +0.3% to revenue, and acquisitions added +0.2%.

Outlook and guidance

• Management expects a more favorable comparison base for the remainder of 2025, anticipating a return to growth in Benelux in H2.

• Confidence expressed in achieving 2026 targets, supported by growth drivers in Energy and Technology.

• German market seen as a long-term growth engine, bolstered by government investment plans.