Sword Group (SWP) H1 2025 earnings summary

Executive summary

• Achieved consolidated revenue of €175.8m in H1 2025, with 12.0% organic growth at constant perimeter and an EBITDA margin of 12.0%.

• Maintains a global presence in over 50 countries, serving 1,000+ customers, and employs 3,524 staff as of June 2025.

• Strategic focus on AI and cybersecurity, with investments, major client wins, and the acquisition of iDelta Limited in April 2025 to strengthen capabilities.

• Focus remains on organic growth in resilient sectors such as public institutions, energy, and international organizations.

Financial highlights

• Revenue for H1 2025: €175.8m, up 12.0% year-over-year.

• EBITDA: €21.1m (12.0% margin); EBIT: €17.7m (10.1% margin).

• Net profit after tax: €9.8m (5.6% margin); EPS at €0.94.

• Net cash position as of June 30, 2025: €-5.0m (excluding exceptional items and delays); cash and equivalents at €41.4m.

• Backlog increased to €637.9m (21.3 months of revenue coverage).

Outlook and guidance

• Double-digit annual organic growth targeted through 2028, aiming for €560m revenue organically and over €1bn with acquisitions.

• Full-year 2025 revenue expected to exceed €363m, with EBITDA margin target of 12%.

• AI and Cyber services expected to contribute 20% of revenue by 2028.

• No further share deal payments until 2029, supporting improved cash flow.