Talenom (TNOM) Q2 2025 earnings summary

Executive summary

• Net sales increased in Q2 and H1 2025, driven by growth in Finland and Spain, while Sweden lagged due to customer churn and integration challenges.

• EBITDA grew modestly, reaching EUR 9.8 million in Q2 and EUR 19.3 million in H1 2025, mainly from improved performance in Spain.

• The software business was separated under the Easor brand, with successful pilot sales to external firms and over 12,000 SME clients.

• Customer base expanded 4.7% year-over-year, surpassing 23,500 customers and 60,000 end users for software.

• Strategic focus includes improving profitability in Sweden, leveraging Spanish e-invoicing reforms, and expanding SaaS capabilities.

Financial highlights

• Q2 2025 net sales were EUR 34.9 million (up 3.1% year-over-year); H1 2025 net sales reached EUR 70.7 million (up 3.9%).

• Q2 2025 EBITDA was EUR 9.8 million (28% margin); H1 2025 comparable EBITDA was EUR 19.3 million (27.9% margin).

• Q2 2025 operating profit was EUR 3.6 million; H1 2025 EBIT was EUR 8.2 million (11.6% margin).

• Software business Q2 net sales: EUR 5.3 million; H1 net sales: EUR 12.2 million; EBITDA margin 67.7% in Q2 and 73.2% in H1.

• Cash flow from operations in H1 2025 was EUR 17.5 million; liquid assets at period end EUR 11.8 million.

Outlook and guidance

• 2025 guidance unchanged: net sales expected at EUR 130–140 million, EBITDA at EUR 36–42 million.

• Demand in accounting services expected to remain stable, with market conditions improving in H2 2025.

• Profitability in Finland is expected to improve in Q3 compared to Q2, with further acquisitions in Spain potentially pushing results toward the upper end of guidance.

• Guidance includes potential acquisitions and continued industry consolidation.

• Profitability expected to improve through process automation and uniformity.