Technoprobe (TPRO) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues reached €325.9 million, up 35.2% year-over-year, driven by strong AI demand, expanded consolidation, and the DIS/DisTech acquisition, with consumer markets showing modest growth and automotive remaining weak.

• EBITDA for H1 2025 was €106.4 million, up 75.2% year-over-year, with margin improvement attributed to production efficiency, operating leverage, and US reorganization.

• Net profit for H1 2025 was €34.4 million, up 22.4% year-over-year, but impacted by significant foreign exchange losses.

• Over 97% of revenue originated outside Italy, with Asia and America accounting for the majority of sales.

Financial highlights

• Q2 2025 revenues were €168.7 million, up 21.1% year-over-year and 7.3% sequentially; gross profit was €79.9 million (47.3% margin), up 38.4% year-over-year.

• H1 2025 gross profit reached €150.6 million (46.2% margin), up from €100.8 million in H1 2024; EBITDA margin rose to 32.6% from 25.2%.

• Net financial position at June 30, 2025, was €641.9 million, down from €656.3 million at year-end 2024, reflecting strong operating cash flow offset by capex, acquisitions, and FX impacts.

• Cash flow from operations was €65.7 million, with €28 million invested in Capex and €27 million in acquisitions.

• Total shareholders' equity stood at €1,237.7 million at June 30, 2025.

Outlook and guidance

• Q3 2025 revenue guidance is €137 million (±3%), gross margin at 41.2% (±2%), and EBITDA margin at 28.2% (±2%), with continued FX headwinds.

• Full-year organic growth trajectory remains mid-single-digit in local currency, but FX conversion is expected to reduce reported revenue by €25–27 million.

• Profitability (EBITDA margin) is expected to remain in the 31–32% range for the year, supported by efficiency gains and DIS integration.

• Consumer market expected to remain stable to slightly positive in H2, with AI as the main growth driver.

• No HBM revenue expected in 2025; qualification ongoing, with potential impact in 2026.