Tinexta (TNXT) Q1 2025 earnings summary

Executive summary

• Revenues for Q1 2025 reached up to €116 million, up 17.4% year-over-year, with all business units contributing and growth driven by both organic expansion and acquisitions.

• Adjusted EBITDA rose up to €19 million (+24%), with reported EBITDA more than doubling to €17.1 million due to lower non-recurring costs.

• Adjusted net profit was nearly €4 million, while reported net loss narrowed to €2.7 million from €3.1 million in the prior year.

• Free cash flow (adjusted) increased to €34 million, and net financial position improved by €31 million to €290.9 million from year-end 2024.

• Group-wide rebranding launched to foster integration and synergy across subsidiaries, with a €0.30 per share dividend approved for June 2025.

Financial highlights

• Revenues: up to €116 million, up 17.4% year-over-year, with 6.8% organic and 10.6% from acquisitions.

• Adjusted EBITDA: up to €19 million (+24%), margin improved to 16.2% from 15.4%.

• Reported EBITDA: €17.1 million, more than 100% growth year-over-year.

• Adjusted net profit: nearly €4 million; reported net loss improved to €2.7 million.

• Net financial position: €290.9 million, improved by €31 million from year-end 2024.

• Adjusted free cash flow: up to €34 million; LTM adjusted free cash flow at €48.3 million.

• Leverage ratio (net financial position/LTM adjusted EBITDA): reduced to 2.54x from 2.8x (pro forma) or 2.9x (reported).

• CapEx stable at €6.3 million.

Outlook and guidance

• 2025 revenue growth expected at 11%-13% (7%-9% organic), with adjusted EBITDA growth at 15%-17% (10%-12% organic).

• Leverage ratio guidance: 2.2-2.4x net financial debt/adjusted EBITDA.

• Regulatory tailwinds (NIS2, eIDAS, Industry 5.0) and digital transformation trends expected to support growth.

• Focus on operational efficiency, especially in Cybersecurity and Business Innovation.