Tinexta (TNXT) Q2 2025 earnings summary

Executive summary

• Revenues for the first half of 2025 reached €235.6 million, up 16.1% year-over-year, with double-digit growth in both revenues and EBITDA, driven by organic growth and acquisitions.

• Adjusted EBITDA rose 13.3% to €39.0 million; reported EBITDA was €32.9 million, up 29.2% due to fewer one-offs.

• Adjusted net profit was €8.4 million, while reported net profit was negative at €-7.5 million, impacted by goodwill impairments.

• Free cash flow on an adjusted basis surged 85.5% year-over-year to €47.8 million, supporting a reduction in net financial indebtedness to €301.0 million.

• Growth was led by Cybersecurity (Tinexta Defence integration), with Digital Trust and Business Innovation showing mixed performance.

Financial highlights

• Revenues: €235.6 million (+16.1% YoY); adjusted EBITDA: €39.0 million (+13.3% YoY); reported EBITDA: €32.9 million (+29.2% YoY).

• Adjusted operating profit: €18.3 million; operating loss: €19.0 million due to €17.9 million goodwill impairment.

• Adjusted net profit: €8.4 million; net loss: €7.5 million (vs. €6.4 million loss in H1 2024).

• Adjusted free cash flow: €47.8 million (+85.5% YoY); CapEx decreased to €12.5 million.

• Net financial position at €301.0 million, down from €321.8 million at FY'24; NFP/LTM adjusted EBITDA improved to 2.61x from 2.79x.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue growth of 11%-13% (7%-9% organic), adjusted EBITDA growth of 15%-17% (10%-12% organic).

• Leverage ratio (NFP/adjusted EBITDA) expected to improve to 2.1x-2.3x by year-end.

• Acceleration anticipated in 2H 2025, with Digital Trust recovery and Business Innovation seasonality.

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

• Focus on operational efficiency, CapEx reduction, and strong cash conversion.