Tinexta (TNXT) Q3 2025 earnings summary

Executive summary

• Revenues rose 13.6% year-over-year to €347.2 million, with organic growth of up to 4.8% and strong contributions from Cybersecurity and Digital Trust, despite delays in Ascertia and challenges in Business Innovation due to French instability.

• Adjusted EBITDA increased 11.9% to €62.7 million (18.1% margin), while reported EBITDA rose 19.9% to €54.5 million, driven by lower LTI charges.

• Adjusted net profit was €15.1 million, but reported net loss was €16.5 million due to significant non-recurring goodwill impairments totaling up to €31.8 million.

• Free cash flow reached up to €55.9 million, up 46.5% year-over-year, reflecting strong cash generation and lower CapEx and cash taxes.

• Net financial position improved to €299.2 million, down from €321.8 million at year-end, with leverage (NFP/EBITDA adjusted) at 2.55x.

Financial highlights

• Adjusted EBITDA margin was 18.1% (vs 18.3% PY); reported EBITDA margin improved to 15.7%.

• Adjusted operating profit was €31.4 million; reported EBIT was negative €26.3 million due to goodwill impairments.

• Free cash flow from continuing operations up to €55.9 million (+46.5% year-over-year).

• Net financial income was €9.9 million, reversing a prior year net financial charge, driven by positive adjustments on acquisition-related liabilities.

• Dividends paid totaled up to €21.2 million.

Outlook and guidance

• 2025 revenue growth expected at 11–13% (6–8% organic); adjusted EBITDA (excluding ABF) to grow 12–14%, including ABF 8–10%.

• Leverage ratio forecasted at 2.4x by year-end.

• Guidance revised downward due to ABF underperformance and French political/economic instability.

• Digital trust expected to grow over 10% in Q4, with a major deal in backlog.

• Business innovation (excluding ABF) EBITDA expected to grow 10% in Q4, but recent regulatory changes may impact results.