Topicus (TOI) Q2 2025 earnings summary

Executive summary

• Revenue grew 20% year-over-year to €372.0 million in Q2 2025, with 5% organic growth.

• Net income rose 54% to €41.5 million (€0.31 per diluted share) compared to Q2 2024.

• Acquisitions totaled €240.8 million in consideration, including deferred payments.

• Cash flows from operations and free cash flow available to shareholders were negative for the quarter.

Financial highlights

• Q2 2025 revenue: €372.0 million, up from €311.2 million in Q2 2024.

• Net income: €41.5 million, up from €26.9 million year-over-year.

• Six-month revenue: €727.6 million, up 18% from €617.8 million in 2024.

• Six-month net income: €111.6 million, up from €55.2 million year-over-year.

• Diluted EPS: €0.31 for Q2, €0.85 for six months, both up from prior year.

Capital allocation and financing

• €210.3 million in cash used for acquisitions in Q2, with total consideration of €240.8 million.

• Net increase in loans and credit facilities, including €200 million loan issuance.

• Negative free cash flow available to shareholders in Q2, but positive for the six-month period.

• Significant repayments and proceeds from loans, and payments of lease obligations.