Topicus (TOI) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 rose 24% year-over-year to €387.9 million, with 3% organic growth.

• Net loss of €120.9 million in Q3 2025, compared to net income of €38.0 million in Q3 2024, mainly due to a €221.7 million expense from the Asseco investment revaluation.

• Cash flows from operations increased 53% year-over-year to €48.4 million in Q3 2025.

• Free cash flow available to shareholders (FCFA2S) more than doubled to €22.3 million in Q3 2025.

• Acquisitions totaled €19.2 million in consideration during the quarter.

Financial highlights

• Q3 2025 revenue: €387.9 million, up from €312.2 million in Q3 2024.

• Nine-month revenue: €1,115.5 million, up 20% from €930.0 million in 2024.

• Q3 2025 net loss: €120.9 million (loss per share €0.94), versus net income of €38.0 million (EPS €0.28) in Q3 2024.

• Nine-month net loss: €9.3 million, compared to net income of €93.3 million in 2024.

• Q3 2025 FCFA2S: €22.3 million, up from €10.4 million in Q3 2024.

Outlook and guidance

• Forward-looking statements caution significant risks and uncertainties may impact future results.

• No specific quantitative guidance provided for future quarters.