Videndum (VID) H2 2025 earnings summary

Executive summary

• Revenue declined 19% year-over-year to £228.3m, with the rate of decline moderating in H2 and Q4 2025.

• Adjusted EBITDA fell to £9.0m from £20.1m, reflecting lower volumes but partially offset by £15m in cost savings.

• Statutory operating loss was £53.9m, including £38.5m of adjusting items and £24.4m in depreciation, amortisation, and impairment.

• Major restructuring, cost savings, and asset sales (Amimon and JOBY) were executed to improve liquidity and focus on core markets.

• A comprehensive refinancing in March 2026 raised £85m in equity and reduced net debt by £112m, securing a more sustainable capital structure.

Financial highlights

• Revenue: £228.3m (down from £280.7m year-over-year).

• Adjusted EBITDA: £9.0m (down from £20.1m year-over-year).

• Adjusted loss before tax: £31.5m (vs. £25.0m loss prior year).

• Free cash outflow: £23.6m (vs. £4.3m inflow prior year).

• Net debt at year-end: £142.3m (up from £133.0m prior year).

• Adjusted gross profit margin fell to 35% (from 38% excluding one-off charges).

• Adjusted basic loss per share: 28.6p (vs. 17.9p loss prior year).

Outlook and guidance

• Board expects good revenue growth in FY 2026, supported by new product launches.

• Medium-term target: revenue in excess of £350m and mid-teens adjusted EBITDA margin, underpinned by operational efficiencies and cost reduction.