Vincit (VINCIT) Q2 2025 earnings summary

Executive summary

• Revenue declined 19.2% year-over-year in Q2 2025 and 17.4% for H1 2025, mainly due to weaker demand in the US and Commerce business.

• Adjusted EBITA remained negative, with cost structure still too heavy relative to revenue, despite cost-saving measures including layoffs and outsourcing.

• Transitioned to IFRS reporting to enhance comparability and support growth strategy.

• Strategic focus on AI, SAP, and custom software, with new customer projects and product launches in H1 2025.

Financial highlights

• Q2 2025 revenue: €17.6M (down 19.2% YoY); H1 2025 revenue: €37.0M (down 17.4% YoY).

• Q2 2025 adjusted EBITA: €-0.5M (Q2 2024: €-0.4M); H1 2025 adjusted EBITA: €-0.2M (H1 2024: €0.2M).

• Q2 2025 net loss: €-1.8M; H1 2025 net loss: €-2.4M.

• Basic EPS: €-0.10 in Q2 2025 (Q2 2024: €-0.06); €-0.14 in H1 2025 (H1 2024: €-0.04).

• Equity ratio at 58.6% at end of H1 2025; net gearing at 4.2%.

Outlook and guidance

• 2025 revenue expected to be lower than 2024, but relative profitability is expected to improve year-on-year.

• Financial targets for 2025–2027: Adjusted EBITA margin of 10% by 2027, organic revenue growth of 10% in 2026–2027, equity ratio above 50%, net debt/EBITDA below 2.