Aallon Group (AALLON) H1 2025 earnings summary

Executive summary

• Revenue grew 14.2% year-over-year to €20.9 million in H1 2025, driven by acquisitions.

• Comparable EBITDA increased 16.7% to €3.7 million, with a margin of 17.9%.

• Organizational restructuring shifted from a regional to a business line structure effective April 2025.

• Four acquisitions completed in H1 2025, with further deals announced post-period.

• Customer satisfaction and employee engagement remained high despite significant internal changes.

Financial highlights

• Revenue: €20.9M (up 14.2% year-over-year); comparable EBITDA: €3.7M (up 16.7%).

• EBITDA margin: 17.1% (down from 18.5%); EBIT: €2.0M (down 6.9%); EBIT margin: 9.4%.

• Net income: €1.5M (down from €1.6M); EPS: €0.39 (down from €0.42).

• Operating cash flow: €2.8M; investments: -€1.2M; financing cash flow: -€2.8M.

• Equity ratio: 46.4% (down from 52.4%); net gearing: 27.9% (up from 6.2%).

Outlook and guidance

• Medium-term targets: annual revenue growth of 15–20% and increasing EBITDA margin.

• Organic growth expected to lag market average; acquisitions remain key growth driver.

• No change to financial targets; focus on integration and efficiency from organizational changes.