Antares Vision (AV) Q2 2025 earnings summary

Executive summary

• Orders increased 14% year-over-year in 1H 2025, with strong growth in the Americas and Asia/Oceania, but a decline in Italy due to regulatory delays and geopolitical tensions.

• Revenues reached €90.4M in 1H 2025, up 3.3% year-over-year, with Q2 accelerating to €50.1M (+11.4% y/y), driven by Europe and the Americas, despite contractions in Italy and Asia/Oceania.

• Adjusted EBITDA nearly doubled to €7.3M (8.1% margin), reflecting improved cost efficiency and sales mix, while net loss narrowed to €13M from €22M in 1H 2024.

• The Group continued to invest in R&D and digital transformation, launching new platforms and entering strategic agreements in Africa.

• Profitability improved with first/gross margin up to 83.2%, and adjusted EBIT improved to -€1.7M from -€4.5M.

Financial highlights

• 1H 2025 revenues: €90.4M (+3.3% y/y); 2Q 2025 revenues: €50.1M (+11.4% y/y); value of production: €94.0M (+1.8%).

• Adjusted EBITDA: €7.3M (8.1% margin), up from €3.6M (4.2% margin) in 1H 2024.

• Adjusted EBIT: -€1.7M (-1.9% margin), improved from -€4.5M (-5.2% margin) in 1H 2024.

• Net loss: €13M (improved from €22M in 1H 2024); net financial position: -€85.6M (vs. -€83.7M at YE 2024).

• Operating cash flow: €8.2M, up from €3.6M in 1H 2024; net cash from operating activities: €5.0M.

Outlook and guidance

• FY 2025 guidance confirmed: revenue growth of 7–9%, adjusted EBITDA margin of 16–18%, and Net Debt/EBITDA ratio between 2.2x and 2.0x.

• 2025-2027 business plan targets revenue CAGR of 7-9%, adjusted EBITDA margin of 16-18% in 2025 and 20-21% by 2027, and Net Debt/EBITDA below 1.0x by 2027.

• Strategic focus on commercial excellence, cost efficiency, and disciplined capital allocation, with continued investment in R&D and ESG initiatives.

• Emphasis on revenue growth, commercial excellence, and expansion in emerging markets, especially in Life Science & Cosmetics and FMCG.

• Continued cost control, cash generation, and selective R&D investment.