Virsi-A (VIRSI) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €188.6 million, up 2% year-over-year, with net profit at €1.5 million, down 27.4% from H1 2024; gross profit rose 8.6% to €20.7 million, and EBITDA remained stable at €6.3 million.

• Significant investments of nearly €30 million since early 2024, including the largest biomethane plant project and expansion to 83 filling stations, are expected to drive long-term growth.

• Market share and sales volumes grew across all business segments, with fuel sales volume up 11.5% year-over-year and convenience stores now contributing over 50% of group gross profit.

• Strategic exit from non-fuel shop-only locations and closure of underperforming stores to focus on core fuel station model.

• Focus on efficiency, sustainability, and diversification, with progress in alternative fuels and EV charging infrastructure.

Financial highlights

• Turnover for H1 2025 was €188.6 million (+2% year-over-year), gross profit increased by 8.6% to €20.7 million, and EBITDA was €6.3 million.

• Net profit declined to €1.5 million (-27.4% year-over-year), mainly due to higher costs and energy segment losses.

• Selling costs rose by 16.1% due to network expansion and higher staff numbers.

• Investments totaled €7.4 million in H1 2025.

• Cash and cash equivalents at period end were €3.1 million.

Outlook and guidance

• Management expects improved financials in H2 2025 as new stations reach full capacity and further market share growth.

• Biomethane plant expected to begin production in H1 2026, supporting sustainable energy growth.

• No current plans to adjust 2027 net profit targets; diversification and alternative fuels remain key growth drivers.

• Anticipated increase in fossil fuel costs due to ETS2 system implementation.