Basler (BSL) Q2 2025 earnings summary

Executive summary

• Bookings and billings rose over 20% year-over-year in H1 2025, driven by strong project wins in the US and China, especially in logistics and semicon/AI verticals.

• Gross profit margin improved by 0.7 percentage points to 47.2%, despite significant FX headwinds and tariff impacts.

• Returned to profitability with pre-tax profit of €7.9 million and a 7% margin, supported by cost-saving initiatives and reduced headcount.

• Strategic investments and product innovation continued, including digital twin simulation and virtual testing showcased at major industry events.

• Share price doubled since the start of the year, reaching €12.32 at June 30, 2025.

Financial highlights

• H1 2025 sales reached €111.7 million, up 20% year-over-year, with gross profit of €52.7 million and EBITDA of €16.9 million.

• EBIT improved to €8.7 million from a prior loss; net income swung to €6.5 million from a loss of €3.4 million.

• Bookings in Q2 were €61.2 million, up 26% year-over-year; book-to-bill ratio in Q2 at 1.17.

• Free cash flow for H1 2025 was €3.2 million, with cash and cash equivalents at €18.9 million and net debt at €-30.3 million.

• Share price doubled from €6.09 to €12.32 in H1 2025.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €202–250 million (previously €186–198 million), with EBIT/EBT margin guidance increased to 2–6%.

• Mid-term plan targets €275 million revenue and 12% margin by 2028, contingent on market recovery and China access.

• Market visibility remains low, with cautious outlook for H2 due to project timing, macroeconomic uncertainty, and ongoing FX and tariff risks.

• Direct US tariff impact estimated at €0.5 million for 2025, with mitigation strategies in place.