Cogelec (ALLEC) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €42.6m, up 16.1% year-over-year, with strong sales momentum maintained.

• Subscription revenue grew 17.4% in Q2, totaling €13.3m for H1 and representing 31.2% of total revenue.

• The installed base surpassed 2.6 million homes, supporting recurring income and future growth.

Financial highlights

• Q1 2025 revenue rose 19.6% year-over-year to €22.1m; Q2 increased 12.6% to €20.4m.

• International revenue for H1 was €5.9m, up 11.9% year-over-year, with strong performance in the UK and Benelux.

• French revenue in H1 totaled €36.7m, up 16.8% year-over-year.

Outlook and guidance

• Full-year revenue growth and an EBITDA ratio above 2024 levels are confirmed.

• Project delays in H1 are expected to drive growth in upcoming quarters.