Cogelec (ALLEC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €42.6 million, up 16.1% year-over-year, with strong growth in both France (+16.8%) and international markets (+11.9%).

• Subscription revenues rose 17.4% in Q2 2025, now representing 31.2% of total revenue.

• EBITDA increased 16.1% to €7.1 million, while net income was €2.4 million, down from €2.85 million in H1 2024.

• Gross margin improved to €28.3 million (66.5% of revenue), reflecting effective cost control and a favorable product mix.

• The group confirmed its annual growth and EBITDA margin objectives for 2025.

Financial highlights

• Turnover: €42.6 million (H1 2025) vs. €36.7 million (H1 2024), +16.1% year-over-year.

• EBITDA: €7.1 million (16.7% margin), up 16.1% year-over-year.

• Net income: €2.4 million, down from €2.85 million in H1 2024.

• Gross margin: €28.3 million (66.5% of turnover), up from €24.3 million (66.3%) in H1 2024.

• Shareholders' equity: €8.7 million as of June 30, 2025.

• Financial debt: €23.8 million; gross cash: €24.4 million.

Outlook and guidance

• Management confirms objectives of annual revenue and EBITDA growth above 2024 levels.

• Recurring revenues and innovative service offerings support positive outlook.