Etteplan (ETTE) Q2 2025 earnings summary

Executive summary

• Q2 2025 was challenging, with revenue down 1.3% to €91.4M and organic revenue down 6.2%, amid weak demand, project delays, and increased market uncertainty from trade war and U.S. tariffs.

• Strategy execution and investments in AI-driven service solutions continued, with AI-driven revenue doubling to 4% of total revenue by end of June.

• Restructuring and adaptation measures were completed, incurring non-recurring costs and positioning the company for ongoing uncertainty.

• A profit warning was issued in July, lowering 2025 revenue and EBIT guidance due to deteriorating demand and market conditions.

• Basic EPS was €0.10 in Q2, down from €0.13 year-over-year.

Financial highlights

• Q2 2025 revenue was €91.4M (down 1.3% year-over-year); organic revenue declined 6.2%.

• Q2 EBITA was €6.0M (6.6% margin), impacted by €0.9M in non-recurring costs; EBIT was €4.4M (4.8% margin).

• Basic EPS was €0.10, a 27% decrease year-over-year.

• Operating cash flow for Q2 was €6.9M, down from €9.0M in Q2 2024.

• Return on capital employed (ROCE) was 8.3% in Q2.

Outlook and guidance

• 2025 revenue guidance lowered to €365–385M (previously up to €395M); EBIT expected at €19–24M (previously up to €28M).

• High uncertainty persists due to trade war, geopolitical tensions, and customer decision-making delays.

• Non-recurring costs expected to decrease in H2 2025.