Frequentis (FQT) H1 2025 earnings summary

Executive summary

• Order intake rose 35.6% to €309 million and revenues increased 14.8% to €237 million in H1 2025, driven by strong organic growth and major project wins in the U.S., Australia, Germany, Norway, U.K., and Italy.

• Orders on hand reached a record €764 million, exceeding €750 million for the first time, providing strong future revenue visibility.

• Net cash position at end of June 2025 was €68.3 million, including €62.6 million in customer advance payments.

• Business model is stable with over 90% government customers and low cyclical exposure; employee headcount grew 9.2% to 2,548 FTEs.

• Major contract wins included US Department of Defense, FAA, and European police and fire services.

Financial highlights

• EBITDA for H1 2025 was €5.2 million; EBIT was negative at -€4.3 million, reflecting typical seasonality and project phasing.

• Equity ratio remained stable at 39.1%; net cash position was €68.3 million.

• Dividend of €0.27 per share for FY 2024 was paid in June 2025, up 12.5% year-over-year.

• Personnel expenses increased by 11.3%, and materials/purchased services by 18.8%, outpacing revenue growth.

• Exchange rate fluctuations impacted other operating income and expenses, but were largely offset by hedging.

Outlook and guidance

• Management targets low double-digit percentage growth in order intake and at least 10% revenue growth for 2025.

• EBIT margin forecasted at 6.5%-7% for 2025.

• Capital expenditure planned at €12 million; R&D expenses to remain at €30 million, fully expensed.

• Well-filled sales pipeline and high capacity utilization expected to support continued growth.

• Guidance is subject to inflation, order/revenue timing, tariffs, and protectionist measures.