GL Events (GLO) H1 2025 earnings summary

Executive summary

• Revenue grew 8.3% year-over-year in H1 2025 to €889m, driven by Exhibitions and Venues divisions, with 51% from international markets and strong biennial event activity despite currency headwinds.

• EBITDA increased by €23m (+20%) to €139m, and current operating income by €23m (+29%) to €104m, with EBITDA margin up to 15.7%.

• Net income attributable to shareholders rose 33% to €52m, with EPS up from €1.31 to €1.74.

• Major contracts and acquisitions included a 30-year Stade de France concession, negotiations for a 51% stake in Add Group (Saudi Arabia), and expansion in healthcare and veterinary exhibitions.

• Full-year 2025 targets confirmed, with continued focus on sustainable growth and robust ESG initiatives.

Financial highlights

• H1 2025 revenue: €889m (up from €821m in H1 2024).

• EBITDA: €139m (up from €116m), EBITDA margin: 15.7% (vs. 14.2%).

• Current operating income: €104m (up from €81m), margin: 11.7%.

• Net income attributable to shareholders: €52m, net margin: 5.9% (vs. 4.8%).

• Net debt stable at €518m as of June 30, 2025; financial leverage ratio improved to 1.8, below the 3.5 contractual limit.

Outlook and guidance

• 2025 targets confirmed: sales growth above 5%, improved operating margin, and CAPEX around €80m.

• Net debt expected to remain stable despite ongoing and planned acquisitions.