Infotel (INF) H1 2025 TU earnings summary

Executive summary

• Revenue grew 1.3% in Q2 2025 after a 4.6% decline in Q1, signaling a gradual recovery.

• H1 2025 revenue totaled €146.4m, down 1.8% year-over-year, with new projects driving momentum, especially in banking.

• 156 gross new hires brought headcount to 3,210 at end-June 2025; inter-contract rate averaged 3.6%.

Financial highlights

• Q2 2025 revenue: €71.0m (+1.3% year-over-year); H1 2025: €146.4m (-1.8% year-over-year).

• Services revenue in H1: €139.4m (-2.8% year-over-year); Software revenue: €7.1m (+22.0%).

• Software revenue in Q2: €3.6m (+42.3% year-over-year).

• IBM royalties reached €3.1m (+13.8%); Orlando software suite revenue: €2.3m (+49.0%).

Outlook and guidance

• Positive outlook for H2 2025, with expected growth driven by IT investments in banking and new project wins.

• Numerous calls for tender and new listings (Kereis, Banque de France, Air France) support growth trajectory.