Infotel (INF) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €146.52M, down 1.77% year-over-year, outperforming sector forecasts and reflecting gradual recovery in Services and strong Software growth.

• Services segment (95.17% of revenue) declined 2.74% to €139.43M, while Software grew 22% to €7.08M.

• Net income fell to €4.89M from €7.97M, down 38.7% year-over-year, impacted by a one-time €4.7M financial expense related to an acquisition commitment.

• EBITDA increased 3.3% to €15.8M, with a margin of 10.8%.

• Cash position increased to €110.37M from €85.81M year-over-year.

Financial highlights

• Gross margin and detailed cost breakdowns show personnel costs at €67.18M and external charges at €60.59M for H1 2025.

• EPS for H1 2025 was €0.71, down from €1.15 in H1 2024.

• Dividend payout in H1 2025 totaled €13.84M.

• Current operating income (excluding free shares) was €11.2M, down 4.2% year-over-year, with a margin of 7.6%.

• Net financial expense of €4.7M due to the W@Btech India Limited acquisition commitment.

Outlook and guidance

• Second half of 2025 expected to be more favorable, with a goal to return to growth and improved operating profitability.

• Expansion in Spain will impact results starting 2026.

• Market recovery expected, especially in the banking sector, with new projects and listings supporting growth.