Intred (ITD) H2 2025 earnings summary

Executive summary

• Revenue reached €55.8 million for FY2025, up 1.1% year-over-year, with core/organic revenue growing 8.4% and over 95% of revenues recurring, providing strong visibility and resilience.

• EBITDA rose 4.1% to €25.5 million, with margin improving to 45.8% from 44.4% in 2024, driven by operational efficiency and recurring revenues.

• Net profit increased 4.2% to €8.3 million, while EBIT slightly declined to €12.4 million due to higher depreciation.

• Strategic investments of €21.2 million in FY2025 focused on FTTH network development in Lombardy, expanding the proprietary fibre network by 9.9% to almost 15,000 km.

• Transitioned to IAS/IFRS accounting standards and initiated uplisting process to Euronext Milan.

Financial highlights

• Revenues reached €55.8 million (+1.1% YoY), with organic/core revenues up 8.4% YoY and recurring revenues up 7.2% YoY to €51.7 million.

• EBITDA: €25.5 million (+4.1% YoY); EBITDA margin: 45.8%.

• Net profit: €8.3 million (+4.2% YoY); EBIT: €12.4 million (-1.4% YoY); EBIT margin: 22.3%.

• Net financial position (NFP)/debt at €42.1 million, reflecting sustained infrastructure investments and IFRS transition effects.

• Net working capital decreased to €17.2 million from €20.5 million YoY.

Outlook and guidance

• 2026 expected to continue positive growth trajectory, supported by commercial development, customer base expansion, and strong revenue visibility.

• Continued investment in proprietary network and data centre project, with no expected material impact on revenue or profitability targets.

• Strategic/business plan under revision following uplisting to Euronext Milan, with an update to be presented under IAS/IFRS.