Kesla (KELAS) Q2 2025 earnings summary

Executive summary

• Revenue declined 18.5% year-over-year to €19.3 million for H1 2025, with Q2 revenue down 15.2% to €10.9 million compared to the same quarter last year.

• Operating result deteriorated to -€1.27 million for H1 and -€491 thousand for Q2, both negative versus prior year periods.

• Order intake increased 16.8% in H1 to €21.5 million, but order backlog fell 14.6% to €9.1 million at period end.

• EPS dropped to -€0.46 for H1 and -€0.19 for Q2, both down from positive results last year.

• Company issued a profit warning in June, expecting full-year 2025 revenue and operating result to decline and remain negative.

Financial highlights

• H1 operating cash flow was €125 thousand, down 89.9% year-over-year; Q2 operating cash flow improved to €354 thousand from -€422 thousand.

• Gross investments in H1 were €46 thousand, a decrease of 88.5% year-over-year.

• Net financial expenses remained stable at €324 thousand for H1.

• Net debt reduced to €11.6 million, with gearing at 111.8% and equity ratio at 35.2%.

• Export share of revenue was 51.7% in H1.

Outlook and guidance

• Full-year 2025 revenue is expected to decrease significantly, with operating result to remain negative.

• Market environment anticipated to remain challenging in H2 2025, with possible demand recovery if geopolitical uncertainty eases.