Lindbergh (LDB) H1 2025 earnings summary

Executive summary

• Revenue rose 51% year-over-year to €15.84 million as of June 30, 2025, with EBITDA up 36% and net result up 36%.

• Growth was driven by strong performance in the HVAC and Waste/Circular Economy business units, and recent acquisitions.

• Exit from the French market allowed focus on three core business units, supporting structural progress.

Financial highlights

• EBITDA reached €2.80 million (17.7% margin), up from €2.05 million (19.6% margin) year-over-year.

• EBIT increased 45% to €1.73 million; net result climbed to €1.1 million, up from €812 thousand.

• Net financial debt rose to €5.2 million from €3.4 million at year-end 2024, mainly due to acquisitions.

• Net bank debt stood at €970 thousand, compared to a cash-positive €518 thousand at year-end.

Outlook and guidance

• HVAC unit expected to see further revenue growth in H2 2025, driven by acquisitions and seasonal demand.

• Waste/Circular Economy BU projected to maintain strong organic growth; Network & Warehouse Management to perform in line with H1.

• Lower interest rates may support increased financial leverage.