Llorente & Cuenca (LLYC) H1 2025 earnings summary

Executive summary

• Operating income for H1 2025 reached €45.8M, up 6.1% year-over-year, with recurring EBITDA at €7.9M, a 15% increase from H1 2024.

• Net profit for the period was €5.9M, compared to a net loss in H1 2024.

• The company achieved 40–43% of its full-year operating income guidance and 39–42% of its recurring EBITDA guidance.

Financial highlights

• Total income was €64.8M, slightly down 0.8% year-over-year due to normalization of billable client expenses.

• Recurring EBITDA margin improved to 17.2% from 15.9% in H1 2024.

• Operating cash flow reached €8.0M, representing 118% of reported EBITDA.

• Net financial debt stood at €35.4M, with a net debt/EBITDA ratio of 1.9x.

Outlook and guidance

• Focus remains on expanding and diversifying services and clients to ensure sustainable growth and profitability.

• No further M&A transactions are expected for the remainder of 2025, but the company remains alert to strategic opportunities.

• Continued investment in innovation, especially AI-driven tools, to enhance client offerings.