Logo Yazilim (LOGO) Q2 2025 earnings summary

Executive summary

• SaaS transition advanced, now 53% of invoiced revenues, with 41% real growth year-over-year in H125.

• Interim consolidated financials for the six months ended 30 June 2025 were reviewed by an independent auditor, with no material misstatements identified.

• Strong operational profitability with EBITDA margin at 41% in H125 and net income margin at 44%, supported by a one-off investment gain.

• India divestment completed due to geopolitical factors, with no further expenses expected beyond 2025 budget.

• A merger with Elba HR was approved, and the liquidation of the Indian joint venture Logo Infosoft was initiated.

Financial highlights

• Invoiced revenue grew 8% year-over-year in H125; EBITDA up 4% year-over-year.

• Revenue for 1H 2025 was TL 2,406.5 million, up from TL 2,222.2 million year-over-year.

• Net income reached TL 1.1 bn in H125, including a TL 700 mn one-off investment gain.

• Cash and cash equivalents at TL 578.6 mn, net cash down 11% year-over-year.

• EPS (LTM) at TL 18.4, up 371% year-over-year.

Outlook and guidance

• 2025 guidance: 7% invoiced revenue growth (IAS29 adj.), 11% IFRS revenue growth, EBITDA margin ~35%.

• The group expects to increase SaaS revenues, particularly through fintech initiatives.

• Ongoing focus on software and digital transformation, with continued investment in R&D.