Loihde (LOIHDE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was €35.2M, adjusted EBITDA €2.6M (7.3% margin), both stable year-over-year.

• H1 2025 revenue grew 3% to €70.5M; adjusted EBITDA was €4.1M–€4.2M (5.8% margin), nearly unchanged from H1 2024.

• Recurring/continuous services revenue grew 10% year-over-year in H1 2025, now 28% of total revenue, with an annualized contract base of €40.2M.

• IT consulting stabilized after a prior decline, though the market remains uncertain.

• AI-based chatbot AinoAid™ won the European Commission Security Innovation Award and expanded to three new countries.

Financial highlights

• Q2 2025 revenue: €35.2M, adjusted EBITDA: €2.6M (7.3% margin), both flat year-over-year.

• H1 2025 revenue: €70.5M (+3% year-over-year); adjusted EBITDA: €4.1M–€4.2M (5.8% margin).

• H1 operating profit (EBIT): €-0.8M; adjusted EBIT: €0.2M.

• H1 net loss: €-1.1M; EPS: €-0.20 (basic and diluted).

• Cash flow from operating activities: €2.9M; equity-to-assets ratio: 65.7%.

Outlook and guidance

• 2025 revenue expected to grow or remain at 2024 levels.

• Adjusted EBITDA for 2025 forecast to improve from 2024’s €11.0M.

• Strategic targets for 2024–2027: average annual revenue growth of 10%, revenue of at least €200M by 2027, adjusted EBITDA margin of 15%, ROI of 10%, and net debt/EBITDA between 0–2x.