Morefield Group (MORE) H1 2025 earnings summary

Executive summary

• Revenue increased by 26.0% year-over-year to €66.0 million in H1 2025, driven by growth at Kersten and the addition of new WMO municipalities.

• Net profit for H1 2025 was €1.96 million, down from €2.18 million in H1 2024, with EPS at €0.032 and diluted EPS at €0.025.

• Acquisition of 100% of Naviva Kraamzorg in May 2025 added a significant healthcare segment, with limited impact on H1 results.

Financial highlights

• EBITDA rose to €11.8 million (H1 2024: €9.3 million); excluding IFRS 16 effects, EBITDA was €8.7 million (H1 2024: €7.2 million).

• Gross profit increased to €43.9 million from €33.1 million year-over-year.

• Operating income (EBIT) was €4.75 million, nearly flat year-over-year.

• Solvency ratio declined to 18.1% from 23.7% at year-end 2024.

• Cash flow from operations was €6.41 million, up from €2.50 million in H1 2024.

Outlook and guidance

• Further revenue and EBITDA growth expected in H2 2025, with Naviva anticipated to contribute positively.

• Management maintains a positive profit outlook for the full year.