Moury Construct (MOUR) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €124.9 million, up 27.5% year-over-year, with net income rising 7.5% to €15.3 million.

• Operating income increased by 5.1% to €18.2 million, while financial results benefited from gains on asset sales and positive fair value adjustments.

• The group maintained a robust financial structure, with net cash at €118.2 million as of June 30, 2025.

Financial highlights

• Revenue grew 27.5% year-over-year to €124.9 million; operating expenses rose to €107.7 million.

• Operating margin was 14.5%, down from 17.5% a year earlier.

• Net financial result was €2.99 million, mainly from asset sales and fair value gains.

• Net income after tax was €15.3 million, up 7.5% year-over-year.

• Net cash position stood at €118.2 million, slightly down from €119.6 million at year-end 2024.

Outlook and guidance

• Order backlog reached €354 million as of August 31, 2025.

• Management anticipates full-year 2025 results to exceed 2024, driven by higher activity volume and sustained operating margin.

• Dividend policy to continue, with an ordinary dividend increase and a special €5.00 per share dividend expected for 2025 and 2026.