Neurones (NRO) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €424.3M, up 5.4% year-over-year, with 4.6% organic growth, despite an unfavorable economic environment.

• Net income was €26.8M (6.3% of revenue), with group share at €22.7M, a decrease of €1.8M year-over-year; net profit after tax for H1 2025 was €29.2M (7.3% margin).

• Net cash (excluding IFRS 16 lease liabilities) increased by €25.3M compared to June 30, 2024, reaching €282.2M.

• Workforce averaged 7,188, up from 6,849 in H1 2024, though staff at end of H1 2025 was 7,001, down from 7,264 at end of H1 2024.

Financial highlights

• H1 2025 revenues were €424.3M, up from €402.4M in H1 2024.

• Operating income was €33.1M (7.8% of revenue), down from €37.1M in H1 2024; business operating profit for H1 2025 was €40.5M (10.1% margin).

• Net cash (excluding financial debt and IFRS16 lease liabilities) stood at €256.9M at June 30, 2025.

• Dividend of €31.6M paid; investments in operations totaled €6.8M.

• Subcontracting costs rose faster than revenue, now 30.1% of sales (vs. 29% in H1 2024).

Outlook and guidance

• Full-year 2025 revenue guidance raised to nearly €850M, with operating margin forecast at about 8%.

• Ongoing digital transformation expected to support medium-term growth.