Qualco Group (QLCO) H2 2025 earnings summary

Executive summary

• Revenue grew 17% year-over-year to €216m, surpassing mid-teens IPO guidance, with adjusted EBITDA up 12% to €43m at a 20% margin, and adjusted cash flow from operations reaching €21m.

• Portfolio Management AUM more than doubled to €22bn, and international revenue accelerated, now representing 29% of total revenue.

• Strategic investments in AI-first products and platforms, including Agenly, ML Studio, and QART, position the group for future growth.

• Ambition to more than double pre-IPO revenue by 2028, with improved EBITDA margins and over 40% of revenue from international markets.

Financial highlights

• Revenue: €216m (+17% YoY); Adjusted EBITDA: €43m (+12% YoY, 20% margin); Adjusted Net Income: €17m (+6% YoY).

• Adjusted Attributable Net Income: €7m (down 52% YoY), but returned to positive in H2 2025.

• Capex/Revenue increased to 8.6% (from 7.3%), reflecting proactive investment in AI and deep tech.

• Cash position improved to €39m; net debt (excl. SCI & leases) at €34m, leverage ratio at 0.8x adjusted EBITDA.

• Cash conversion reached 48% in FY 2025.

Outlook and guidance

• Medium-term guidance reaffirmed: mid-teens revenue growth, ~20% EBITDA margin, and stable leverage.

• Targeting more than double pre-IPO revenue by 2028, with improved margins and international expansion.