Rebl Group (REBL) Q2 2025 earnings summary

Executive summary

• Revenue declined 11.1% year-over-year to €52.0 million in H1 2025, with all business segments except visibility showing decreases.

• Operating profit fell to -€3.6 million from -€1.6 million, and EPS was -€0.25 compared to -€0.19.

• The group completed several acquisitions, including Hansaprint Oy and Hämeenlinnan Offset-Kolmio Paino Oy's packaging business.

• The company exited its media business in 2024, which is now reported as discontinued operations.

Financial highlights

• Q2 2025 revenue dropped 13.0% year-over-year to €27.0 million; EBITDA was €0.9 million (down from €2.6 million).

• H1 2025 EBITDA was €0.7 million (down from €3.0 million); net cash flow from operations was €1.9 million (down from €3.8 million).

• Net income for H1 2025 was -€3.2 million (vs. -€2.4 million); including discontinued operations, net income was -€3.3 million (vs. €7.8 million).

• Equity ratio at period end was 38.1% (down from 40.1%).

• Return on equity was -8.7% (vs. -6.1%).

Outlook and guidance

• Revenue for 2025 is expected to remain at 2024 levels, but operating profit is forecast to weaken.

• H2 2025 is expected to be better than H1, but cost-saving programs will mainly impact 2026.

• Print business demand is expected to decline, visibility business to grow, and digital business to remain flat.