SeSa (SES) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €783.0M, up 1% year-over-year, with EBITDA at €56.6M (+1.5% Y/Y), maintaining a 7.2% margin.

• Excluding Digital Green, revenues grew 7.1% and EBITDA 10.9% Y/Y, reflecting strong performance in core sectors.

• Business Services and Software & System Integration (SSI) segments drove growth, while Digital Green declined due to reduced public incentives.

• Group EAT Adjusted was €26.6M (+0.5% Y/Y), with a stable margin of 3.4%.

• Dividend per share maintained at €1.0, with a buyback plan up to €10M.

Financial highlights

• FY 2024 revenues were €3,210.4M (+10.4% Y/Y), EBITDA €239.5M (+14.4% Y/Y), and EAT Adjusted €106.4M (+4.1% Y/Y).

• Q1 2025 net financial position improved to -€184.1M from -€208.5M Y/Y.

• Net interest expenses in Q1 2025 were €7.8M, up 6.6% Y/Y due to higher Euribor rates.

• Net working capital efficiency improved, with NWC/revenues at -0.03% in Q1 2025.

• Shareholders’ equity increased to €496.2M from €450.4M Y/Y.

Outlook and guidance

• FY 2025 guidance: revenues €3.35–3.5B, EBITDA €252–270M, EAT Adjusted €110–115M, HR 6,120–6,400.

• Revenue and EBITDA growth expected at 5–10% Y/Y, with continued focus on value-added digital services.

• Digital Green revenues expected to stabilize from Q2 2025 at €180M for FY 2025.

• Guidance for FY 2025 confirmed, with continued investment in digital skills and innovation.