SeSa (SES) Q2 2025 earnings summary

Executive summary

• H1 2025 pro-forma revenues rose 1.1% year-over-year to €1,517.5M, with EBITDA down 4.7% to €107.9M and adjusted net profit down 12.2%, reflecting challenging market conditions and sectoral volatility.

• Excluding Digital Green, revenues and EBITDA were broadly flat year-over-year, with EBITDA margin stable at 7.2%.

• Strategic focus on high-margin sectors, digital platforms, and sustainability, with significant M&A activity supporting transformation.

• Headcount increased 15.2% year-over-year to 6,181, mainly in growth areas like Vertical Applications, Digital Platform, and System Integration.

Financial highlights

• H1 2025 pro-forma revenues were €1,517.5M (+1.1% year-over-year); EBITDA €107.9M (-4.7% year-over-year); adjusted net profit €46.3M (-12.2% year-over-year).

• Net financial position at H1 2025 was net debt of €113.0M, reflecting €26M in buybacks/dividends and €110M in M&A/CapEx over 12 months.

• Dividend per share maintained at €1.00.

• FY 2024 revenues grew 10.4% year-over-year to €3,210.4M; EBITDA increased 14.4% to €239.5M.

Outlook and guidance

• FY 2025 guidance targets mid-single-digit revenue growth and low single-digit EBIT adjusted growth, at the lower end of previous guidance.

• H2 2025 expected to see mid-single-digit growth in revenues and operating profit, with stabilization in Digital Green and continued strength in Business Services and System Integration.

• Anticipated improvement in bottom-line performance from lower financial charges as interest rates decline.