SeSa (SES) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenues rose 5.0% year-over-year to €2,516.9m, with Q3 up 11.7% year-over-year, driven by Business Services and Digital Green, despite challenging market conditions.

• EBITDA for 9M 2025 declined 2.0% year-over-year to €176.7m, but Q3 2025 saw a 2.6% increase, reflecting sectoral recovery.

• Group EAT Adjusted/Adjusted Net Income for 9M 2025 fell 10.4% year-over-year to €75.4m, mainly due to higher amortization and financial charges, but stabilized in Q3.

• Net Financial Position (NFP) reported as net debt of €92.2m at January 31, 2025, up from €62.5m year-over-year, reflecting M&A investments and shareholder returns.

• Workforce grew 14.5% year-over-year to 6,367, supporting business expansion and integration of acquisitions.

Financial highlights

• Q3 2025 revenues: €999.5m (+11.7% year-over-year); EBITDA: €68.8m (+2.6% year-over-year); Group EAT Adjusted: €33.2m (-2.7% year-over-year).

• 9M 2025 consolidated EBITDA margin: 7.0%; Group EAT Adjusted margin: 3.0%.

• Net financial charges in Q3 2025 were €10.4m, showing improvement from H1 2025 and expected to further decrease as interest rates fall.

• Capex and M&A investments averaged €130m per year over the last 5 years, with additional €30m per year for dividends and buybacks.

• Shareholders' equity increased to €518.0m from €470.4m year-over-year.

Outlook and guidance

• FY 2025 guidance: revenues ~€3.4bn (+5.9% year-over-year), EBITDA ~€250m (+4.5% year-over-year), Group EAT Adjusted ~€110m (+3.4% year-over-year).

• FY 2026 preliminary plan targets revenues of €3.6bn (+6% year-over-year), EBITDA of €270m (+8% year-over-year), Group EAT Adjusted of €120m (+10% year-over-year).

• Positive outlook for FY ending April 30, 2025, with expected mid-single digit growth in revenues and EBITDA, supported by anticipated Q4 growth in Digital Green and Business Services.

• Net financial charges expected to improve in Q4 2025 and Q1 2026 due to lower market interest rates.

• Continued investment in digital skills, human resources, and innovation to drive sustainable value.