Tamtron Group (TAMTRON) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €24.3 million, down 2.2% year-over-year, with EBITDA at €2.0 million, reflecting a 32.6% decrease; growth is expected in H2 due to timing of large deliveries and strategic investments.

• Order intake grew between 15.9% and 16.3%, and order backlog increased up to 26.5% year-over-year, signaling strong sales and market recovery.

• Acquisition of Czech company Tenzona s.r.o. in April 2025 strengthened market position in Central Europe.

• Largest-ever order in the metal and mining sector secured, highlighting expertise and international system sales capability.

• Strategic acquisitions in Czech Republic (Tenzona) and post-period in Poland (MASA) enhance Central European presence and production flexibility.

Financial highlights

• EBITDA margin was 8.0%, down from 11.7% in H1 2024; operating profit dropped 88.3% year-over-year, mainly due to goodwill amortization.

• Gross margin improved to 60.9% from 59.3% year-over-year, driven by a favorable product mix.

• Net result was a loss of €363k, compared to a profit of €587k in H1 2024.

• Personnel expenses increased by 9.4% due to higher average headcount and the Tenzona acquisition.

• Equity ratio improved to 52.0% from 48.5% a year earlier, with cash and equivalents at €2.65 million and interest-bearing debt at €8.2 million.

Outlook and guidance

• Growth is expected to accelerate in H2 2025, with larger system deliveries, new product launches, and acquisition impacts materializing.

• Guidance maintained: revenue expected to exceed €58 million and EBITDA to surpass €6 million for the full year.

• Medium-term targets: €96 million revenue and 16% EBITDA margin by 2027, with SaaS sales to reach 10% of revenue.