Vantiva (VANTI) H1 2025 earnings summary

Executive summary

• Revenue grew 8% year-over-year to €861 million, driven by strong broadband sales, while video and diversification segments declined by about 20%.

• Adjusted EBITDA nearly tripled to €64 million (7.4% margin), reflecting operational improvements, cost efficiencies, and successful integration of CommScope's CPE business.

• Free cash flow after interest, taxes, and restructuring costs increased to €91 million, up from €22 million in H1 2024.

• Net income from continuing operations improved to a loss of €81 million from a €143 million loss in H1 2024; total net loss widened to €295 million due to discontinued operations.

• Sale of the SCS business completed, resulting in a €214–215 million loss from discontinued operations, with all comparative figures restated.

Financial highlights

• Revenue: €861 million (+8% year-over-year); broadband up 28.1%, video down 20.4%, diversification down 20.0%.

• Adjusted EBITDA: €64 million (7.4% margin), up from €22 million (2.8%) in H1 2024.

• Adjusted EBITA turned positive at €33 million, compared to a €12 million loss in H1 2024.

• EBIT from continuing operations: -€20 million, a €62 million improvement year-over-year.

• Net financial debt (IFRS): €427 million, down from €468 million at December 31, 2024.

Outlook and guidance

• Full-year 2025 guidance confirmed: adjusted EBITDA above €150 million and positive free cash flow, assuming €/$ at 1.05.

• Guidance assumes no major disruptions in trade, tariffs, or business environment.

• Working capital improvements in H1 2025 expected to reverse in H2.