2025 Half-Year Earnings Report

Core Insights - Solutions30's earnings for the first half of 2025 reflect solid trends across most business segments, with the exception of telecommunications in France, which has faced significant challenges [1][3][5] Financial Performance - Consolidated revenue for H1 2025 was €467.4 million, a decrease of 9.7% compared to H2 2024 [4][5] - Adjusted EBITDA for H1 2025 was €31.5 million, down 16.6% year-on-year, with an adjusted EBITDA margin of 6.7%, reflecting pressure in telecommunications [4][5][9] - Net income attributable to the group was -€16.8 million, compared to -€5.9 million in H1 2024 [22] Business Segment Analysis - The Connectivity business in France, which accounts for 15% of group revenue, saw a revenue decline of 40.5% to €71.1 million in H1 2025, impacted by selectivity measures and a slowdown in fiber deployment [9][14] - The Energy segment experienced robust growth of 30.0%, with revenue reaching €91.6 million, driven by expansion in the photovoltaic sector [8][14] - Revenue in Germany increased by 23.6% to €47.3 million, reflecting strong performance in the Connectivity sector [16][17] Geographic Performance - In the Benelux region, revenue was €181.4 million, down 7.8%, but showed signs of recovery with a 2.3% sequential growth in Q2 2025 [11][13] - Other Countries segment revenue decreased by 10.1% to €84.4 million, with notable declines in Spain and the UK, while Poland and Italy showed growth [18][19] Operational Developments - The company is actively transforming its operating model in the Connectivity business to restore profitability and adapt to evolving client needs, with expected effects by early 2026 [3][15] - Solutions30 maintains a solid financial structure, with net financial debt limited to €56.1 million at the end of June 2025, compared to €26.7 million a year earlier [10][29] Cash Flow and Investments - Free cash flow for H1 2025 was -€29.1 million, compared to -€6.3 million in H1 2024, reflecting seasonal working capital requirements [27][29] - Net investments amounted to €7.5 million, primarily related to information systems and technical equipment [26]