CM.com N.V.: Q1 Trading Update 2025 - CM.com reports a 63% higher EBITDA YoY in Q1 2025

At the beginning of 2025, CM.com reached some significant milestones, as it introduced its Agentic AI platform HALO, successfully refinanced the outstanding convertible bonds, and executed on a related share placement. These milestones have strengthened the foundation that CM.com builds upon. For HALO, so far close to 100 deals have been secured with both new and existing clients. In Q1 2025, the ongoing emphasis on profitable growth resulted in a 63% increase in EBITDA, driven by higher Gross margins and Gross profit. This was accomplished despite some volatility in the transactional business, which impacted our overall topline performance during the quarter. Annual Recurring Revenue growth accelerated to 8% year-over-year. CM.com reaffirms its EBITDA guidance for 2025.

Breda, The Netherlands, 17 April 2025,

Q1 2025 Financial Highlights

• EBITDA €3.9 million (EBITDA €2.4 million in Q1 2024), a 63% increase. Normalized EBITDA rose 19% YoY.
• Gross profit: €20.4 million (€19.5 million in Q1 2024), a 5% increase.
• Gross margin: 33.0% (30.8% in Q1 2024).
• Revenue: €61.9 million (€63.5 million in Q1 2024), a 3% decrease.
• OPEX: €16.5 million (OPEX €17.1 million in Q1 2024), a 4% decrease. Normalized OPEX rose 2% YoY.
• Annual Recurring Revenue: €34.4 million (€32.0 million in Q1 2024), an 8% improvement.

Q1 2025 Business Highlights

• CM.com launched HALO in Q1 2025, enhancing its product portfolio and driving innovation.

• Pipeline is developing well, since launch of HALO, close to 100 orders have been signed. New contracts have been signed with, amongst others, strong labels such as Bamigo and Energie.be.
• CM.com successfully redeemed its outstanding convertible bonds early following the signing of a Revolving Credit Facility, and executed on a related equity placing. This strengthened the financial base to fund future growth.
• CM.com incorporated a new functionality on its ticketing platform, which is the resale of tickets. Following the commercial agreement with GUTS, CM.com now also offers a blockchain based platform for the resale of purchased tickets.
• CM.com faced some temporary volatility in its wholesale messaging business in Q1 2025, affecting in-quarter topline development.

Outlook

• CM.com reiterates the guided range for EBITDA of €22-27 million for FY 2025.

Message from the CEO

Today, CM.com released its Q1 2025 trading update. Compared to the same period last year, the financial performance was strong this quarter.

CM.com managed to report a substantially higher EBITDA YoY in Q1 2025 (reported +63%, Normalized +19%), supported by a higher Gross margin (33.0% vs 30.8%), and a higher Gross profit (+5%). This was achieved while Normalized OPEX remained under control (+2%). Although overall revenue was impacted by lower transaction volumes, CM.com managed to grow its Annual Recurring Revenue further (+8%).

CM.com presented one of its biggest product releases in recent years: the launch of the new Agentic AI Studio: HALO. We believe that, like the Telco and Internet market did before, the AI market will shift from hardware and infrastructure towards software and services. CM.com always invested in the latter. Clients now seek ways to use Artificial Intelligence in their business models to automate interactions and streamline their businesses. These are the applications CM.com provides.

As stated in the FY 2024 Press Release, CM.com is transforming into an AI-First company through the use of the HALO platform for its internal processes. This process already resulted in impressive new AI agents that are actually additions to our organizational structure in the field of Compliance, HR, Legal, and Finance. The implementation of these AI Agents is expected to improve the efficiency of our business.

While CM.com is on its way to become an AI-First company, we are also enabling our clients to become AI-First too. Just two months after the launch, the first 100 clients are in the process of adopting HALO and by that fundamentally changing their way of working, making use of Agentic AI.

Another innovation of CM.com in the first quarter of 2025 was the launch of our own ticket resell platform. CM.com already earns money with the primary sale of tickets for events and venues, but the secondary sale (of secondhand tickets) was until recently in hands of other providers, like TicketSwap in the Netherlands. We expect an uptake in revenue and margin for our Live business unit, with the release of our own ticket resell platform.

In Q1 2025, CM.com redeemed its €100 million convertible bonds one and a half years before maturity date. We managed to do so by buying back the bonds for €87 million, financed by a Revolving Credit Facility from HSBC, ABN AMRO, and ING up to €80 million, and by raising €20 million from existing and new shareholders, through an accelerated book building.

Now that the refinancing has been completed in Q1 2025, CM.com is set for future growth. We reiterate our outlook on EBITDA for 2025.

CM.com will hold its AGM on 9 May and its Capital Markets Day on 15 May 2025. We look forward to speaking with you then.

Download full press release:
https://www.cm.com/cdn/web/en/file/investor-relations/release-q1-trading-update-2025.pdf