press release
REGULATED INFORMATION
Brussels, 23 July 2025
2025 half-year results
-
Continued acceleration of growth, multiple acquisitions of Audiovisual integrators
- Revenue of €1,421m, increasing by 6.6%1 of which 5.9% on an organic basis, thanks to strong momentum in Technology Management & Financing (TMF) activity across all geographies and growing cross-sell.
- Operating margin of €41.4m, i.e. profitability stable at 2.9% despite continued investments in the Group's salesforce and competitive pressure in Products & Solutions (P&S) activity.
- Net financial debt of €208m under control at end of June 2025 and €52m free-cash-flow generated over the last 12 months.
- #1 Audiovisual Integrator in Europe position reinforced with four tactical transactions2 in Germany, Spain, Ireland and the United Kingdom. Aggregated audiovisual integration operations of the Group now represent more than €300m annual revenues with 750 professionals.
Key figures
| €m | H1 2024 restated 1 | H1 2025 | Change reported |
| Revenue | 1,334.0 | 1,421.4 | +6.6% |
| Operating margin | 38.1 | 41.4 | +8.7% |
| Operating profit | 32.5 | 35.0 | +6.5% |
| Consolidated net profit | 23.0 | 0.8 | n/m |
| Net financial debt | 179.9 | 207.9 | +15.6% |
Angel Benguigui, CEO of Econocom Group, said: "On track to deliver our organic strategic ambition, we accelerated our growth in H1 2025 led by TMF in all geographies and in a competitive market. We continued to prepare the ground for further performance through continued investments in our salesforce and improved organization. In parallel, we confirmed our No.1 AV integrator position in Europe thanks to our focus M&A strategy with four tactical acquisitions. This momentum reflects the commitment of our teams and the relevance of our commercial positioning. We remain focused on transforming our Group, enabling us to scale synergies and accelerate on value creation across all our business lines and geographies."
Robust financial and operational performance on core business
In the first half of 2025, the Econocom Group posted revenue of €1,421 million, up +6.6%1 of which +5.9% on an organic basis, compared to the 2024 half-year figures.
Over the period, trends in continuing operations were as follows[1]:
- Technology Management & Financing (TMF) posted revenue of €599 million, a strong total growth of 18.4%, including bb-net acquisition in January 2025 accounting for 180bps. Thanks to strong operational leverage, the operating margin reached €25.3 million, +€10.7 million vs H1 2024.
- Products & Solutions (P&S) revenue stood at €575 million, down by 2.4% in a challenging market while operating margin stood at €5.8 million following competitive pressure in particular at renewal of contracts and lower operational leverage.
- Services revenue reached €248 million, a steady growth of +3.6%. Operating margin increased to €10.3 million.
On the path of its 'One Econocom' strategic plan, the Group continues its transformation with increased salesforce and renewed tools as well as setting up a long-term incentive plan for key executives. As a result, the operating margin stood at €41.4 million compared to €38.1 million for the same period in 2024.
In H1 2025, Econocom impaired the goodwill of Synertrade, a discontinued activity of the Group, by €10 million while H1 2024 included the €7.6 million positive impact of the disposal of Les Abeilles.
After financial income and expenses, income tax and profit (loss) from discontinued operations (incl. €16.8 million from Synertrade losses and impairment), consolidated net profit reached €0.8 million for the first half of 2025 vs €23.0 million for the first half of 2024.
Net financial debt under control
As of June 2025, the net financial debt of the Group stands at €208 million, compared to €180 million as of June 2024. The Free Cash Flow over the last 12 months amounted to €52 million.
Schuldschein private placement
In the first half of 2025, Econocom successfully completed a €225 million Schuldschein private placement issuance. Initially launched at €100 million, the transaction was significantly oversubscribed, confirming investor confidence in the Group. The proceeds of this placement are used to support the execution of the Group's strategic plan.
Four tactical acquisitions of Audiovisual integrators in Europe
As part of its 'One Econocom' plan, Econocom secured the tactical acquisitions of four Audiovisual specialists: ICT2 in Germany, AVANZIA in Spain, ISS AV in Ireland and assets of Smartcomm in the United Kingdom. These acquisitions represent a total annual revenue around €60 million.
ESG: top-tier EcoVadis ratings and increased contribution to circular economy
Econocom also progressed on its ESG roadmap during the first half of 2025.
Its subsidiary Econocom Factory achieved an EcoVadis sustainability rating of 83/100, placing it in the top 1% of companies globally, and earning a Platinum Medal, while the Group improved its rating by 2 points from 2024 confirming Gold medal.
In addition, and underlying its commitments to circular economy, Econocom refurbishes over 600,000 IT devices annually (including laptops, screens, servers, tablets, and smartphones), thanks to bb-net contribution.
2025 guidance: H2 revenue growth in line with H1 level.
Information meeting on H1 2025 results, 24 July 2025.
Next publication: Q3 2025 revenue on Wednesday, 22 October 2025, after close of trading.
1 Restated for change of accounting method.
2 Subject to regulatory approvals.
ABOUT ECONOCOM
The Econocom Group, founded 50 years ago, has been a pioneer in supporting businesses with their digital transformation.
Econocom supplies, finances and provides managed services for workplace, audiovisual and infrastructures.
This includes equipment purchasing, configuration and customization, maintenance and repair, refurbishment and end-user support.
Operating in 16 countries with over 8,450 employees, Econocom achieved €2.744 billion in revenue in 2024. The group is listed on Euronext Brussels and is part of the Tech Leaders, Bel Small, and Family Business indices.
FOR MORE INFORMATION
www.econocom.com
Investor and shareholder relations: anne.villermain.lecolier@econocom.com
Financial communications: groupeeconocom@havas.com
Estelle Bleuze: +33 6 73 97 94 17 - Alexandre Séhier-Vilemart: +33 6 07 03 65 33
INCOME STATEMENT
| (€m) | H1 2024 restated | H1 2025 |
| Revenue | 1,334.0 | 1,421.4 |
| Operating margin | 38.1 | 41.4 |
| Depreciation of acquisition-related intangible assets | -1.5 | -1.4 |
| Other operating income | 0.4 | 1.0 |
| Other operating expenses | -4.5 | -6.1 |
| Operating profit | 32.5 | 35.0 |
| Other financial income | 5.3 | 3.7 |
| Other financial expenses | -11.2 | -8.9 |
| Profit before tax | 26.5 | 29.8 |
| Income tax | -9.3 | -11.1 |
| Net profit from continuing operations | 17.3 | 18.7 |
| Profit (loss) from discontinued operations | 5.7 | -17.9 |
| Net profit for the period | 23.0 | 0.8 |
BALANCE SHEET
| (€m) ASSETS | 31.12.2024 | 30.06.2025 |
| Goodwill | 525 | 533 |
| Other long-term assets | 195 | 181 |
| Residual interest in leased assets | 179 | 178 |
| Trade and other receivables | 860 | 810 |
| Other current assets | 207 | 231 |
| Cash and cash equivalents | 330 | 361 |
| Assets held for sale | 96 | 86 |
| TOTAL ASSETS | 2,393 | 2,381 |
| (€m) EQUITY & LIABILITIES | 31.12.2024 | 30.06.2025 |
| Shareholders' equity - parent company shareholders' share | 425 | 409 |
| Non-controlling interests | 49 | 41 |
| TOTAL EQUITY | 474 | 450 |
| Bonds | 201 | 368 |
| Financial liabilities | 224 | 201 |
| Provisions | 49 | 49 |
| Gross liability for repurchases of leased assets | 121 | 121 |
| Trade and other payables | 888 | 805 |
| Other liabilities | 405 | 360 |
| Liabilities held for sale | 30 | 26 |
| TOTAL EQUITY AND LIABILITIES | 2,393 | 2,381 |
- SECURITY MASTER Key: x3BslZWZamiYyGpqlp1mammWbpuXm2SWZ2bKlmhqZ5eUZ5yRl2dmbceYZnJkl2dm
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