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Introduction & Market Context
Italian digital services provider Tinexta SpA (BIT:TNXT) presented its first half 2025 results on July 31, showcasing strong double-digit growth across key financial metrics. The company’s shares closed at €14.30, showing minimal change (-0.14%) following the presentation, but have performed well over the past year, trading near the upper end of their 52-week range (€7.33-€15.31).
Building on its strong Q1 performance, Tinexta maintained momentum through the second quarter, with the Cybersecurity division emerging as the standout performer. The company’s strategic focus on digital transformation services continues to yield positive results in an increasingly security-conscious European market.
Quarterly Performance Highlights
Tinexta reported impressive financial results for the first half of 2025, with revenues reaching €235.6 million, representing a 16.1% increase compared to the same period last year. EBITDA Adjusted grew by 13.3% to €39.0 million, while reported EBITDA showed even stronger growth of 29.2% to reach €32.9 million.
As shown in the following comprehensive overview of key financial metrics:
The company’s Free Cash Flow Adjusted demonstrated remarkable improvement, increasing by 86% year-over-year to €47.8 million. This strong cash generation helped reduce the Net Financial Position to €301 million, down from €322 million at the end of fiscal year 2024.
Performance varied significantly across Tinexta’s three business units:
The Cybersecurity division was the standout performer, with revenues surging 46.0% to €66.2 million and EBITDA Adjusted more than doubling with a 129.9% increase to €9.4 million. This exceptional growth was driven by both organic expansion and strategic acquisitions, including Tinexta Defence.
Digital Trust, the company’s largest division, delivered solid if more modest growth with revenues increasing 5.4% to €107.9 million and EBITDA Adjusted up 1.5% to €29.9 million. Meanwhile, Business Innovation showed mixed results with 11.5% revenue growth to €66.8 million, but a 13.9% decline in EBITDA Adjusted to €8.8 million.
Detailed Financial Analysis
A closer examination of Tinexta’s consolidated results shows the company maintaining its growth trajectory from Q1, when it reported 17% revenue growth. The slight deceleration to 16.1% for the half-year period indicates consistent performance across both quarters.
The following chart illustrates the year-over-year comparison of key financial metrics:
Despite the strong revenue growth, the EBITDA Adjusted margin decreased slightly from 17.0% to 16.6%, reflecting investments in growth initiatives and integration costs associated with recent acquisitions. However, the reported EBITDA showed significant improvement, growing by 29.2% year-over-year.
The company’s EBITDA performance continues to show seasonal patterns, with historically stronger results in the second half of the year, particularly in Q4:
This seasonality suggests potential for accelerated performance in the coming quarters, particularly for the Business Innovation unit, which typically sees stronger results toward year-end.
The waterfall chart below provides insight into the various factors contributing to EBITDA Adjusted growth:
Tinexta Defence contributed €4.6 million to the EBITDA Adjusted growth, while the core Digital Trust business added €2.6 million. These gains were partially offset by declines in Ascertia (-€2.2 million) and Business Innovation (-€2.2 million).
Cash Flow and Balance Sheet Strength
Tinexta’s financial position improved significantly during the first half of 2025, with Net Financial Position decreasing by 6.5% from €321.8 million at the end of 2024 to €301.0 million. This reduction was primarily driven by strong Free Cash Flow generation, which nearly doubled compared to the previous year.
The following chart illustrates the company’s improved cash flow metrics:
The NFP bridge provides a clear visualization of the factors affecting the company’s debt position:
Strong Free Cash Flow Adjusted of €47.8 million was the primary driver of debt reduction, partially offset by dividend payments of €18.9 million and net financial charges of €5.5 million. This improved cash generation reflects both operational efficiency and favorable working capital dynamics.
Strategic Initiatives & Forward-Looking Statements
Looking ahead, Tinexta maintained its full-year 2025 guidance for revenue growth of 11-13% (7-9% organic) and EBITDA Adjusted growth of 15-17% (10-12% organic). The company also improved its target for the NFP/EBITDA Adjusted ratio to 2.1-2.3x, down from the previously communicated 2.2-2.4x in March 2025.
The following slide outlines the company’s targets and key performance drivers:
Management highlighted several strategic priorities for the remainder of 2025, including:
1. Continued expansion in Cybersecurity, leveraging the Defence business acquisition
2. Accelerating Business Innovation performance in the second half of the year
3. Driving recovery in the Digital Trust division by year-end
4. Further debt reduction through strong cash generation
5. Capitalizing on regulatory tailwinds in relevant markets
6. Enhancing intra-group synergies through unified corporate strategy
The company’s focus on operational efficiency and cross-selling opportunities across business units appears to be yielding results, particularly in the rapidly growing Cybersecurity division. With its improved financial position and strategic focus on high-growth digital services, Tinexta is well-positioned to capitalize on increasing demand for cybersecurity and digital trust solutions across European markets.
Full presentation:
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