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Investing.com -- Qualco delivered its first financial results since going public in May, reporting 18% year-over-year revenue growth for the first half of 2025.
The company posted revenues of €89 million in 1H25, with Software & Platform growing 26% while Portfolio Management increased by 3%. Adjusted EBITDA reached €13 million, representing 31% growth compared to the same period last year and a margin improvement of 130 basis points to 15%.
For the first time, Qualco disclosed profitability across all three business segments. Platform as a Service, which accounts for approximately 50% of revenues, achieved the highest margin at 17.0%. Software & Technology (about 30% of revenues) delivered a 10.3% EBITDA margin, while Portfolio Management (roughly 20% of revenues) reported a 10.5% margin.
The company ended the first half with €69 million in cash and cash equivalents, of which €27 million came from operations excluding IPO proceeds. Net debt excluding IPO proceeds and leases stood at 0.8x, slightly higher than the 0.7x reported at the end of fiscal year 2024.
Qualco reaffirmed its mid-term guidance following these results, which showed typical first-half seasonality, suggesting a stronger margin performance is expected in the second half of the year.
UBS maintained its Neutral rating on Qualco with an unchanged price target of €6.50. The bank noted that while Qualco offers an attractive business model with recurring revenues, margins are expected to remain flat in the mid-term, and there may be execution risks particularly regarding the company’s international expansion strategy.
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