Third quarter 2025

• Net sales amounted to EUR 33.7m (42.4), corresponding to a decrease of 20.4 percent, or 16.2 percent on a constant currency basis.
• Gross profit amounted to EUR 29.3m (37.3), corresponding to a gross margin of 86.9 percent (88.0).
• EBITA amounted to EUR 6.3m (11.7) with an EBITA margin of 18.7 percent (27.5).
• EBIT amounted to EUR -0.5m (3.1) with an EBIT margin of -1.6 percent (7.2).
• EPS, before dilution amounted to EUR 0.00 (0.00).
• Adjusted EPS, before dilution amounted to EUR 0.01 (0.03).
• Cash flow from operating activities amounted to EUR 9.9m (1.7).

January – September 2025

• Net sales amounted to EUR 108.9m (120.8), corresponding to a decrease by 9.8 percent, or 7.6 percent on a constant currency basis.
• Gross profit amounted to EUR 95.6m (104.2) corresponding to a gross margin of 87.8 percent (86.3).
• EBITA amounted to EUR 18.2m (20.3) with an EBITA margin of 16.7 percent (16.8).
• EBIT amounted to EUR -2.5m (-10.5) with an EBIT margin of -2.3 percent (-8.7).
• EPS, before dilution amounted to EUR 0.00 (-0.07).
• Adjusted EPS, before dilution amounted to EUR 0.08 (0.04).
• Cash flow from operating activities amounted to EUR 21.9m (8.0).

CEO Patrick Comer comments:
In the third quarter, we migrated our largest customers, which affected revenues, as did a challenging business climate. Furthermore, revenue was particularly high in the same quarter last year, affecting our year-on-year comparable.

Sales and profitability
Net sales for the third quarter decreased by 20.4 percent to EUR 33.7m. The weakening of the USD negatively impacted reported growth; in constant currency, sales declined by 16.2 percent compared to the same period last year. Sales in Cint Exchange decreased by 27.2 percent (23.7 percent in constant currency). Consistent with prior disclosures of migration risk, the decline primarily reflects the low point of our migration, but is also partly due to broader industry headwinds.

Sales in our Media Measurement business decreased by 6.3 percent (-0.4 percent in constant currency), reflecting both market uncertainty and a strong prior-year comparable. Some advertisers paused ad campaigns due to the tariff situation. It is also worth noting that Q3 last year saw a surge in ad spending as campaigns were front-loaded to preempt the US elections.

EBITA amounted to EUR 6.3m in the quarter (11.7m in the third quarter last year) with an EBITA margin of 18.7 percent (27.5). The decline in profitability is a direct result of the lower sales volume. It is also important to note that the prior-year period included a one-time non-cash cost adjustment of EUR 2.0m related to our long-term incentive programs.

Cash flow from operating activities amounted to EUR 9.9m (1.7), reflecting our continued operational discipline on working capital management. Our focus on collections yielded strong results, with accounts receivable decreasing by a further EUR 3.8m this quarter. This brings the total reduction to nearly EUR 40m since year-end. We ended the period with a total cash position of EUR 50.4m and total interest-bearing debt of EUR 59.6m after loan repayments of EUR 4.3m in the quarter.

Consolidation
The new Cint Exchange uses 20+ years of expertise, auto-mation, and AI to efficiently provide unparalleled access to real people for market research. Now that Cint Exchange is available to nearly all legacy Cint customers, our focus is shifting to the operational transfer of revenue. This is expected to occur successively over the following quarters. As part of their transition, our clients are in the process of moving studies to the new Cint Exchange. We are actively supporting our largest customers through this final phase, focusing on two key objectives: deepening integration with these clients and accelerating new customer acquisition.

It is important to distinguish the Cint migration from the upgrade cycle for existing Lucid customers. This transfer is scheduled in 2025 for some customers, with the main transfer in the first quarter of 2026. Since the new Cint Exchange is built on the Lucid technology stack, this upgrade process is more straightforward.

Investment in innovation
We have launched the beta of Luci, our new AI Study Companion, designed to increase the accessibility of our brand lift data and empower customers to analyze media campaign performance by asking natural language questions. By making it easier to explore study data and get instant, insightful answers, we believe this innovation will drive deeper user engagement.

Furthermore, we have entered a data partnership with Affinity Solutions for both our Measurement and Exchange customers. For Media Measurement clients, it unlocks the ability to connect survey data with transactional data from over 150 million US cardholders. This enables us to deliver mid-funnel outcomes by linking ad exposure to purchasing behavior, providing clearer ROI on media spend. For Exchange customers, we can offer this targeting as an enhancement for brand tracking studies, enabling clients to survey verified purchasers of specific products or brands.

Looking ahead
The third quarter was a challenging period, which we view as the low point in our consolidation. While the revenue impact was significant, we do not expect the same effect on sales from the migration going forward. As we enter the fourth quarter, we are seeing our go-to-market effectiveness improving. However, the uncertain market environment remains.

With the most complex phases of the integration nearly behind us, our operational focus is shifting from consolidation to stabilization, innovation and new product development, as exemplified by the recent launches of our Luci AI Study Companion and the Affinity Solutions data partnership. We are already seeing early traction from these initiatives, and will be dedicating significant R&D resources going forward to further accelerate our product roadmap.

Our priority is to leverage our unified platform to drive commercial momentum and a return to growth, in line with the long-term ambitions of our Cint 2.0 strategic plan.

Q3 presentation today at 10.00 a.m. CEST
A webcast conference call will be held today at 10:00 a.m. CET. The report will be presented by Patrick Comer, CEO and Niels Boon, CFO. The presentation will be held in English and followed by a Q&A session.

Follow the webcast presentation and conference call live at: webcast. For participation in the telephone conference please register here: telco. After registration you will be provided phone numbers and a conference ID to access the conference.

The presentation material and a recorded version of the conference will be available at Cint™ Investors.