Group revenue has decreased year on year from €28,700k in H1 of 2024 to €20,001k. The decrease has been attributed to the strategic closure of Trinexia DMCC (contributing €2,441k of revenue in H1 2024), as well as results reflecting the impact of several one-off multiyear deals signed in C1 Solutions SA (H1 of 2024). These agreements contributed a substantially large portion of revenue, creating a tougher year-over-year comparison. Excluding the effect of these deals, underlying growth remains consistent. 
 
Total Gross margin for H1 2025 has maintained at an average of 22% compared to H1 2024. A number of significant managed services deals have been awarded beyond the quarter and will continue to improve the margin blend for the remainder of H2 2025. 
Operating Expenditure for H1 2025 has decreased by 15% (€903k) compared to H1 2024, due to active streamlining of operations, leveraging of economies of scale and negotiating improved terms on consolidated subscriptions. 
 
Overall, with the combination of reduced revenues but stable margins and stricter cost control measures, the business has turned a small EBITDA loss of - €509k for H1 of 2025. Following the H2 2024 EBITDA Loss of - €1,746k, the company is moving towards a trajectory of sustained profitability and consistent cashflows. By removing Trinexia DMCC from the H1 2025 Results, the company would be near breakeven on a pro-forma EBITDA perspective.  

“During H1 2025, we have made active and instrumental operational decisions to ensure the long-term sustainability of the business. These actions have been key in shaping important strategic choices for the company, alongside targeted investment in critical commercial expertise, which we expect to deliver results in the second half of the year.
 
As part of our strategic review, we made the decision to scale down our operational presence in the Middle East. While this has resulted in a short-term reduction in headline revenue compared to the prior-year period, it has already delivered a significant improvement in the overall profitability of the business, reflected in an improved EBITDA swing of €1.2m versus H2 2024. These decisions were deliberately taken to safeguard the long-term viability of the business, ensuring that our operational footprint is focused on areas of strong growth and supported by targeted investment in business units that will deliver sustainable profits both in the near term and over the longer term. By prioritising profitability alongside disciplined growth, we are confident that the business is well-positioned to create lasting value for our shareholders.” Concludes Brown.
 
The report is attached to the release, as well as available on our website: https://cyber1.com/investors