- Revenue down -3% at constant exchange rates
- Gross margin up thanks to a favorable business mix
- Rebound in growth and earnings expected in the 2nd half
In millions Euros | H1 2024 | H1 2025 | Var. % |
Consolidated revenues (1) | 69.5 | 61.0 | -12% |
Net revenues (2) | 69.2 | 60.9 | -12% |
Net pro forma revenues (3) | 71.4 | 66.0 | -8% |
Gross margin | 21.5 | 21.9 | +2% |
Gross margin rate (% of net revenues) | 31.1% | 35.7% | - |
Staff costs | (19.8) | (17.9) | -10% |
Other operating expenses | (3.8) | (4.6) | +21% |
EBITDA | (2.2) | (0.6) | +78% |
Amortization and depreciation | (1.2) | (1.0) | -22% |
EBIT | (3.3) | (1.5) | +53% |
Financial income and expenses | (0.5) | (0.5) | - |
Consolidated income before tax | (3.8) | (2.0) | +46% |
Tax expense | (0.2) | (0.1) | - |
Consolidated net income | (4.0) | (2.1) | +47% |
Excluding intra-group sales: 4,4M€ H1 2025 vs. 7,2M€ H1 2024
Revenues less volume discounts on ad sales.
Pro forma revenues calculated by reintegrating media investments managed by ISPD but billed directly to customers by platforms.
Strong outperformance of H1 2024 results
Gross Margin ratio increases due to a change in services offering with high margins activity
An 8% "technical decline in revenues due to a change in seasonality of a major client whose campaigns
were postponed to H2, and the impact of exchange rates on the dollar.
At constant exchange rates, the decline in revenues is 3%.
A balanced distribution of pro forma revenue across the three markets: US 34% (31% in H1 2024), Latin America 33% (47% in H1 2024), Europe 33% (22% in H1 2024).
Some advertiser´s investment schedules are postponed to H2.
Mexican peso effect related to Digital Media Trading services impacts revenues by -5%
Continued growth in Technology and Marketing Services (+15% to 8.4M). driven by e-commerce offerings of B2M and Rocket PPC italian operations.
At 30 June 2025 shareholders' equity stood at €1,4m and net f i n an c i a l debt at €8,0m, comprising €5.2m in cash and
€13.1m in borrowings (excluding €1.0m related to IFRS 16 lease commitments).
OutlookISPD expects to post positive results in the second half of the year, offsetting the losses of the first half, thanks to the combined effect of a rebound in business growth and continuous cost control.
Publication of the 2025 interim financial reportThe 2025 interim financial report is available to the public and was filed today with the French Financial Markets Authority (AMF). It can be consulted on the company's website at https://ispd.com/investors/ under "Financial Information/Annual accounts".
Next date: FY 2025 revenues and results 27 March 2026 (before stock market opening)About ISPD
ISPD is a cognitive marketing group redefining how people and brands relate. We blend cognitive science and creativity to provide our customers with end-to-end capabilities across our network of agencies. Our 500+ multidisciplinary experts from research, data science, strategic planning, creative storytelling, shopper marketing, gaming, media, technology solutions, and consulting deliver breakthrough results for our clients.
Visit us at ispd.com to learn more.
Contact
ISPD
Jordi Ustrell jordi.ustrell@ispd.com
shareholders@ispd.com accionistas@ispd.com
ACTUS
Mathieu CALLEUX / Darius DINU Tél. : +33 1 53 65 68 68
ispd@actus.fr