Econocom delivers 6.6% revenue growth in H1 2025

Econocom Group has reported robust financial and operational results for the first half of 2025, highlighting accelerated growth, steady margins, and a reinforced leadership position in the European audiovisual (AV) integration market.

The Group posted revenue of €1,421 million, marking a 6.6% increase year-over-year, including 5.9% organic growth, driven primarily by strong momentum in its Technology Management & Financing (TMF) division across all geographies.

Operating margin remained stable at 2.9%, amounting to €41.4 million, reflecting ongoing investments in the Group’s salesforce and the impact of competitive pressures, particularly in the Products & Solutions (P&S) segment.

“On track to deliver our organic strategic ambition, we accelerated our growth in H1 2025 led by TMF in all geographies and in a competitive market,” said Angel Benguigui, CEO of Econocom. “We continued to prepare the ground for further performance through continued investments in our salesforce and improved organisation. In parallel, we confirmed our No.1 AV integrator position in Europe thanks to our focused M&A strategy with four tactical acquisitions.”

Performance highlights by business line

TMF revenue surged by 18.4% to €599 million, supported by the acquisition of Germany’s bb-net in January. Operating margin rose sharply to €25.3 million, a year-on-year increase of €10.7 million.

P&S revenue declined by 2.4% to €575 million amid contract renewal challenges and lower operational leverage. The segment’s operating margin stood at €5.8 million.

Services revenue recorded a 3.6% increase to €248 million, with an improved operating margin of €10.3 million.

Despite the strong performance in core activities, the Group’s net profit dropped to €0.8 million, largely due to a €10 million impairment of discontinued subsidiary Synertrade and a €16.8 million loss tied to its divestiture. In contrast, H1 2024 had benefited from a €7.6 million gain from the disposal of Les Abeilles.

Expansion in audiovisual integration

Econocom reinforced its number 1 position in the European AV integration market with four tactical acquisitions: ICT2 (Germany), AVANZIA (Spain), ISS AV (Ireland), and Assets of Smartcomm (United Kingdom).

These transactions, part of the Group’s ‘One Econocom’ transformation strategy, add approximately €60 million in annual revenue and bring the Group’s aggregated AV integration operations to over €300 million, with 750 specialists across Europe.

Debt, cash flow, and financing

Net financial debt was reported at €208 million, up modestly from €180 million in June 2024, and remained well under control. Econocom generated €52 million in free cash flow over the past 12 months.

In a sign of strong investor confidence, the company successfully closed a €225 million Schuldschein private placement, well above its initial €100 million target. The proceeds are earmarked for advancing its strategic initiatives.

ESG

Econocom also made significant progress on its ESG commitments:

• Econocom Factory received a Platinum EcoVadis rating of 83/100, ranking in the top 1% globally.
• The Group overall improved its EcoVadis score by 2 points, retaining its Gold Medal.
• The company further bolstered its role in the circular economy, refurbishing over 600,000 IT devices annually, aided by the integration of bb-net’s capabilities.