DÉKUPLE: Revenue Jumps 11.4%, But Margins Decline
In 2025, DÉKUPLE Group reports a revenue of €242.6 million, up by 11.4%, driven by the rise in digital marketing. However, this growth conceals a more nuanced reality: EBITDA remains stagnant at €23.7 million (+0.8%), while operational margins have decreased, raising questions about the group's ability to translate its commercial momentum into increased profitability.
Sustained Growth Amidst a Mixed Economic Environment
ADL Partner, the parent company of DÉKUPLE Group, confirmed its growth trajectory in 2025 despite a mixed economic environment. The consolidated revenue reached €242.6 million, an increase of 11.4% compared to the previous year. Net revenue (gross margin) grew more modestly by 6.8%, reaching €180.5 million. This acceleration reflects the group's strategic shift towards digital marketing, which now accounts for 71.1% of consolidated revenue, up from 65.6% a year earlier, with net revenue increasing by 17.2%. International expansion is also accelerating: the share of net revenue generated internationally reached 14.1%, up from 5.9% in 2024, driven by acquisitions in Germany, the Netherlands, and Spain.
Profitability Reveals a Less Rosy Picture
However, the group's profitability reveals a less favorable reality. Adjusted EBITDA, at €23.7 million, increased only by 0.8% year-on-year, representing 13.2% of net revenue compared to 13.9% the previous year. The current operating income reached €15.5 million, or 8.6% of net revenue, down by 111 basis points from 2024 (9.7%). The net income attributable to the group was €9.6 million, down by 4.7%, with a net margin of 5.3% compared to 6.0% in the previous year. This compression is mainly due to significant investments in technological expertise and international development, as well as organizational adaptation costs. The only positive note: the second half of the year showed a clear inflection, with adjusted EBITDA up by 38.4% compared to the first half and a current operating margin of 9.8% of net revenue, confirming a gradual recovery in profitability.
Looking Ahead with Confidence
The group approaches the upcoming fiscal years with a certain level of confidence. The strategic plan, Ambition 2030, aims to strengthen European leadership in communication and data marketing through the convergence of data, technology, artificial intelligence, and creativity. Financially, investments in external growth are intensifying: €19.6 million spent in 2025 compared to €11.6 million in 2024. The net cash position ended negative at (€6.3) million, compared to a positive €3.0 million a year earlier, after drawing €16 million from a syndicated credit line of €70 million. Despite this investment dynamic, the group proposes a dividend of €0.76 per share for the fiscal year 2025. The main challenge for investors remains the group's ability to transform its digital and international growth into sustainable operational margins, particularly given a structurally less favorable environment in France.
