Fill Up Media: Revenue Up by 68%, Profitability Finally Achieved
Fill Up Media reaches a milestone. After years of growth with losses, the group finally displays results resembling a real business: soaring revenue, positive margins, and a structure beginning to generate cash. However, behind this success story looms a less reassuring question: can the group truly fulfill its ambitious promises for 2026, in a context where the demand from national advertisers remains volatile?
Impressive Growth Figures
The numbers speak volumes. Fill Up Media recorded a revenue of €16.4 million in 2025, up 68% from €9.7 million in 2024. This growth follows a trajectory of fourteen consecutive years of increases. However, the truly remarkable aspect lies in the composition of this growth: revenues generated from local advertisers and partners, the historical core of the model, exploded by 106%. These local clients now represent 80% of the revenue, up from 73% in 2024. The group attracted over 1,900 new advertisers during the year. Concurrently, the service launched for regional advertisers in 2025 generated over €1 million in revenue in its first year. Finally, revenues from screens in shopping malls grew by 15%, reaching €1.068 million. The network also expanded: 9,000 screens are now deployed across 1,150 partner service stations, notably thanks to financing the completion of the deployment at E.Leclerc.
Key Element of 2025 Results: Operational Profitability
The key element of the 2025 results: Fill Up Media shifts to operational profitability. The adjusted EBITDA stands at €2.0 million, an improvement of 418% compared to the loss of €0.636 million recorded in 2024. The adjusted EBITDA margin improved by 19 points, moving from -7% to +12%. This dramatic turnaround reflects an operational leverage finally in action: the break-even point of the structure has significantly reduced. Meanwhile, the net loss improved significantly, from €2.525 million in 2024 to €0.993 million in 2025, an improvement of 61%. However, this performance should not obscure the reality of operational expenses, which increased by €3.3 million to reach €14.9 million. Personnel expenses rose by €1.6 million, from €4.7 million to €6.3 million, with the addition of 28 employees (from 62 to 90 staff members). Half of this increase is due to variable compensations indexed on revenue growth. The group has a cash reserve of €1.2 million as of December 31, 2025.
Ambitious Financial Goals for 2026
Fill Up Media does not intend to slow down. The group confirms ambitious financial targets for 2026: a revenue target of €26 million (a 59% increase from 2025) and a significantly positive adjusted EBITDA margin. These targets are primarily based on the full-year effect of the E.Leclerc deployment completed in 2025, expected to generate full revenue from 2026. Beyond this, Fill Up Media has a clearly European ambition: the group plans to deploy its solution across the continent starting in 2027, targeting Germany, Benelux, and Spain as priorities. Manuel Berland, CEO, describes the 2025 fiscal year as a 'turning point' in the group's development, emphasizing that 'Fill Up Media is entering a new phase of growth' with 'a network deployed on a large scale.' It remains to be seen whether this confidence is based on solid foundations, especially given the volatility observed among national advertisers in 'an uncertain geopolitical and economic context.'
