Obiz Publishes Its 2025 Results with a Revenue of 99.7 Million Euros, Up by 17%

Detailed Financial Performance for 2025

For the fiscal year 2025, spanning an exceptional 9 months (from January 1 to September 30, 2025), Obiz recorded a consolidated revenue of 99.7 million euros, a total growth of 17% compared to the same period last year. On a proforma basis, including the company HA PLUS PME since January 1, 2024, the revenue for the period increased by 15% to 86.8 million euros compared to the same period in 2024. The Group's historical activity, Relational and Affinity Programs, showed a growth of 10% with 27 new contracts signed during the period, including agreements with Smerra, Reward Pulse, Lucca, and the French National Olympic and Sports Committee. The E-commerce Shops activity progressed by 6% during the period. The Group's gross margin stood at 12.1 million euros, up from 11.1 million euros a year earlier, representing a 9% increase. This gross margin accounts for 12.2% of the revenue, compared to 13% the previous year. In 2025, the Group intensified an operational action plan aimed at adapting the organization of the company, integrating various entities acquired in recent years, and strengthening cost control, as part of the Equinoxe 2027 strategic plan. The EBITDA for the nine months of fiscal 2025 was -1.4 million euros, compared to 0.3 million euros as of September 30, 2024. The Group recalls that the EBITDA was 1.6 million euros for the entire fiscal year 2024, over 12 months, reflecting the seasonality of the activity and the contribution of the fourth calendar quarter to profitability.

Operational Results and Financial Adjustments

The operating result stood at -3.5 million euros as of September 30, 2025, after accounting for net depreciation and amortization provisions of 2.2 million euros, including 0.6 million euros for the impairment of goodwill. A thorough review of customer receivables, particularly within recently integrated subsidiaries, led to the creation of provisions. The net result attributable to the group showed a deficit of -4.7 million euros. As of September 30, 2025, Obiz's equity amounted to 7.0 million euros and cash reserves to 3.6 million euros. Financial debts, excluding Relance bonds, stood at 18.9 million euros, of which 11.4 million euros were medium and long-term debts. The Relance bonds, issued in December 2023 for 4.0 million euros, are repayable in full in 2031. On February 3, 2026, the Group concluded an agreement with its financial partners regarding the rescheduling of bank financing maturities and the freezing of interest payments on the Relance bonds until March 2027. This agreement includes the deferral of capital amortizations on all medium-term loans for 12.3 million euros and state-guaranteed loans (PGE) for 0.6 million euros from January 31, 2026, until March 23, 2027, representing a total cash flow of 5.9 million euros, including 0.9 million euros in interest. A maintenance of short-term credit lines amounting to 4.45 million euros until March 23, 2027, was also planned. The agreement also requires the Obiz Group to secure short-term financing of at least 2 million euros before February 28, 2026.

Future Outlook and Strategic Ambitions

The initial effects of the action plan on operational performance and profitability are expected as early as the first half of the 2025/26 fiscal year, which began on October 1, 2025. The Group reaffirms the ambitions of the Equinoxe 2027 strategic plan, which aims to achieve an EBITDA of 7 million euros by 2027, as well as to improve profitability and increase cash flow generation over the coming fiscal years. The 2025/26 fiscal year will conclude on September 30, 2026. The financial calendar anticipates the publication of the 2025/26 half-yearly revenue on April 30, 2026, the half-yearly results on July 24, 2026, the annual revenue on October 30, 2026, and the annual results on January 29, 2027.