Press Release
First Half 2025 Results
Strong EBITDA growth confirms transformation plan progress
Guidance confirmed for 2025
ADJUSTED EBITDA1: €64 MILLION (€22 MILLION in H1 2024)
ADJUSTED EBITA2: €33 MILLION (loss of -€12 MILLION in H1 2024)
POSITIVE FREE CASH FLOW3: €91 MILLION (€22 MILLION in H1 2024)
(H1 2024 figures have been restated for SCS divestment)
Paris, France – July 31, 2025 – Vantiva (PARIS:VANTI), a global technology leader in connectivity, announces its financial results for the first half of the year.
The condensed interim consolidated financial statements were approved by the Board of Directors on July 30, 2025. The limited review procedures have been performed, and the statutory auditors’ report on the interim financial information is in the process of being issued.
Key Financial Highlights:
- Revenue rose 8.0% over the half-year to €861 million (9.4% at constant exchange rates) driven by broadband business.
- Adjusted EBITDA almost tripled to €64 million for the half-year, compared with €22 million in H1 2024.
- Adjusted EBITA was positive at €33 million, compared with a loss of -€12 million in the first half of 2024.
- Net income from continuing operations was -€81 million, compared with -€143 million in H1 2024.
- The Group’s net income was a loss of -€295 million, compared to a loss of -€167 million as of June 30, 2024. This result is explained by the -€214 million loss from discontinued operations, primarily related to the reclassification of foreign exchange translations following the divestment of Supply Chain Solutions (SCS).
- Free cash flow, after interest, taxes, and restructuring costs, was positive at €91 million, compared with €22 million in the first half of 2024. The improvement was mainly driven by the increase in EBITDA and favorable working capital developments. The working capital is expected to be less supportive in the second half.
- As of June 30th, 2025, Vantiva held €35 million in cash and cash equivalents and an undrawn €69 million of a €80 million facility.
- Total nominal net debt (including leases) amounted to €435 million as of June 30, 2025, compared to €478 million as of December 31, 2024.
Tim O’Loughlin, Chief Executive Officer of Vantiva, said:
“Our results for the first half of 2025 confirm the successful integration of CommScope’s CPE business and the success of our broader business transformation plan. Broadband has shown some improvement though conditions remain mixed and competitive. We continue to put our customers at the center of everything we do while managing costs and resources. With the new organization in place and benefits from synergies coming through, we’re positioned to move forward.”
I- Key Points for H1 2025 and Outlook for 2025
| In millions of euros, continuing operations | H1 25 | H1 24 | Real exchange rates | Constant exchange rates |
| Revenue | 861 | 798 | 8.0% | 9.4% |
| Adjusted EBITDA | 64 | 22 | NM | NM |
| As a % of sales | 7.4 | 2.8 | 463 bps | 469 bps |
| Adjusted EBITA | 33 | (12) | NM | NM |
| FCF after interest, taxes, and restructuring costs | 91 | 22 | 69 | N/A |
Breakdown of Sales by Product
| In millions of euros | H1 25 | H1 24 | Actual exchange rates | Constant exchange rates |
| Revenue | 861 | 798 | 8.0% | 9.4% |
| Of which | ||||
| Broadband | 597 | 466 | 28.1% | 29.9% |
| Video | 209 | 262 | (20.4%) | (19.4%) |
| Diversification | 56 | 69 | (20.0%) | (19.3%) |
| Adjusted EBITDA | 64 | 22 | NM | NM |
| As a % of sales | 7.4 | 2.8 |
Group revenue rose by 8.0% to €861 million.
Broadband revenue increased by nearly 30%, while Video and Diversification activities declined by approximately 20% due to lower demand.
Adjusted EBITDA increased by €42 million to €64 million, up from €22 million in the first half of 2024. As a percentage, the Adjusted EBITDA reached 7.4% of revenue, compared with 2.8% a year earlier. This improvement reflects gains on operating expenses following the successful integration of CommScope’s CPE business and more general restructuring.
Free cash flow after financial expenses, taxes and restructuring costs was positive at €91 million, compared with €22 million in the first half of 2024. This increase is due to the rise in EBITDA, lower financial expenses and taxes paid, and a positive change in working capital requirements, which is expected to reverse in the second half.
Outlook
The positive results for the first half support our full-year targets. The company has been insulated from any significant, direct tariff impacts thus far, and the outlook currently reflects an assumption that our relatively favorable tariff position will continue.
2025 Guidance*
- Adjusted EBITDA > €150 million
- Positive FCF
*assuming €/$ at 1.05
II- Analysis of the Income Statement
Income Statement
| In millions of euros | H1 25 | H1 24 | Actual exchange rates | Constant exchange rates |
| Revenue from continuing operations | 861 | 798 | 8.0% | 9.4% |
| Adjusted EBITDA | 64 | 22 | NM | NM |
| % of sales | 7.4 | 2.8 | 463 bps | 469 bps |
| Depreciation and provisions1 (excluding amortization of acquired intangible assets) | (31) | (34) | 9.9% | 8.8% |
| Adjusted EBITA from continuing operations | 33 | (12) | NM | NM |
| % of sales | 3.8 | (1.6) | 534 bps | 541 bps |
| Amortization of intangible assets arising from acquisitions | (6) | (12) | 50.0% | 58.0% |
| Non-recurring items | (47) | (59) | NM | NM |
| EBIT from continuing operations | (20) | (82) | NM | NM |
| % of sales | (2.4) | (10.3) | NM | NM |
| Financial income (expenses) | (48) | (55) | 13.4% | 7.4% |
| Income tax | (13) | (5) | NM | NM |
| Contribution from equity-accounted companies | 0 | (1) | NM | NM |
| Net income from continuing operations | (81) | (143) | 43.8% | 28.5% |
| Results from discontinued operations | (214) | (24) | NM | NM |
| Net income for the period |