The Board of Directors approved the consolidated half-year report as of 30 June 2025
Consolidated REVENUES of EUR 36.2M, -2%
Consolidated EBITDA of EUR -0.2M
BEEFREE’s growth 22+%
Consolidated NET RESULT of EUR -2.4M
Consolidated NET FINANCIAL POSITION of EUR 8.1M cash
Milan, 23 September, 2025 – Growens S.p.A. – ticker GROW – (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility AIM Italia and operating in the cloud marketing technology field, has announced today that the Board of Directors passed a resolution to approve the consolidated report for the six-month period ended on 30 June 2025, prepared in compliance to IAS/IFRS accounting standards.
Consolidated figures show
- revenues slightly decreasing by 2% in 1H 2025, of 36.2M EUR, vs 36.9M EUR in 1H 2024; and
- a negative EBITDA figure of 0.2M EUR, improving vs. 0.7 in 1H 2024.
“The results for the first half of 2025 fall within a significant period of transition for our Group, which saw the payment of our first scrip dividend—paid in cash and shares at the choice of our shareholders—further demonstrating our financial strength and the sustainable growth achieved. Business performance reflects our ongoing commitment to innovation, operational efficiency, and the enhancement of product quality, as shown by the excellent Gross Profit results in absolute, relative, and growth terms.”
Matteo Monfredini, Chairman and founder of Growens
“The USD 15 million investment announced last year is delivering the expected results. In particular, Beefree’s ARR is in line with the plan updated at the beginning of 2025, as is the path toward achieving positive cash flows by 2028. The new paradigm driven by artificial intelligence is reshaping the competitive landscape, and we are responding decisively by allocating resources to R&D to seize new opportunities: our goal is to make digital content creation increasingly simple, not only for designers but also for AI agents. At the same time, Agile Telecom continues its strategy of focusing on operating profitability and exploring new AI-based solutions, with the aim of expanding into adjacent markets.”
Nazzareno Gorni, CEO and founder of Growens
Summary of 1H 2025 results
The main results for the semester ended 30 June 20254 are as follows:
|
Item (EUR) |
1H 2025 |
% |
1H 2024 |
% |
Change |
Ch.% |
|
SaaS Revenues |
6,888,384 |
19.0% |
5,746,277 |
15.6% |
1,142,107 |
19.9% |
|
CPaaS Revenues |
28,749,968 |
79.5% |
29,824,584 |
80.8% |
(1,074,617) |
(3.6%) |
|
Other Revenues |
532,204 |
1.5% |
1,332,858 |
3.6% |
(800,654) |
(60.1%) |
|
TOTAL REVENUES |
36,170,555 |
100.0% |
36,903,719 |
100.0% |
(733,164) |
(2.0%) |
|
Gross Profit |
9,485,721 |
26.2% |
8,038,402 |
21.8% |
1,447,319 |
18.0% |
|
EBITDA |
(205,908) |
(0.6%) |
(689,896) |
(1.9%) |
483,988 |
70.2% |
|
EBT |
(2,233,363) |
(6.2%) |
(1,960,955) |
(5.3%) |
(272,409) |
(13.9%) |
The SaaS division (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscription by the Business Unit Beefree. The CPaaS division (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, supplied by the Agile Telecom Business Unit.
Here follow the half-year Group results by business unit as of 30 June 2025:
|
in Euro |
REVENUES |
EBITDA |
||||
|
30/06/2025 |
30/06/2024 |
% |
30/06/2025 |
30/06/2024 |
% |
|
|
Agile Telecom |
28,824,478 |
29,973,199 |
(3.8%) |
1,167,157 |
669,267 |
74.4% |
|
Beefree |
7,034,685 |
5,759,673 |
22.1% |
(1,380,058) |
(1,654,466) |
16.6% |
|
Growens |
7,361,854 |
7,206,980 |
2.1% |
226,596 |
264,994 |
(14.5%) |
|
Consol. Adj. |
(7,050,463) |
(6,036,133) |
(16.8%) |
(219,603) |
30,309 |
n.m. |
|
Total |
36,170,555 |
36,903,719 |
(2.0%) |
(205,908) |
(689,896) |
70.2% |
The consolidated net financial position as of 30 June 2025 is the following:
|
Consolidated Net Financial Position |
30/06/2025 |
31/12/2024 |
Change |
Ch.% |
|||
|
A. Cash |
2,401,389 |
4,970,777 |
(2,569,388) |
(51.7%) |
|||
|
B. Cash equivalents |
|||||||
|
C. Assets held for sale |
12,813,603 |
13,123,021 |
(309,418) |
(2.4%) |
|||
|
D. Cash and cash equivalents (A) + (B) + (C) |
15,214,993 |
18,093,798 |
(2,878,806) |
(15.9%) |
|||
|
E. Current debt |
4,612,315 |
2,065,949 |
2,546,366 |
123.3% |
|||
|
F. Current part of non-current debt |
1,036,544 |
1,111,891 |
(75,348) |
(6.8%) |
|||
|
G. Current financial position (E) + (F)) |
5,648,859 |
3,177,841 |
2,471,018 |
77.8 % |
|||
|
H. Net current financial position (G) – (D) |
(9,566,134) |
(14,915,958) |
5,349,824 |
(35.9%) |
|||
|
I. Non-current debt |
1,505,377 |
1,914,487 |
(409,110) |
(21.4%) |
|||
|
J. Debt financial instruments |
|||||||
|
K. Trade and other non-current debt |
|||||||
|
L. Non current financial position (I) + (J) + (K) |
190,375 |
626,279 |
(435,903) |
(69.6%) |
|||
|
M. Net financial position (H) + (L) |
(8,060,756) |
(13,001,470) |
4,940,714 |
(38.0%) |
|||
|
Other long term financial activities |
(4,851,189) |
(4,813,589) |
(37,600) |
0.8% |
|||
|
o/w E. Current financial liabilities Rights of Use IFRS 16 |
431,372 |
446,936 |
(15,564) |
(3.5%) |
|||
|
o/w I. Non-current financial liabilities Rights of Use IFRS 16 |
798,722 |
880,369 |
(81,647) |
(9.3%) |
|||
|
N. Net adjusted financial position |
(14,142,039) |
(19,142,365) |
5,000,326 |
(26.1%) |
|||
|
ESMA guidelines 32-382-1138 of 04/03/2024 par. 175 guideline 39 |
|||||||
Comments to 1H 2025 results
1H 2025 P&L posts total Revenues around 36.2M EUR, showing a 2% decrease versus 36.9M EUR in the same period of 2024. This decline was mainly due to changes in Agile Telecom’s revenues and the absence of certain extraordinary items that benefited the first half of 2024. The SaaS component grew by 20%, representing roughly 19% of total revenues, while the CPaaS line fell by 3.6%, accounting for about 80% of total revenues. The decrease in other revenues mainly reflects the non-recurring extraordinary items recorded in 1H 2024 related to grants and associated allocations, as well as non-core billings (rental income and other services) and the disposal of the ESP and Datatrics businesses.
The Agile Telecom Business Unit posted the biggest revenues of ca. 29M EUR, decreasing by ca. 3.8% over the same period of the previous year, consistently with the strategy of prioritizing higher-margin contracts even at the expense of top-line growth.
The fastest growing Business Unit is BEE (beefree.io), with a 22+% increase in revenues, at 7M EUR or 8.1M USD turnover, driven by increasing volumes. ARR (Annual Recurring Revenues, a very popular key performance indicator for a subscription business, showing the average annual recurring value of existing contracts) amounts to 16.9M USD as of June 2025.
Foreign revenues amount to 25.9+M EUR, representing 73% of total revenues, decreasing by 11.2% vs 1H 2024. Recurring revenues amount to 6.9M EUR, growing ca. 20%.
In 1H 2025 Gross Profit reaches 9.5M EUR, with a revenue incidence above 26%, up 18% compared to 2024. The COGS component decreases more than proportionally than revenues (-7.6%), decreasing by over 4 percentage points in terms of revenue incidence. The cost items showing the greatest increase reflect the investments made to develop the Beefree Business Unit, specifically in the Sales & Marketing component (+30%) and in Research & Development (+10% of the expensed component). Consolidated EBITDA is negative by approximately 0.2M EUR in 1H 2025, while Beefree’s individual EBITDA is negative by approximately 1.4M EUR, an improvement compared with the previous half-year.
EBT is negative by ca. 2.2M EUR, with 2.1M EUR depreciations and and reflects a lower contribution of net financial income following the use of liquidity to pay dividends of 20M EUR in the previous year and the resulting loss of related interest income. IFRS16-related amortizations amount to 0.3M EUR, are substantially stable (+1% YoY); R&D amortizations grow by 14% to 1.7M EUR in 1H 2025.
Net earnings in 1H 2025, after current and deferred taxation estimates, amount to ca. -2.4M EUR. The allocated tax figures are figurative, provided that consolidated taxation results from the aggregate amounts of individual taxation, applied on each legal entity.
The consolidated Net Financial Position as of 30 June 2025 exceed 8M EUR cash, decreasing versus the previously recorded net cash amount of 13M EUR as of 31 December, 2024, with a variation largely influenced by certain net working capital dynamics for Agile Telecom, as well as the cash component of the scrip dividend (ca. 0.9M EUR) paid in June 2025. Figurative debt from IFRS 16’s adoption amounts to ca. 1.2M EUR. Cash and equivalents exceed 15M EUR.
The approved data have been submitted to BDO Italia S.p.A., for their review.
Consolidated P&L, balance sheet and cash flow statement are attached.
Investor Relations
The Half-Year Consolidated Report as of 30 June 2025 will be available to the public as per EGM regulations as well as on Growens’ website www.growens.io, Section ‘Investor Relations/Financial Statements’.
This press release is online on www.emarketstorage.com and on the Issuer website www.growens.io, Section ‘Investor Relations/Press Releases’.
The updated corporate presentation, including 1H 2025 data and main KPIs per Business Unit will be available to the public on the Issuer website www.growens.io, Section ‘Investor Relations/Presentations’.
Growens’ Chairman and CEO will comment 1H 2025 results in a conference call to be held on 30 September 2025 at 4,00 pm CET, accessible at this link: https://meet.google.com/urw-wurw-cnd.
Change in Financial Calendar
The Company announces that, for operational reasons, the meeting of the Board of Directors to review the main consolidated economic and financial data for the quarter ended September 30, 2025—originally scheduled for November 4, 2025—has been postponed to November 11, 2025.CONSOLIDATED PROFIT & LOSS AS OF 30/06/2025
|
Item |
30/06/2025 |
% |
30/06/2024 |
% |
Change |
Ch.% |
|
|
SaaS Revenues |
6,888,384 |
19.0% |
5,746,277 |
15.6% |
1,142,107 |
19.9% |
|
|
CPaaS Revenues |
28,749,968 |
79.5% |
29,824,584 |
80.8% |
(1,074,617) |
(3.6%) |
|
|
Other Revenues |
532,204 |
1.5% |
1,332,858 |
3.6% |
(800,654) |
(60.1%) |
|
|
Total Revenues |
36,170,555 |
100.0% |
36,903,719 |
100.0% |
(733,164) |
(2.0%) |
|
|
COGS |
26,684,834 |
73.8% |
28,865,317 |
78.2% |
(2,180,483) |
(7.6%) |
|
|
Gross Profit |
9,485,721 |
26.2% |
8,038,402 |
21.8% |
1,447,319 |
18.0% |
|
|
Sales & Marketing costs |
3,402,174 |
9.4% |
2,623,310 |
7.1% |
778,864 |
29.7% |
|
|
Research & Development Opex |
1,679,855 |
4.6% |
1,511,666 |
4.1% |
168,189 |
11.1% |
|
|
R&D Capex |
(1,818,477) |
(5.0)% |
(1,655,722) |
(4.5%) |
(162,755) |
9.8% |
|
|
R&D costs |
3,498,332 |
9.7% |
3,167,388 |
8.6% |
330,944 |
10.4% |
|
|
General & Admin Costs |
4,609,600 |
12.7% |
4,593,323 |
12.4% |
16,277 |
0.4% |
|
|
Total Costs |
9,691,629 |
26.8% |
8,728,298 |
23.7% |
963,330 |
11.0% |
|
|
EBITDA |
(205,908) |
(0.6%) |
(689,896) |
(1.9%) |
483,988 |
70.2% |
|
|
General Depreciation Costs |
112,461 |
0.3% |
106,750 |
0.3% |
5,710 |
5.3% |
|
|
Right of Use Amortization Costs |
266,071 |
0.7% |
263,532 |
0.7% |
2,539 |
1.0% |
|
|
R&D Amortization Costs |
1,719,226 |
4.8% |
1,513,626 |
4.1% |
205,600 |
13.6% |
|
|
Other Depreciations |
2,097,758 |
5.8% |
1,883,908 |
5.1% |
213,850 |
11.4% |
|
|
EBIT |
(2,303,666) |
(6.4%) |
(2,573,804) |
(7.0%) |
270,139 |
10.5% |
|
|
Net financial income/(charges) |
70,302 |
0.2% |
612,850 |
1.7% |
(542,548) |
(88.5%) |
|
|
EBT |
(2,233,363) |
(6.2)% |
(1,960,955) |
(5.3%) |
(272,409) |
(13.9%) |
|
|
Current Income Taxes |
(298,251) |
(0.8%) |
18,254 |
0.0% |
(316,505) |
n.s. |
|
|
Deferred Taxes |
159,201 |
0.4% |
177,795 |
0.5% |
(18,594) |
(10.5%) |
|
|
Net Profit (Loss) from Continuing Operations |
(2,372,413) |
(6.6%) |
(1,764,905) |
(4.8%) |
(607,508) |
(34.4%) |
|
|
Net Result from Discontinued Operations |
(2,315,892) |
(6.4%) |
(1,692,258) |
(4.6%) |
(623,634) |
(36.9%) |
|
|
Net Profit (Loss) |
(56,521) |
(0.2%) |
(72,647) |
(0.2%) |
16,126 |
22.2% |
|
|
Group Net Profit (Loss) |
70,302 |
0.2% |
612,850 |
1.7% |
(542,548) |
(88.5%) |
|
|
Minority Net Profit (Loss) |
(2,233,363) |
(6.2%) |
(1,960,955) |
(5.3%) |
(272,409) |
(13.9%) |
|
Data in €
CONSOLIDATED BALANCE SHEET AS OF 30/06/2025
|
Item |
30/06/2025 |
31/12/2024 |
Change |
Ch % |
|
Tangible fixed assets |
208,050 |
228,580 |
(20,530) |
(9.0%) |
|
Right of Use |
1,214,888 |
1,283,515 |
(68,627) |
(5.3%) |
|
Intangible fixed assets |
6,747,096 |
6,858,847 |
(111,751) |
(1.6%) |
|
Goodwill |
8,498,292 |
8,498,292 |
– |
– |
|
Equity investments in associates and joint ventures |
468,047 |
450,720 |
17,327 |
3.8% |
|
Other non-current assets |
6,347,175 |
6,298,318 |
48,857 |
0.8% |
|
Deferred tax assets |
2,394,147 |
2,191,456 |
202,691 |
9.2% |
|
Total non-current assets |
25,877,695 |
25,809,728 |
67,967 |
0.3% |
|
Receivables from customers |
9,666,055 |
9,406,046 |
260,009 |
2.8% |
|
Other current assets |
19,608,452 |
19,396,022 |
212,430 |
1.1% |
|
Cash and cash equivalents |
2,401,389 |
4,970,777 |
(2,569,388) |
(51.7%) |
|
Total current assets |
31,675,897 |
33,772,845 |
(2,096,948) |
(6.2%) |
|
Total assets |
57,553,592 |
59,582,573 |
(2,028,981) |
(3.4%) |
|
Share capital |
384,834 |
384,834 |
– |
– |
|
Reserves |
33,148,162 |
36,516,688 |
(3,368,526) |
(9.2%) |
|
Profit (Loss) for the period |
(2,315,892) |
(2,430,410) |
114,518 |
4.7% |
|
Net Equity (third parties) |
36,076 |
98,844 |
(62,769) |
(63.5%) |
|
Total equity |
31,253,179 |
34,569,956 |
(3,316,777) |
(9.6%) |
|
Payables to banks and other financiers |
706,656 |
1,034,118 |
(327,462) |
(31.7%) |
|
Liabilities Right of Use long-term |
798,722 |
880,369 |
(81,647) |
(9.3%) |
|
Provisions for risks and charges |
433,333 |
333,333 |
100,000 |
30.0% |
|
Provisions for personnel |
1,253,729 |
1,300,534 |
(46,805) |
(3.6%) |
|
Deferred taxes |
1,109,695 |
909,858 |
199,836 |
22.0% |
|
Total non-current liabilities |
4,302,135 |
4,458,213 |
(156,078) |
(3.5%) |
|
Trade and other payables |
9,698,399 |
11,003,447 |
(1,305,048) |
(11.9%) |
|
Due to banks and other lenders short term |
5,217,487 |
2,730,904 |
2,486,582 |
91.1% |
|
Liabilities Right of Use short-term |
431,372 |
446,936 |
(15,564) |
(3.5%) |
|
Other current liabilities |
6,651,021 |
6,373,117 |
277,904 |
4.4% |
|
Total current liabilities |
21,998,279 |
20,554,404 |
1,443,874 |
7.0% |
|
Total Liabilities |
57,553,592 |
59,582,573 |
(2,028,981) |
(3.4%) |
Data in €
CONSOLIDATED CASH FLOW STATEMENT AS OF 30/06/2025
|
Consolidate Cash Flow statement |
30/06/2025 |
30/06/2024 |
|
Period profit/(loss) |
(2,372,413) |
(1,764,905) |
|
Income tax |
298,251 |
(18,254) |
|
Prepaid/deferred tax |
(159,201) |
(177,795) |
|
Interest expense/(interest income) |
(205,948) |
(622,763) |
|
Exchange (gains)/losses |
135,645 |
9,913 |
|
(Dividends) |
||
|
(Gains) / losses arising from the sale of assets |
||
|
1 Year profit/(loss) before income tax, interest, dividends and capital gains/losses on disposals |
(2,303,666) |
(2,573,804) |
|
Value adjustments for non-monetary elements that have no equivalent item in net working capital: |
||
|
Provisions for TFR |
204,264 |
207,402 |
|
Other provisions |
77,786 |
72,033 |
|
Amortization and depreciation of fixed assets |
2,019,972 |
1,811,875 |
|
Write-downs for permanent losses in value |
||
|
Other adjustments for non-monetary items |
||
|
2 Cash flow before changes in NWC |
(1,644) |
(482,494) |
|
Changes to net working capital |
||
|
Decrease/(increase) in trade receivables |
(337,796) |
(2,156,891) |
|
Increase/(decrease) in trade payables |
(1,305,111) |
(1,683,557) |
|
Decrease/(increase) in accrued income and prepaid expenses |
87,159 |
(87,726) |
|
Increase/(decrease) in accrued liabilities and deferred income |
141,743 |
650,249 |
|
Increase/(decrease) tax receivables |
(1,282,793) |
(181,787) |
|
Increase/(decrease) tax payables |
396,880 |
176,379 |
|
Increase/(decrease) other receivables |
338,514 |
(1,095,976) |
|
Increase/(decrease) other payables |
(260,720) |
(1,394,221) |
|
Other changes in net working capital |
(50,015) |
220,119 |
|
3 Cash flow after changes in NWC |
(2,273,782) |
(6,035,906) |
|
Other adjustments |
||
|
Interest collected/(paid) |
22,487 |
80,490 |
|
(Income tax paid) |
(10,096) |
|
|
(Gains) / losses arising from the sale of current assets |
(7,048) |
|
|
Dividends collected |
||
|
(Use of provision) |
||
|
4 Cash flow after other adjustments |
(2,261,391) |
(5,962,464) |
|
A Cash flow from operations |
(2,261,391) |
(5,962,464) |
|
Tangible fixed assets |
(23,408) |
(28,026) |
|
(Investiments) |
(23,408) |
(28,026) |
|
Divestment realisation price |
||
|
Intangible fixed assets |
(1,598,212) |
(2,435,904) |
|
(Investiments) |
(1,598,212) |
(2,435,904) |
|
Divestment realisation price |
||
|
Financial fixed assets |
(39,391) |
(74,304) |
|
(Investiments) |
(39,391) |
(74,304) |
|
Divestment realisation price |
||
|
Financial not fixed assets |
442,000 |
(4,000,000) |
|
(Investiments) |
(4,000,000) |
|
|
Divestment realisation price |
442,000 |
|
|
Acquisition or sales of subsidiaries companies |
||
|
B Cash flow from investments |
(1,219,011) |
(6,538,235) |
|
Minority interest funds |
1,837,671 |
601,421 |
|
Increase (decrease) in short-term payables to banks |
2,561,930 |
1,448,043 |
|
Stipulation of loans |
||
|
Repayment of loans |
(724,260) |
(846,622) |
|
Own funds |
||
|
Capital increase by payment |
||
|
Sale (purchase) of treasury shares |
||
|
Paid dividends |
(926,657) |
(10,010,200) |
|
Change to share premium reserve |
||
|
C Cash flow from loans |
911,013 |
(9,408,779) |
|
Increase (decrease) in liquid funds (A ± B ± C) |
(2,569,388) |
(21,909,478) |
|
Initial cash and cash equivalents |
4,970,777 |
40,488,090 |
|
Final cash and cash equivalents |
2,401,389 |
18,578,611 |
|
Change in cash and cash equivalents |
(2,569,388) |
(21,909,478) |
Data in €
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