The Board of Directors reviewed certain financial data concerning the third quarter and first nine months of 2025
9m Revenues 54.7M EUR
9m Gross Profit 14.7M EUR
EBITDA 0.6M EUR back to positive
NFP 9.6M EUR cash
Beefree, the Business Unit on which future investment will focus, posts highest top line growth (+28% in Q3)
Milan, 11 November, 2025 – Growens S.p.A. –GROW (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility Euronext Growth Milan and operating in the cloud marketing technology field, announces that today the Board of Directors examined certain consolidated financial data concerning the third quarter and first nine months of 2025.
Consolidated figures for the first 9 months of 2025, at 54.7M EUR, are substantially stable vs 9m 2024 (, while Q3 2025 posts revenues at 18.5M EUR or +4% vs. Q3 2024. 9m EBITDA improves to 0.6M EUR vs -0.5M EUR in 9m 2024, as a result of the margin recovery of Agile Telecom. The EBITDA for Q3 2025 is positive at 0.8M EUR.
“9m 2025 results confirm that the business is profitable and shows a healthy Gross Margin of 27%. In particular, Beefree’s revenues continue to grow at a double-digit rate, while the strategic actions implemented for Agile Telecom are restoring operating profitability in line with the best performances in the industry..”
Matteo Monfredini, Chairman and founder of Growens
“Our U.S. Business Unit, Beefree, continues to deliver solid growth, substantially in line with the investment plan shared with the market in February, which targets EBITDA breakeven in 2027. The Group’s financial position remains solid, supported by the strong performance of the Italian Business Unit, Agile Telecom. We believe that the recent share price trend, as has happened a few times in the past, does not yet reflect the sound fundamentals and intrinsic value of our assets.”
Nazzareno Gorni, CEO and founder of Growens
Summary of Q3 and 9m 2025 results
The main results for the quarter ended 30 September 2025 are as follows:
|
Item (EUR) |
Q3 2025 |
% |
Q3 2024 |
% |
Change |
Ch.% |
|
SaaS Revenues |
4,064,500 |
21.9% |
3,181,236 |
17.9% |
883,264 |
27.8% |
|
CPaaS Revenues |
14,290,230 |
77.1% |
14,456,618 |
81.2% |
(166,388) |
(1.2%) |
|
Other Revenues |
186,759 |
1.0% |
155,521 |
0.9% |
31,238 |
20.1% |
|
TOTAL REVENUES |
18,541,489 |
100.0% |
17,793,375 |
100.0% |
748,114 |
4.2% |
|
Gross Profit |
5,201,172 |
28.1% |
4,643,638 |
26.1% |
557,534 |
12.0% |
|
EBITDA |
764,657 |
4.1% |
231,739 |
1.3% |
532,918 |
230.0% |
|
EBT |
(379,928) |
(2.0%) |
(557,278) |
(3.1%) |
177,350 |
31.8% |
The main results for the nine months ended 30 September 2025 are as follows:
|
Item (EUR) |
30/09/2025 |
% |
30/09/2024 |
% |
Change |
Ch.% |
|
SaaS Revenues |
10,952,884 |
20.0% |
8,927,513 |
16.3% |
2,025,371 |
22.7% |
|
CPaaS Revenues |
43,040,198 |
78.7% |
44,281,202 |
81.0% |
(1,241,005) |
(2.8%) |
|
Other Revenues |
718,962 |
1.3% |
1,488,379 |
2.7% |
(769,416) |
(51.7%) |
|
TOTAL REVENUES |
54,712,044 |
100.0% |
54,697,094 |
100.0% |
14,950 |
0.0% |
|
Gross Profit |
14,686,893 |
26.8% |
12,682,040 |
23.2% |
2,004,853 |
15.8% |
|
EBITDA |
558,749 |
1.0% |
(458,157) |
(0.8%) |
1,016,907 |
222.0% |
|
EBT Cont. Operations |
(2,613,291) |
(4.8%) |
(2,518,232) |
(4.6%) |
(95,059) |
(3.8%) |
The SaaS business line (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscriptions by the Business Unit Beefree. The CPaaS business line (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, especially supplied by the Agile Telecom Business Unit.
Here follow 9m results by Business Unit:
|
in Euro |
REVENUES |
EBITDA |
|||||
|
30/09/2025 |
30/09/2024 |
% |
30/09/2025 |
30/09/2024 |
% |
||
|
Agile Telecom |
43,115,924 |
44,430,074 |
(3.0%) |
1,818,553 |
1,503,022 |
21.0% |
|
|
Beefree |
11,142,650 |
8,977,231 |
24.1% |
(1,743,666) |
(2,325,742) |
25.0% |
|
|
Holding |
10,832,946 |
10,481,377 |
3.4% |
377,777 |
311,732 |
21.2% |
|
|
Consol. Adj. |
(10,379,476) |
(9,191,588) |
(12.9%) |
106,086 |
52,831 |
100.8% |
|
|
TOTAL |
54,712,044 |
54,697,094 |
0.0% |
558,749 |
(458,157) |
222.0% |
|
The consolidated net financial position as of 30 September 2025 is the following:
|
Consolidated Net Financial Position |
30/09/2025 |
31/12/2024 |
Change |
Ch. % |
|
A. Cash |
4,051,677 |
4,970,777 |
(919,101) |
(18.5%) |
|
B. Cash equivalents |
|
|
|
|
|
C. Other current financial assets |
12,567,016 |
13,123,021 |
(556,005) |
(4.2%) |
|
D. Cash and cash equivalents (A)+(B)+(C) |
16,618,693 |
18,093,798 |
(1,475,106) |
(8.2%) |
|
E. Current financial receivables |
|
|
|
|
|
F. Current financial debt |
4,198,920 |
1,619,013 |
2,579,907 |
159.4% |
|
G. Current part of non-current debt |
980,285 |
1,111,891 |
(131,607) |
(11.8%) |
|
H. Ohter current financial debt |
278,913 |
446,936 |
(168,023) |
(37.6)% |
|
I. Current financial position (F)+(G)+(H) |
5,458,117 |
3,177,841 |
2,280,277 |
71.8% |
|
J. Net current financial position (i)-(D)-€ |
(11,160,575) |
(14,915,958) |
3,755,382 |
(25.2%) |
|
K. Medium/long term financial debt |
706,656 |
1,034,118 |
(327,462) |
(31.7%) |
|
L. Bonds issued |
|
|
|
|
|
M. Other non-current financial liabilities |
870,104 |
880,369 |
(10,265) |
(1.2%) |
|
N. Non current financial position (K)+(L)+(M) |
1,576,760 |
1,914,487 |
(337,728) |
(17.6%) |
|
O. Net financial position (J)+(N) |
(9,583,816) |
(13,001,470) |
3,417,655 |
(26.3%) |
|
Other long term fin. assets |
(1,163,560) |
(4,813,589) |
3,650,029 |
(75.8%) |
|
o/w Current financial liabilities Rights of Use IFRS 16 |
278,913 |
446,936 |
(168,023) |
(37.6%) |
|
o/w Non current financial liabilities Rights of Use IFRS 16 |
870,104 |
880,369 |
(10,265) |
(1.2%) |
|
Net adjusted financial position (O)+(P)-(H)-(M) |
(11,896,393) |
(19,142,365) |
7,245,972 |
(37.9%) |
ESMA 32-382-1138 del 04/03/2021 par. 175 orient. 39
The above-mentioned results are unaudited.
Comments to the results
Consolidated 9m 2025 P&L posts total Revenues around 54.7M EUR, substantially stable versus the same period of 2024: such result is mainly driven by the 23% growth of the SaaS component, for a 20% incidence on total revenues. CPaaS decreases by 3% for a 79% incidence on total revenues.
The Agile Telecom Business Unit posted the biggest sales in excess of 43M EUR, decreasing by 3% over the same period of the previous year, following the strategy of focus on profitability.
The fastest growing Business Unit is Beefree, with a 24% increase, or +28% at constant FX rate, at 11.1M EUR / 12.4M 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) equals 17.3M USD as of September 2025.
Consolidated recurring revenues (SaaS subscriptions), representing 20% of total sales at 11M EUR, grew by 23% vs. the same period of the previous year.
Foreign revenues amount to 38.9M EUR, representing 72% of total sales, decreasing by 11% vs the previous year.
Gross Profit grows by 16% to 14.7M EUR, with a 27% increasing margin on sales
Consolidated EBITDA is back to positive and amounts to 0.8M EUR in Q3 2025 and 0.6M EUR in 9m 2025, sharply improving versus 9m 2024. The change is positively influenced by the recovery of profitability in the Agile Telecom Business Unit (+21%) and Beefree (+25%) and impacted by investments in Sales & Marketing (+24%) and Research & Development (+7%, of which +5% expensed in the income statement) aimed at the development of Beefree and Agile Telecom.
Earnings before taxes (EBT) for the nine months are negative by 2.6M EUR, after depreciation and amortization of 3.2M EUR, of which 2.7 M EUR represent the amortization of capitalized R&D activities — up by more than 14% — and a lower contribution from financial management due to the use of cash and the resulting decrease in related interest income.
The consolidated Net Financial Position as of 30 September 2025 amounts to ca. 9.6M EUR cash, decreasing versus the previously recorded net cash amount of 13M EUR as of 31 December 2024, with a change largely influenced by the financial support provided to the subsidiary Beefree—mainly through investments in Research and Development— as well as by the working capital dynamics of Agile Telecom, and by the cash component of the scrip dividend paid in June 2025. In particular, cash flow was negatively affected by the VAT credit item, mainly attributable to Agile Telecom, amounting to nearly 3.9M EUR in 2025, partially financed through a bank advance that was, however, settled after the end of the quarter following the reimbursement of the aforementioned 2024 VAT credit of Agile Telecom, for approximately 2.6M EUR.
Figurative debt from IFRS 16’s adoption amounts to ca. 1.1M EUR. Cash and equivalents exceed 16.6M EUR. The adjusted Net Financial Position also shows escrowed sums as customary in the settlement of comparable extraordinary operations (in particular, as a guarantee of certain obligations related to the sale of the ESP business to TeamSystem).
Summary of KPI’s
SAAS
|
KPI |
Beefree |
Date |
|
ARR Beefree App |
$5,376,792 |
Sept. 2025 |
|
ARR Beefree SDK |
$11,956,488 |
Sept. 2025 |
|
ARR growth Beefree App |
+7% |
Sept. 2025 |
|
ARR growth Beefree SDK |
+18% |
Sept. 2025 |
|
Gross margin |
83% |
9m 2025 |
|
EBITDA margin |
-15% |
9m 2025 |
|
Net Revenue Retention |
98% |
Sept. 2025 |
Data from management accounts, not subject to a BoD resolution, unaudited
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