CM.com posted its highest ever EBITDA in the third quarter of 2025, but has again lowered its profit forecast for the full year. The company now expects normalized EBITDA of €18 to €20 million, down from a previous range of €22 to €27 million.
The reduction follows headwinds in the market and an unfavorable dollar exchange rate, which are weighing on results.
In the third quarter, normalized EBITDA rose 29 percent to €6 million. Revenue declined slightly by 1 percent to €65 million, while the gross margin improved to 32.6 percent. Operating costs decreased by 7 percent compared to a year earlier, continuing CM.com’s focus on efficiency.
According to CEO Jeroen van Glabbeek, the third quarter was the first since the end of last year in which the company showed organic revenue growth again, a development he calls promising. He emphasizes that profitability and gross margin will remain a priority in the coming quarters. Van Glabbeek points to fierce price competition in new messaging channels such as WhatsApp and RCS, where the company is consciously investing in market share, even though this temporarily depresses margins.
Profit forecast already adjusted
The FD notes that CM.com already adjusted its profit forecast downward earlier this year, in July, due to the lack of major one-off campaigns, such as a large-scale WhatsApp campaign in 2024. This makes it clear that, after years of strong revenue growth, the company is struggling to achieve structurally higher profitability.
Within the business units, operational development remained predominantly positive. Connect saw messaging volume increase by 37 percent, the AI platform division Engage recorded quarterly growth of 34 percent in recurring revenue, and Pay reported a 10 percent increase in processed payments.
CM.com’s share price has been hit hard in recent months. Since mid-July, when the profit forecast was first lowered, the share has lost about a third of its value.
Despite market pressure and currency influences, management remains optimistic. CM.com is focusing on further cost control, AI integration, and scalable growth. The company considers its strategy towards 2028 to be solidly founded and remains committed to sustainable value creation for customers and shareholders.