CM.com is lowering its expectations for the full 2025 financial year. This is due to the development of gross profit, which remained at the same level as a year earlier at €40.3 million in the first half of the year.
Although the gross margin increased, profit growth is lagging behind. CM.com is adjusting its EBITDA guidance to the lower end of the previously announced range of €22 million to €27 million.
Revenue in H1 2025 amounted to €124.3 million, a decrease of 7 percent compared to the same period last year. This decline is partly explained by the absence of one-off activities such as the promotional WhatsApp campaign in 2024.
However, the gross margin improved from 30 to 32.4 percent. Operating costs fell slightly to €32.5 million. CM.com reported EBITDA of €7.8 million and positive free cash flow of €2.1 million, a clear improvement on the negative cash flow a year earlier.
Strong growth for HALO
New products play a strong role in the company’s revenue structure. In the first half of the year, for example, the Agentic AI platform HALO was launched, enabling companies to build AI Agents and integrate them into their processes. Since its launch, HALO has grown by an average of 30 percent per month and now contributes €1.2 million to annual recurring revenue. This was followed by the introduction of Voice AI, which allows users to communicate with these AI Agents via voice.
On an operational level, CM.com introduced a new ticket resale platform and saw a 511 percent increase in the use of Rich Communication Services (RCS). During Amsterdam’s 750th anniversary celebrations, CM.com handled ticket sales and payments for the festival, representing the largest single-day ticket sale in the Netherlands to date.
To support future growth, CM.com refinanced its outstanding convertible bonds through an €80 million credit facility and a €20 million share issue. During Capital Markets Day in 2025, the company presented its long-term objectives for 2028, with a focus on further expanding the Customer Engagement Platform. For the second half of 2025, CM.com expects an increase in gross profit but remains cautious in its assessment of the annual results.
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