CM.com lowers profit forecast
Briefly

CM.com lowers profit forecast
"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."
"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."
"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."
CM.com reported record third-quarter EBITDA while lowering full-year normalized EBITDA guidance to €18–€20 million from €22–€27 million because of market headwinds and an unfavorable dollar exchange rate. Q3 normalized EBITDA rose 29% to €6 million, revenue fell 1% to €65 million, gross margin improved to 32.6%, and operating costs declined 7% year-over-year. The third quarter marked the first period since late last year with organic revenue growth. Profitability and gross margin remain priorities. New messaging channels face fierce price competition while the company invests for market share. Business units showed operational gains and the share price fell about one-third since mid-July.
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