Preliminary H1 2025 Update
We have delivered a strong performance in the first half of 2025, achieving mid to high single digit percentage growth in Normalized Revenue and Normalized EBITDA compared to our corresponding performance for the same period in 2024. From a cash flow perspective, we continue our commitment to improve working capital, and capex (excluding M&A) for the first half of 2025 is below capex (excluding M&A) for the same period last year. With respect to backlog, including new wins and acquisitions, we have also increased our position by mid single digit percentage since December 2024.
Notes: Luna III consolidated perimeter; (1) Includes M&A pro forma Revenue and EBITDA impact in Q1 from acquisitions in 2024. (2) EBITDA post-IFRS16 and other pro forma adjustments. (3) Excludes financial capex, IFRS16 leases’ activations and operational divestments.
The information contained herein has not been independently verified. Any projections, estimates, forecasts, targets, prospects, returns and/or opinions contained herein involve elements of subjective judgment and analysis and are based upon the best judgment of Luna III S.à r.l. (“the Company”) as of the date hereof. Any projections, estimates, forecasts, targets, prospects, returns and/or opinions expressed herein are subject to change without notice, and as such, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. Neither the Company nor any of its holding companies, subsidiaries, associated undertakings, controlling persons, shareholders, respective directors, officers, employees, agents, partners or professional advisors shall have any liability whatsoever (in negligence or otherwise) for any direct, indirect or consequential loss howsoever arising from any use hereof or otherwise arising in connection herewith. The information contained herein is provided as at the date hereof and is subject to change without notice and the Company expressly does not undertake and is not obliged to review, update or correct the information and opinion at any time or to advise any participant in any related financing of any information coming to the attention of the Company.
The information contained herein does not constitute investment, legal, accounting, regulatory, taxation or any other advice, and this does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or other needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment hereof.
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Statements made herein may include forward-looking statements. These statements may be identified by the fact that they use words such as “anticipate”, “estimate”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which the Company and its subsidiaries operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained herein regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither the Company nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date hereof. The Company does not: (i) accept any liability in respect of any forward-looking statements; or (ii) undertake to review, correct or update any forward-looking statement whether as a result of new information, future events or otherwise. It should be noted that past performance is not a guide to future performance. Interim results are not necessarily indicative of full-year results.
Certain data included herein are “non-IFRS” measures. These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards or any other generally accepted accounting principles. Although the Company believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. This includes preliminary information based on internal management estimates and has been prepared under the responsibility of our management, and has not been prepared in accordance with IFRS. This preliminary information has not been audited, reviewed or verified, and no procedures have been completed by our external auditors with respect thereto and you should not place undue reliance on it. As a result, this information may change. In particular, during the course of our normal end-of-quarter review process, we could identify items that would require us to make adjustments, which might be material.
