Systems Solutions
Order entry
millions of € |
|
|
|
|
|
|
H1 2025 |
Q1 2025 |
FY 2024 |
H1 2024 |
Change |
|---|---|---|---|---|---|
Order entry |
2,116 |
963 |
4,020 |
1,780 |
18.9 |
Development of business
In the reporting period, our systems solutions business continued to focus on growth and future viability.
Order entry in our Systems Solutions operating segment was up by 18.9 % year-on-year in the first half of 2025. This development is mainly attributable to increased order entry in the Cloud, Digital, and Road Charging portfolio areas.
Development of operations
millions of € |
|
|
|
|
|
|
|
|
|
|
|
H1 2025 |
H1 2024 |
Change |
Q1 2025 |
Q2 2025 |
Q2 2024 |
Change |
FY 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue |
|
2,023 |
1,974 |
2.5 |
1,009 |
1,013 |
981 |
3.3 |
4,004 |
Of which: external revenue |
|
1,704 |
1,674 |
1.8 |
850 |
854 |
831 |
2.8 |
3,377 |
Service revenue |
|
2,021 |
1,920 |
5.3 |
1,008 |
1,013 |
947 |
7.0 |
3,883 |
EBITDA |
|
172 |
155 |
11.3 |
79 |
93 |
78 |
19.8 |
344 |
Special factors affecting EBITDA |
|
(51) |
(55) |
8.4 |
(25) |
(26) |
(32) |
18.7 |
(118) |
EBITDA (adjusted for special factors) |
|
223 |
210 |
6.1 |
104 |
119 |
110 |
8.6 |
462 |
EBITDA AL |
|
126 |
109 |
15.6 |
56 |
70 |
55 |
27.1 |
251 |
Special factors affecting EBITDA AL |
|
(51) |
(55) |
8.4 |
(25) |
(26) |
(32) |
18.7 |
(118) |
EBITDA AL (adjusted for special factors) |
|
176 |
164 |
7.5 |
81 |
96 |
87 |
10.2 |
369 |
EBITDA AL margin (adjusted for special factors) |
% |
8.7 |
8.3 |
|
8.0 |
9.5 |
8.9 |
|
9.2 |
Depreciation, amortization and impairment losses |
|
(123) |
(118) |
(4.3) |
(61) |
(62) |
(59) |
(5.3) |
(237) |
Profit (loss) from operations (EBIT) |
|
49 |
37 |
33.8 |
18 |
31 |
19 |
65.8 |
107 |
EBIT margin |
% |
2.4 |
1.9 |
|
1.8 |
3.0 |
1.9 |
|
2.7 |
Cash capex |
|
(103) |
(123) |
16.1 |
(57) |
(47) |
(61) |
23.1 |
(229) |
Cash capex (before spectrum investment) |
|
(103) |
(123) |
16.1 |
(57) |
(47) |
(61) |
23.1 |
(229) |
Revenue, service revenue
Revenue in our Systems Solutions operating segment in the first half of 2025 amounted to EUR 2.0 billion, up 2.5 % year-on-year, mainly due to growth in the Digital and Road Charging portfolio areas. External revenue increased by 1.8 %, also driven by the Digital and Road Charging portfolio areas. Service revenue also developed positively, increasing by 5.3 %.
Adjusted EBITDA AL, EBITDA AL
In the first half of 2025, adjusted EBITDA AL at our Systems Solutions operating segment increased by 7.5 % year-on-year to EUR 176 million. The increase in adjusted EBITDA AL is mainly attributable to revenue growth in the Digital and Road Charging areas and to increased margins in the Cloud area. EBITDA AL increased by EUR 17 million compared with the prior-year period to EUR 126 million. The expense arising from special factors decreased from EUR 55 million to EUR 51 million, mainly as a result of lower restructuring costs.
Profit/loss from operations (EBIT)
EBIT in our Systems Solutions operating segment increased by EUR 12 million against the prior-year period to EUR 49 million. The improvement in operations exceeded the year-on-year increase in depreciation, amortization and impairment losses.
Cash capex (before spectrum investment), cash capex
Cash capex in the Systems Solutions operating segment stood at EUR 103 million in the first half of 2025, down EUR 20 million against the prior-year period. This trend mainly resulted from lower capital expenditure in the Cloud portfolio area.