Breda,
the Netherlands, February 13, 2026 – Today, CM.com has published its
2025 fourth-quarter and full-year results.
Financial
Highlights
- Record
2025 EBITDA of € 18.4 million, up 12% year-on-year
- 2025
Adjusted EBITDA € 19.8 million, within the revised guidance range.
2025 Adjusted EBITDA at constant currencies € 20.8 million
- 2025
Revenue decreased by 5% to € 259.4 million, primarily due to
foreign exchange effects and lower CPaaS activity from some large
clients. Solid performance for the majority of our portfolio, with
a 7% year-on-year increase in ARR to € 35.9 million
- 2025
Gross margin 31.3%, up 1 percentage point year-on-year, reflecting
improved product mix
- Cost
discipline and efficiency improvements resulted in 6% higher Gross
profit per employee
- Strengthened
balance sheet with Adjusted Leverage ratio reduced from 4.5x per
year-end 2024 to 3.1x per year-end 2025, following refinancing and
capital raises during 2025
- Outlook:
Adjusted EBITDA for 2026 is expected to grow by at least 30%
compared to 2025
Business
Highlights
- Launched
our Agentic AI Platform HALO in February 2025, driving innovation
in customer engagement and business operations. HALO delivered a
44% quarter-on-quarter revenue growth in Q4 2025
- Record
messaging volumes of 9.1 billion over 2025, up 10% year-over-year,
supported by growing demand in richer communication channels as
WhatsApp and RCS
- Introduced
Voice AI to complement the shift towards personalized and scalable
communication solutions
- One
of the first tech companies worldwide to achieve ISO 42001
Certification for Responsible AI
- Launched
new Customer Data Platform (CDP) in February 2026, enabling
customers to gain deeper insights and more predictive
understanding of customer behavior
CEO
Statement from Jeroen van Glabbeek
“2025
was a transformative year for CM.com, marked by structural improvement,
innovation, and the growing influence of Artificial Intelligence. AI is
becoming a defining force in how companies operate and communicate. The
launch of HALO, the first Agentic AI platform in the EU, showcased our
commitment to innovation and is increasingly adopted as the market
transitions to integrated, data-driven customer engagement solutions.
We significantly improved the quality of our earnings, achieving record
EBITDA, record Gross margin, and reduced leverage, reflecting our focus
on efficiency and operational excellence. The successful refinancing of
our € 100 million convertible bonds further strengthened our financial
foundation, positioning us for sustainable growth.
With AI at the core of our strategy, we are focused on capturing
opportunities that enhance scalability, efficiency, and deliver
impactful customer interactions. Looking ahead, we are committed to
driving future revenue growth, supported by our enhanced product suite.
HALO, integrated with our unified Platform for customer interaction,
reinforces CM.com’s position as a leader in personalized, automated
customer experiences.”
Business
and Financial Performance
We
achieved a record 2025 EBITDA of € 18.4 million, representing a 12%
year-on-year increase. 2025 Adjusted EBITDA reached € 19.8 million,
within the revised guidance range. 2025 Adjusted EBITDA at constant
currencies amounted to € 20.8 million. While 2025 revenue decreased by
5% to € 259.4 million, primarily due to foreign exchange effects and
lower CPaaS activity from some large clients, the majority of our
portfolio demonstrated solid performance. Annual Recurring Revenue
(ARR) grew by 7% year-on-year to € 35.9 million.
We achieved record messaging volumes in 2025, increasing by 10% to 9.1
billion messages. In Q4 2025, the number of messages processed
increased by 30% year-on-year to 2.7 billion. During the year, we made
further progress with HALO, our Agentic AI Platform. Revenue from HALO
increased 44% quarter-on-quarter in Q4 2025, driven by increasing
adoption of AI-driven engagement capabilities. Customer experience was
further enhanced through the launch of Voice AI for WhatsApp on the
HALO platform.
Gross margin in 2025 improved to 31.3%, up 1 percentage point
year-on-year, reflecting improved product mix from higher margin
services. We continue to focus on cost discipline and efficiency
improvements. Operational efficiency improved further in 2025,
supported by AI-driven processes and an 8% reduction in FTE, resulting
in higher Gross profit per employee. This contributed to a record 2025
Adjusted EBITDA of € 19.8 million, within the revised guidance range,
with an Adjusted EBITDA margin of 7.6%. The net loss for the year 2025
was € 3.8 million, a strong improvement from the net loss of € 19.8
million in 2024. Key drivers were the € 8.8 million Net gain on
extinguishment of the convertible bonds in 2025, and the absence of the
€ 8.8 million goodwill impairment recognized in 2024.
Net debt reduced by 25% year-on-year to € 61.9 million, resulting in a
31% lower Adjusted Leverage ratio of 3.1x. In November 2025, we further
strengthened our balance sheet with a capital raise of € 5 million.
Free Cash Flow turned slightly negative in 2025 driven by a significant
reduction in our outstanding payables. These actions enhanced the
company’s financial flexibility and support the next phase of
profitable growth.
Outlook
The
global AI market continues to grow with businesses adopting AI to
automate processes, personalize customer experiences and drive
efficiency, with geopolitical circumstances driving further demand for
European autonomy. Following the launch of HALO in 2025, the first
agentic AI platform in the EU, we are well-positioned to resume revenue
growth starting in the first quarter of 2026. For the year 2026, we
anticipate at least 30% Adjusted EBITDA growth, driven by our
structurally lower cost base, with accelerating AI adoption and
favorable market conditions potentially driving results beyond these
expectations.
Analyst
Earnings Call & Contact Investor Relations
On
February 13, 2026, at 10.00 am CET, CM.com hosts its 2025 analyst and
investor call that will be live broadcasted in listen-only mode on our
website:
https://www.cm.com/investor-relations.
Investor Relations can be contacted via
Investor.relations@cm.com.