Earnings Release • Sep 10, 2025
Earnings Release
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Reggio Emilia, 10 September 2025 - The Board of Directors of Cellularline S.p.A. (hereinafter "Cellularline" or the "Company"), a European leader in the sector of accessories for smartphones and tablets listed on the STAR Milan Euronext Market organised and managed by Borsa Italiana S.p.A., today examined and approved the Consolidated Interim Financial Report as at 30 June 2025.
Marco Cagnetta, Director and General Manager Sales and Marketing of the Cellularline Group, commented: "The first half of 2025 confirms the solidity of our path: despite a slight contraction in revenue, adjusted EBITDA is up and the equity position is further strengthened with a reduction in net financial debt by more than €5 million, with the leverage ratio decreased to 0.74x.
On the commercial initiatives front, of particular note is the agreement signed with Telepass, which brings together two leading companies in their respective sectors to offer innovative solutions in the field of technological mobility. This initiative is in line with the Group's desire to activate new partnership and collaboration projects selected for long-term value creation. At the same time, the Benefit Company status testifies to a long-term commitment to the creation of sustainable value for all stakeholders, integrating objectives of growth, social responsibility and environmental protection'.
1 Adjusted EBITDA is calculated as EBITDA adjusted for i) non-recurring charges/(income), ii) the effects of non-recurring events, iii), events relating to extraordinary transactions and iv) operating foreign exchange gains/(losses).
2 Adjusted Net Profit is calculated as adjusted Result of the period of the i) adjustments in Adjusted EBITDA, ii) adjustments of depreciation relating to the Purchase Price Allocation, iii) adjustments of non-recurring financial expense/(income) and iv) the theoretical tax impact of these adjustments.
3 Leverage ratio is the ratio of net financial indebtedness to Adjusted EBITDA.
In the first half of 2025, the Group's sales revenues totalled EUR 70.5 million, down slightly (-2.9%) compared to the same period of the previous year (Euro 72.6 million).
The table below shows sales by product line:
| Half year ending on | Change | |||||
|---|---|---|---|---|---|---|
| (In thousands of Euro) | 30 June 2025 | % of revenues | 30 June 2024 | % of revenues |
Δ | % |
| Red – Italy | 22.4 | 31.8% | 21.7 | 30.0% | 0.7 | 3.1% |
| Red – International | 34.2 | 48.5% | 36.5 | 50.3% | (2.3) | -6.3% |
| Revenue from sales - Red | 56.6 | 80.3% | 58.2 | 80.2% | (1.6) | -2.8% |
| Black – Italy | 2.6 | 3.6% | 2.1 | 3.0% | 0.4 | 19.5% |
| Black – International | 3.1 | 4.4% | 2.6 | 3.6% | 0.5 | 19.6% |
| Revenue from sales - Black | 5.6 | 8.0% | 4.7 | 6.5% | 0.9 | 19.5% |
| Blue – Italy | 7.2 | 10.2% | 8.3 | 11.5% | (1.2) | -13.9% |
| Blue – International | 1.1 | 1.5% | 1.3 | 1.8% | (0.2) | -17.4% |
| Revenue from sales - Blue | 8.2 | 11.7% | 9.6 | 13.3% | (1.4) | -14.3% |
| Total Revenues from Sales | 70.5 | 100.0% | 72.6 | 100.0% | (2.1) | -2.9% |
The analysis of sales for the individual product lines shows that:
| Half year ending on | Change | ||||||
|---|---|---|---|---|---|---|---|
| (In millions of Euro) | 30/06/2025 | % of revenues |
30/06/2024 | % of revenues | Δ | % | |
| Italy | 32.2 | 45.6% | 32.2 | 44.3% | (0.0) | -0.1% | |
| Other European markets | 34.3 | 48.7% | 36.4 | 50.2% | (2.1) | -5.7% | |
| Other countries | 4.0 | 5.7% | 4.0 | 5.5% | (0.0) | 0.0% | |
| Total Revenues from Sales | 70.5 | 100.0% | 72.6 | 100.0% | (2.1) | -2.9% |
The table below shows sales by geographical area:
With regard to the analysis of sales by geographic area, it should be noted that sales in the domestic market remained stable in terms of absolute value, while showing an increase in their incidence on the Group's total revenues (45.6% in the period under review compared to 44.3% in the first half of 2024). Although the international market declined compared to the same period last year, it remained the priority geographical segment in terms of sales, contributing over 54% of the Group's total sales.
In relation to the analysis of the Income Statement for the first half of 2025, it is noted that:
Net financial income and expenses in the first half of 2025 amounted to Euro -2.0 million, compared to a result of Euro -1.6 million in the first half of 2024; the higher incidence of net financial expenses is mainly due to the mark-to-market of outstanding exchange rate hedging derivatives.
Adjusted EBITDA, an indicator considered by the Company to be representative of the Group's operating profitability trend, amounted to Euro 7.2 million in the first half of 2025, an increase of Euro 0.2 million (+2.9%) compared to the same period of the previous year (Euro 7.0 million), also showing an improvement in the ratio to sales (10.2% in the first half of 2025 versus 9.7% in the first half of 2024). This improvement is also due to the positive impact of the operating component of foreign exchange differences, amounting to €0.7 million (€0.2 million in the first six months of 2024).
The Adjusted Net Profit for the period was Euro 1.3 million, in line with Euro 1.3 million in the first half of 2024.
Net financial debt as at June 30, 2025 amounted to Euro 17.0 million (Euro 22.0 as at December 31, 2024), an improvement of Euro 5.0 million (-22.8%). This figure included liabilities to financial institutions, after subtracting cash on hand (Euro 9.1 million), payables relating to the measurement of Put/Call options for minorities acquisitions (Euro 4.9 million) and lease payables in compliance with IFRS 16 (Euro 3.0 million).
The reduction in net financial debt as of 30 June 2025 compared to 31 December 2024 is mainly attributable to the reduction in Working Capital, influenced both by the seasonality of the business, and by the continuous efficiency actions carried out by management.
The leverage ratio, calculated as the ratio of net financial indebtedness to adjusted EBITDA for the last 12 months, is 0.74x (compared to 0.97x as at December 31, 2024).
Operating Cash-flow for the period amounted to Euro 12.2 million (Euro 13.7 million in the first half of 2024); the slight decrease (of Euro -1.5 million) was due to a lower reduction in Working Capital compared to the same period of 2024, while EBITDA remained substantially in line.
of the put option by the minority shareholders brings Cellularline to hold a 79.6% controlling interest in Peter Jäckel.
In the first half of 2025, the non-positive situation of the reference markets, in a context of continuing uncertainty, resulted in a lower than expected performance for the Group. As is well known, the Group's revenues and results are subject to a marked seasonality, with a significant impact of the last quarter (for which there is no complete visibility at present) on the overall result for the year. Based on the information available to date, the Company confirms the estimates for the Leverage ratio and updates the estimates for Revenues and Adjusted EBITDA, which could be reduced in a range between 8% and 12% compared to the lower values disclosed at the time (Euro 175 million and Euro 24 million respectively).
****
The Manager responsible for preparing the financial information, Mauro Borgogno, states, pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Act, that the financial reporting in this press release corresponds with the documentary records, ledgers and accounting entries.
The following are appended:
***
The management will present the consolidated results for the period ended 30 June 2025 to the financial community during a conference call to be held on 11 September 2025 at 9.30 am CET.
To join the conference call, please register via the following link: ""CLICK HERE TO REGISTER FOR CONFERENCE CALL"
The slides from the presentation and any supporting material will be available before the start of the conference call, on the site www.cellularlinegroup.com/investors/presentazioni.
***
Please be aware that the audit process of the data presented hirein is still in progress, and consequently, the auditors' report will be delivered within the legally prescribed timeframe.
This press release is available on the Company's website www.cellularlinegroup.com, Investors/Press Releases section and on the authorised storage system .
***
The half-yearly financial report at 30 June 2025 will be filed, by the terms set forth in art. 154-ter, paragraph 2, of the of the Consolidated Law on Finance, at the Company's registered office and at Borsa Italiana S.p.A.; it will also be available on the Company's website at the following address www.cellularlinegroup.comas well as on the authorised storage mechanism by Computershare S.p.A. at .
This press release may contain "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Cellularline. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. Cellularline undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither this document nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. Neither Cellularline nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this document or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.
***
Cellularline S.p.A., founded in Reggio Emilia in 1990, is, together with its brands Cellularline, Interphone, MusicSound, Ploos+, Skross, Q2Power, Nova, Coverlab, Allogio, Peter Jäckel, Newrban, Film&Go and Style&Go, the leading company in the smartphone and tablet accessories sector. The Group is at the technological and creative forefront of the multimedia device accessories industry, striving to deliver products synonymous with outstanding performance, ease of use and a unique user experience. The Group currently has 300 employees. Cellularline brand products are sold in over 55 countries.
Cellularline S.p.A. - Investor Relations Close to Media – Press Office
[email protected] Enrico Bandini +39 335 8484706 [email protected]
Mariella Speciale +39 349 2843110 mar[email protected]
| (In thousands of Euro) | Balance as at 30/06/2025 |
Of which related parties |
Balance as at 31/12/2024 |
Of which related parties |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 39,452 | 43,264 | ||
| Goodwill | 38,281 | 38,192 | ||
| Property, plant and equipment | 7,494 | 7,454 | ||
| Equity investments in associates and other companies | 428 | 428 | ||
| Right-of-use assets | 2,811 | 3,099 | ||
| Deferred tax assets | 6,529 | 6,412 | ||
| Financial assets | 138 | 141 | ||
| Total non-current assets | 95,133 | 98,989 | ||
| Current assets | ||||
| Inventories | 45,554 | 39,682 | ||
| Trade receivables | 41,606 | 2,366 | 56,251 | 3,316 |
| Current tax assets | 530 | 294 | ||
| Financial assets | 24 | 341 | ||
| Other assets | 7,173 | 9,583 | ||
| Cash and cash equivalents | 27,537 | 20,753 | ||
| Total current assets | 122,423 | 126,903 | ||
| TOTAL ASSETS | 217,556 | 225,893 | ||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 21,343 | 21,343 | ||
| Other reserves | 104,901 | 104,738 | ||
| Retained earnings from consolidation | 7,305 | 5,338 | ||
| Group profit (loss) for the year | (1,345) | 5,647 | ||
| Equity attributable to owners of the parent | 132,205 | 137,066 | ||
| Equity attributable to non-controlling interests | - | - | ||
| TOTAL EQUITY | 132,205 | 137,066 | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Bank loans and borrowings from other financial backers | 17,639 | 21,149 | ||
| Deferred tax liabilities | 1,218 | 1,406 | ||
| Employee benefits | 637 | 604 | ||
| Provisions for risks and charges | 1,655 | 1,850 | ||
| Other financial liabilities | 6,567 | 6,766 | ||
| Total non-current liabilities | 27,716 | 31,775 | ||
| Current liabilities | ||||
| Bank loans and borrowings from other financial backers | 18,990 | 13,740 | ||
| Trade payables | 28,618 | 1 | 31,533 | |
| Current tax liabilities | 1,702 | 1,854 | ||
| Provisions for risks and charges | - | - | ||
| Other liabilities | 6,976 | 8,478 | ||
| Other financial liabilities | 1,348 | 1,446 | ||
| Total current liabilities | 57,635 | 57,051 | ||
| TOTAL LIABILITIES | 85,351 | 88,826 | ||
| TOTAL EQUITY AND LIABILITIES | 217,556 | 225,893 |
| (thousands of Euro) | Half year ending on 30/06/2025 |
Of which related parties |
Half year ending on 30/06/2024 |
Of which related parties |
|---|---|---|---|---|
| Revenue from sales | 70,478 | 2,390 | 72,587 | 2,100 |
| Cost of sales | (42,898) | (44,245) | ||
| Gross operating margin | 27,580 | 28,342 | ||
| Sales and distribution costs | (15,253) | (15,252) | ||
| General and administrative costs | (13,473) | (8) | (13,709) | (6) |
| Other non-operating expense/(revenue) | 928 | 727 | ||
| Operating profit/(loss) | (218) | 107 | ||
| Financial income | 79 | 216 | ||
| Financial expense | (2,087) | (1,793) | ||
| Foreign exchange gains/(losses) | 845 | 111 | ||
| Gains on equity investments | - | - | ||
| Profit/(loss) before taxes | (1,380) | (1,359) | ||
| Current and deferred taxes | 36 | 67 | ||
| Profit for the year before non-controlling interests | (1,345) | (1,292) | ||
| Profit (loss) for the year attributable to non-controlling interests | - | - | ||
| Group profit/(loss) for the year | (1,345) | (1,292) | ||
| Basic earnings per share (Euro per share) | (0.06) | (0.06) | ||
| Diluted earnings per share (Euro per share) | (0.06) | (0.06) |
| (thousands of Euro) | Half year ending on 30/06/2025 |
Half year ending on 30/06/2024 |
|
|---|---|---|---|
| Group profit/(loss) for the year | (1,345) | (1,292) | |
| Other components of comprehensive income that will not be reclassified to profit or loss | |||
| Actuarial gains (losses) on defined benefit plans | - | - | |
| Actuarial gains (losses) on provisions for risks | - | - | |
| Gains/(losses) on translation of foreign operations | 151 | (784) | |
| Income taxes | - | - | |
| Other components of comprehensive expense for the year | 151 | (784) | |
| Total comprehensive income for the year | (1,193) | (2,077) |
| (thousands of Euro) | 30 June 2025 | 30 June 2024 |
|---|---|---|
| Profit/ (loss) for the year | (1,345) | (1,292) |
| Amortisation, depreciation and impairment of goodwill | 6,512 | 6,505 |
| Net write-downs and provisions included in working capital | 98 | 937 |
| (Income)/expenses from investments and (Gains)/losses on foreign exchange | 1,162 | 1,466 |
| (Gains)/losses on equity investments | - | - |
| Current and deferred taxes | (36) | (67) |
| Other non-monetary changes (*) | - | (130) |
| Flow generated by (used in) operating activities net of NWC | 6,392 | 7,420 |
| (Increase)/decrease in inventories | (5,931) | 5,366 |
| (Increase)/decrease in trade receivables | 14,345 | 2,615 |
| Increase/(decrease) in trade payables | (2,915) | (4,027) |
| Increase/(decrease) in other assets and liabilities | 1,007 | 2,578 |
| Payment of employee benefits and change in provisions | (0) | - |
| Interest paid and other net charges paid | (657) | (207) |
| Cash flow generated by (used in) operating activities | 12,241 | 13,745 |
| Income taxes paid and offset | (1,162) | (1,246) |
| Net cash flows generated by operating activities | 11,079 | 12,498 |
| Acquisition of subsidiaries, net of cash acquired | - | - |
| Purchase of property, plant and equipment and intangible assets | (2,408) | (2,334) |
| Cash flows generated by (used in) investing activities | (2,408) | (2,334) |
| (Dividends distributed) | (1,941) | (1,824) |
| Other financial assets and liabilities (*) | 24 | (2,298) |
| Disbursed bank loans and borrowings from other financial backers [1] | - | - |
| Repaid bank loans and borrowings from other financial backers | 1,741 | (7,881) |
| Other changes in equity | (1,727) | (386) |
| Net cash flows generated by (used in) financing activities | (1,903) | (12,389) |
| Increase/(decrease) in cash and cash equivalents | 6,768 | (2,225) |
| Effects of exchange rate fluctuations (*) | 17 | 117 |
| Total cash flow | 6,785 | (2,108) |
| Opening cash and cash equivalents | 20,753 | 14,041 |
| Closing cash and cash equivalents | 27,537 | 11,934 |
* In order to provide better comparability, these items as at 30.06.2024 have been reclassified.
[1] Stipulation of new loans/new draws.
| (thousands of Euro) | Half year ending on 30/06/2025 |
Of which related parties |
% of revenues |
Half year ending on 30/06/2024 |
Of which related parties |
% of revenu es |
|---|---|---|---|---|---|---|
| Revenue from sales | 70,478 | 2,390 | 100% | 72,587 | 2,100 | 100% |
| Cost of sales | (42,898) | -60.9% | (44,245) | -61.0% | ||
| Gross operating margin | 27,580 | 39.1% | 28,342 | 39.0% | ||
| Sales and distribution costs | (15,253) | -21.6% | (15,252) | -21.0% | ||
| General and administrative costs | (13,480) | (8) | -19.1% | (13,709) | (6) | -18.9% |
| Other non-operating (expense)/revenue | 934 | 1.3% | 727 | 1.0% | ||
| Operating profit/(loss) | (218) | -0.3% | 107 | 0.1% | ||
| * of which PPA amortisation | 3,342 | 4.7% | 3,337 | 4.6% | ||
| * of which non-recurring expense/(revenue) | 175 | 0.2% | 179 | 0.2% | ||
| * of which foreign exchange gains/(losses) | 750 | 1.1% | 225 | 0.3% | ||
| Adjusted operating profit/loss (Adjusted EBIT) | 4,049 | 5.7% | 3,848 | 5.3% | ||
| * of which depreciation and amortisation (excluding PPA amortisation) |
3,170 | 4.5% | 3,168 | 4.4% | ||
| Adjusted EBITDA | 7,219 | 10.2% | 7,016 | 9.7% | ||
| Financial income | 79 | 0.1% | 216 | 0.3% | ||
| Financial expense | (2,087) | -3.0% | (1,793) | -2.5% | ||
| Foreign exchange gains/(losses) | 845 | 1.2% | 111 | 0.2% | ||
| Profit/(loss) before taxes | (1,380) | -2.0% | (1,359) | -1.9% | ||
| * of which PPA amortisation | 3,342 | 4.7% | 3,337 | 4.6% | ||
| * of which non-recurring expense/(revenue) | 175 | 0.2% | 179 | 0.2% | ||
| * of which impact of fair value Put&Call | 80 | 0.1% | - | - | ||
| Adjusted profit/loss before taxes | 2,216 | 3.1% | 2,157 | 3.0% | ||
| Current and deferred taxes | 36 | 0.1% | 67 | 0.1% | ||
| Group profit/(loss) for the period | (1,345) | -1.9% | (1,292) | -1.8% | ||
| * of which PPA amortisation | 3,342 | 4.7% | 3,337 | 4.6% | ||
| * of which non-recurring expense/(revenue) | 175 | 0.2% | 179 | 0.2% | ||
| * of which impact of fair value Put&Call | 80 | 0.1% | - | - | ||
| * of which tax effect on the above items | (965) | -1.4% | (965) | -1.3% | ||
| Adjusted Group profit (loss) for the period | 1,288 | 1.8% | 1,259 | 1.7% |
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