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Frequentis AG Interim / Quarterly Report 2025
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Interim / Quarterly Report
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Half-year Financial Report
2025
Communication and information solutions for a safer world
Key figures Frequentis Group
All figures in EUR million, except where otherwise stated.
| Earnings | H1 2025 | H1 2024 | +/- in % | +/- in EUR million |
2024 |
|---|---|---|---|---|---|
| Revenues | 236.8 | 206.2 | +14.8% | +30.5 | 480.3 |
| EBITDA | 5.2 | 6.7 | -22.5% | -1.5 | 54.1 |
| EBITDA margin | 2.2% | 3.3% | -1.1 PP | – | 11.3% |
| EBIT | -4.3 | -2.8 | -56.0% | -1.6 | 32.1 |
| EBIT margin | -1.8% | -1.3% | -0.5 PP | – | 6.7% |
| Profit/loss for the period | -3.6 | -2.1 | -73.0% | -1.5 | 23.5 |
| Earnings per share in EUR, basic | -0.32 | -0.17 | -89.6% | – | 1.66 |
| Earnings per share in EUR, diluted | -0.32 | -0.17 | -89.0% | – | 1.65 |
| Orders | H1 2025 | H1 2024 | +/- in % | +/- in EUR million |
2024 |
|---|---|---|---|---|---|
| Order intake | 309.0 | 227.9 | +35.6% | +81.1 | 583.8 |
| Orders on hand at end of period | 763.8 | 621.1 | +23.0% | +142.6 | 724.0 |
| Statement of financial position | 30 June 2025 |
30 June 2024 |
+/- in % | +/- in EUR million |
2024 |
|---|---|---|---|---|---|
| Total assets | 421.0 | 385.2 | +9.3% | +35.8 | 394.8 |
| Shareholders' equity | 164.5 | 149.4 | +10.1% | +15.1 | 174.8 |
| Equity ratio | 39.1% | 38.8% | +0.3 PP | – | 44.3% |
| Net cash | 68.3 | 66.6 | +2.5% | +1.7 | 81.8 |
| No. of employees (average, in FTE) 1 | 2,548 | 2,335 | +9.2% | – | 2,422 |
| Cash flow statement | H1 2025 | H1 2024 | +/- in % | +/- in EUR million |
2024 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 0.0 | -3.2 | +99.8% | +3.2 | 22.1 |
| Cash flow from investing activities | 1.7 | -6.6 | – | +8.3 | -15.6 |
| Cash flow from financing activities | -3.2 | -9.2 | +65.7% | +6.0 | -13.9 |
| Cash and cash equivalents at end of period | 63.7 | 55.5 | +14.8% | +8.2 | 67.0 |
Note: Minimal arithmetical differences may arise from the application of commercial rounding to individual items and percentages.
1 Average number of employees expressed as full-time equivalents (FTE).
Preface
Ladies and gentlemen,
Thanks to the high level of orders on hand at the end of 2024 and strong order intake during the reporting period, the Frequentis Group grew revenues by 14.8% in the first half of 2025. Due to its stable business model as a provider of systems and solutions for safety-critical applications, demand remains high. Order intake increased by 35.6% and orders on hand by 23.0%, paving the way for further growth.
Overview
We are satisfied with the first half of 2025, which confirms our growth momentum. We would like to thank our employees for their commitment and flexibility in securing order intake and project progress.
- Order intake increased by 35.6% to EUR 309.0 million (H1 2024: EUR 227.9 million)
- Orders on hand were 23.0% higher at EUR 763.8 million at end-June 2025 (June 2024: EUR 621.1 million)
- Revenues rose by 14.8% to EUR 236.8 million (H1 2024: EUR 206.2 million)
- Due to the normal seasonality of project progress, EBIT was EUR -4.3 million (H1 2024: EUR -2.8 million)
- The equity ratio rose to 39.1% (June 2024: 38.8%)
- The net cash position improved to EUR 68.3 million (June 2024: EUR 66.6 million).
Sustained strong growth
The previous year's order momentum continued in the first half of 2025, with order intake up by more than a third (EUR 81.1 million) at EUR 309.0 million. For the full year, the Frequentis Group anticipates that the rise in order intake will be in the low double-digit percentage range (compared with FY 2024). The Group's growth is therefore soundly underpinned.
Orders on hand climbed to EUR 763.8 million as at end-June 2025, which was EUR 142.6 million higher than at end-June 2024. Capacity utilisation is therefore correspondingly good and we are constantly adding new, qualified employees to our teams. The number of employees increased by 9.2% to an average of 2,548 FTEs in the first half of 2025 (H1 2024: 2,335 FTEs).
In the first half of 2025, revenues increased by 14.8% (EUR 30.5 million) to EUR 236.8 million (H1 2024: EUR 206.2 million). The revenue growth is deemed to be organic. The income and expense items show the following picture: The increase in other operating income and other operating expenses were mainly attributable to exchange rate differences resulting from fluctuations in the US dollar exchange rate. The exchange rate losses are largely offset by the exchange rate gains from changes in the fair value of forward exchange contracts. The cost of materials increased by 18.8%, which was above revenue growth of 14.8%. By contrast, personnel expenses rose by 11.3%, which was less than the relative rise in revenues.
Due to the customer structure – more than 90% of customers are public authorities – and type of project business, project progress and acceptances, and therefore revenues and profitability, are higher in the second half of the year. This generally leads to negative earnings in the first half. As a result of the seasonality of revenues and profitability, EBITDA was EUR 5.2 million in the first half of 2025 (H1 2024: EUR 6.7 million), and EBIT was EUR -4.3 million (H1 2024: EUR -2.8 million). As in the past, the second half will therefore be far more relevant for full-year profitability.
Our financials remain solid. Total assets amounted to EUR 421 million at end-June 2025, which was 9.3% higher than at end-June 2024, and equity rose by 10.1% to EUR 164.5 million (June 2024: EUR 149.9 million). The equity ratio was 39.1% at end-June 2025 (June 2024: 38.8%). The net cash position was EUR 68.3 million at end-June 2025 (June 2024: EUR 66.6 million). A 12.5% higher dividend of EUR 0.27 per share was paid to all shareholders for 2024.
Investment in infrastructure and defence
Increased investment by customers in mobility, safety, and security are driving Frequentis' growth in all business domains. As a result of the altered geopolitical situation, in the coming years we expect to see rising investment in military safety and security, in other words, air traffic control and air defence. However, we do not anticipate an immediate hike in order intake and revenues because procurement processes often take several years, with investment initially concentrating on hardware components (e.g. air defence systems) before these are integrated into control centres via software solutions. Military air traffic control accounted for approximately 20% of the Frequentis Group's revenues in 2024.
Changes at increasingly short notice
Both politically and economically all companies, including Frequentis, constantly face new issues as a result of statements made by politicians and business leaders. This can result in considerable turmoil on the international financial and commodity markets. Extreme positions are put forward more frequently than in the past. The principal challenge for us is identifying such issues at an early stage so we can derive soundly based estimates of their short and medium-term impact on our business. However, we feel that our experience of the project business places us in a good position to handle these challenges.
Forecast for 2025
The uncertainties and unpredictabilities remain unchanged and have increased in some respects. Here is an overview of the most relevant points:
- The war in Ukraine is in its fourth year
- The war between Israel and Hamas is continuing to cause tension
- The announcement and introduction of customs tariffs and protectionist measures
- Distortion on the IT hardware market
- Disruption of the current disinflation process.
Here is some more detailed information on the above points. Since the beginning of 2025, some countries have announced new customs tariffs and protectionist measures, some of which have already been implemented. The resulting distortion of both imports and exports has a significant effect on international trade and could have major economic consequences.
Frequentis considers that it is well-positioned in this respect as it has many years of experience with the impact of national and other official regulations, customs tariffs, and other measures. In addition, in countries such as the USA and Australia local value-added accounts for a high proportion of local revenues, so customs tariffs, for example, should only have a limited effect on Frequentis.
The outbreak of even limited conflicts can rapidly cause distortion of the global IT hardware market. In the project business, Frequentis has always had to address extensive challenges and dynamic changes in external influences and adapts constantly to the relevant conditions. The disinflation process, i.e. the politically driven reduction in inflation, could be negatively affected by a range of internal and external factors.
It is not possible to make a reliable estimate of exactly how the issues outlined above will affect revenues and costs, e.g. travel expenses, higher salaries, delays in passing on inflation-driven price rises to customers, and potential supply chain bottlenecks and delivery delays.
Expenses for company-funded research & development amounted to EUR 30.1 million in 2024 and will be around the same level in 2025. Capital expenditure (capex) for 2025 will be around EUR 12 million.
Depending on the aspects outlined above, Frequentis has the following targets for 2025 compared with 2024:
- Increase revenues by at least 10%
- Increase order intake in the low double-digit percentage range
- EBIT margin of around 6.5% to 7.0%.
Vienna, 8 August 2025
Best regards,
Norbert Haslacher Chairman of the Executive Board
Monika Haselbacher Member of the Executive Board Peter Skerlan Member of the Executive Board
Karl Wannenmacher Member of the Executive Board
The share
Shareholder structure
Frequentis' core shareholder is Hannes Bardach. He holds around 68% of the shares (about 8% directly and about 60% indirectly through Frequentis Group Holding GmbH). B&C Holding Österreich GmbH holds more than 10% of the shares. The free float is approximately 22%, mainly investors from Germany, Austria, and other European countries.
Analysts
BankM (Daniel Großjohann, Roger Becker), Berenberg (Nicole Winkler), Erste Group (Daniel Lion), and ODDO BHF (Gautier Le Bihan, Philipp Hettich) regularly write analyses and notes on Frequentis.
Dividend and dividend policy
The Annual General Meeting on 5 June 2025 approved the proposal put forward by the Executive Board and Supervisory Board to pay a dividend of EUR 0.27 per share for 2024 (for 2023: EUR 0.24 per share). That is a further rise of 12.5%. As a result, around EUR 3.6 million was paid out, giving a dividend yield of 0.97% based on the closing price on the Vienna Stock Exchange at end-December 2024 (2023: 0.88% based on the closing price at end-December 2023).
Frequentis' dividend policy is to pay out around 20-30% of adjusted profit of the Frequentis Group after tax each year – bearing in mind the annual ceiling of around 40% of the net profit of Frequentis AG reported in the individual financial statements of Frequentis AG prepared in compliance with the Austrian Commercial Code (UGB).
Treasury shares
As at 30 June 2025, Frequentis AG held 3,920 treasury shares (31 December 2024: 10,577; 30 June 2024: 10,577).
Key share data
| Vienna | |||
|---|---|---|---|
| XETRA | Stock | ||
| Frankfurt | Exchange | ||
| in EUR | 50.80 | 51.00 | |
| in EUR | 27.00 | 27.40 | |
| in EUR | 50.80 | 51.00 | |
| in millions | 13.28 | 13.28 | |
| in EUR million | 674.6 | 677.3 | |
| +88.8% | +83.5% | ||
| +182.2% | +183.3% | ||
| DAX +20.1% | ATX +20.9% | ||
Investor Relations contact
Frequentis' investor relations website at www.frequentis.com/en/ir provides extensive information for shareholders: press releases, presentations, videos, financial reports, a share chart, the financial calendar, and information on corporate governance.
Contact: Stefan Marin, +43 1 81150 1074, [email protected]
Group Management Report as at 30 June 2025
Economic environment
Compared to other sectors of the economy, the areas in which the Frequentis Group operates (information and communication solutions for civil and military air traffic control, emergency services, rail and water transport) have relatively low cyclical exposure. Frequentis' business performance would be adversely affected by a significant global decline in one of these five areas. Frequentis cannot completely avoid general economic developments. However, it supplies safety-critical infrastructure, which cannot be dispensed with and has to be upheld and maintained even in periods of crisis.
The International Monetary Fund (IMF) published its World Economic Outlook Update in July 20251. Global growth is projected to be 3.0% in 2025, slightly below the 2024 growth rate of 3.3%.
The IMF anticipates that a rebound in effective tariff rates could lead to weaker growth. Elevated uncertainty could start weighing more heavily on activity, also as deadlines for additional tariffs expire without progress on substantial, permanent agreements. Geopolitical tensions could disrupt global supply chains and push commodity prices up. On the upside, global growth could be lifted if trade negotiations lead to a predictable framework and to a decline in tariffs.
The IMF projects that the US economy will grow by 1.9% in 2025 and that the economy in the euro zone will grow by 1.0%. For the major economies in the euro zone it predicts differing growth rates in 2025, led by Spain (2.5%), ahead of France (0.6%), Italy (0.5%), and Germany (0.1%). The forecast for the UK is 1.2% growth in 2025.
For the emerging and developing economies in Asia, the projection is 4.1% growth in 2025. The IMF assumes growth of 2.2% for Latin America and 3.4% for the Middle East and Central Asia in 2025.
1 https://www.imf.org/en/Publications/WEO/Issues/2025/07/29/world-economic-outlook-update-july-2025
Business performance
Thanks to the high level of orders on hand at the end of 2024 and strong order intake, the Frequentis Group grew revenues by 14.8% in the first half of 2025. Due to its stable business model as a provider of communication and information systems for control centres in the safety-critical sector, demand remains high. Order intake rose by 35.6% and orders on hand increased by 23.0%, paving the way for further growth.
Due to the customer structure and type of project business, project progress and acceptances, and therefore revenues and profitability, are higher in the second half of the year. This generally leads to negative earnings in the first half. In line with this seasonal pattern, EBIT was EUR -4.3 million in the first half of 2025. As in the past, the second half will therefore be far more relevant for full-year profitability.
Impact of the geopolitical situation
In addition to the war in Ukraine, which has been going on since February 2022 and is now in its fourth year, Hamas' attack on Israel in October 2023 led to the outbreak of a further war with potentially global consequences. Moreover, there are longer-term crises such as the climate crisis and the recurrent distortion and price volatility on the energy market.
It is therefore possible to talk about a polycrisis, where individual crises have a compound effect. At the same time, Europe, in particular, is stepping up investment in military infrastructure and public safety.
These crises affect Frequentis' internal and external stakeholders in many different ways. No revenues have been generated with the Russian Federation, Belarus, or in the Palestinian territories since 2023. Since 2022, the wars have had an indirect effect through higher prices, especially for electricity, gas, and fuels.
Consequently, prices of other everyday products increased. Inflation therefore rose sharply almost everywhere in the world and was well above the average for previous years in both 2022 and 2023. This resulted in the need to adjust prices for existing and new customer projects. However, inflation dropped perceptibly in 2024.
The annual inflation-related salary adjustments based on individual and collective salary agreements have been reflected in the Frequentis Group's personnel expenses since 2022. In view of the declining inflation rate in 2024, salary rises in 2025 are expected to be lower than in 2024.
The recurrent supply chain bottlenecks caused by various factors in previous years (e.g. attacks on trade routes) and the at times sharp price hikes and delivery delays resulting from this have been almost non-existent since 2024.
Order intake
Order intake in the Frequentis Group was EUR 309.0 million in the first half of 2025, an increase of 35.6% (EUR 81.1 million) compared with the first half of 2024, when order intake was EUR 227.9 million. For the 2025 financial year as a whole, the rise in order intake in the Frequentis Group is expected to be in the low doubledigit percentage range.
The distribution of order intake was as follows: the Air Traffic Management segment accounted for 52% (EUR 160.5 million; H1 2024: 64%, EUR 145.9 million) and the Public Safety & Transport segment accounted for 48% (EUR 148.6 million; H1 2024: 36%, EUR 81.9 million).
Highlights of order intake in the Air Traffic Management segment
In civil air traffic control, the Federal Aviation Administration (FAA) in the USA has awarded Frequentis a nationwide contract to implement the air-to-ground protocol control system (APCS) for the US National Airspace System, which supports over one billion passengers a year. The APCS will replace the existing radio control equipment units. Migrating from the current analogue and time division multiplexing communication protocols to digital internet protocol (IP) communications has many benefits including enhanced communications, increased efficiency, and added security.
Add-on orders, order modifications and extensions of maintenance and services agreements were received from customers, for example in Australia, Belgium, Latvia, Mexico, and South Africa.
In the military air traffic control business, Frequentis is strengthening its international market position in the mission-critical defence sector and reinforcing its technological edge in real-time communications for joint military deployments. This is supported by the strategic partnership between its Australian subsidiary C4i and Lockheed Martin Australia for the delivery of sovereign multi-domain communication systems for the Australia Defence Force's AIR6500 programme.
A contract from the German armed forces to test a scalable UTM service in real conditions reinforces Frequentis' position in military air traffic control and makes a key contribution to safely integrating uncrewed aerial vehicles into the controlled air space.
Highlights of order intake in the Public Safety & Transport segment
Frequentis' Public Safety business domain is building an integrated, uniform state-wide operations and control centre system for the Thuringian state police in Germany. As general contractor, Frequentis is responsible for planning, installation, and commissioning. The contract uses the Frequentis LifeX communication system. The new system is ready for use with Germany's future digital broadband network and enables multimedia communications. This contract expands the company's leading market position in operations technology for police organisations in Germany. More than half of Germany's 16 federal states already rely on Frequentis' technology.
The regional security centre of the Austrian federal state of Burgenland had opted for the FlagMii EML software developed by Frequentis' subsidiary Regola. This system, which is already deployed in Italy, enables emergency calls by video. This is the first time the system is to be implemented in Austria. The solution works without installing an additional app on the caller's smartphone and improves the overview of the situation for the emergency services.
All Norwegian fire emergency call centres are to be equipped with the future-proof LifeX communication system, which will handle calls, radio, video and digital messages – and offer the flexibility to support future needs.
The Public Transport business domain has secured the contract for two operating centres and is therefore entering the market with a rail company in southern Europe. In Switzerland, the Swiss railways' future-oriented programme (Service BTA) has been extended. In Austria, Frequentis has been awarded a managed service contract by a local public transport company.
The Nordic railway operators are stepping up their partnership with Frequentis, especially in Norway and Finland. The projects aim to upgrade dispatcher communications by introducing enhanced functions at their terminals to improve daily work and facilitate the transition to the next-generation Future Railway Mobile Communication System (FRMCS).
The Maritime business domain reports new orders to modernise the port of Hamburg, expansion of orders for the Dutch coastguard and the port of Singapore, and the extension of maintenance and service agreements, for example, in Canada, the Netherlands, and South Africa.
Orders on hand
Orders on hand totalled EUR 763.8 million as at end-June 2025, an increase of 23.0% (EUR 142.6 million) compared with end-June 2024 (EUR 621.1 million). The Air Traffic Management segment accounted for around 57% of total orders on hand (June 2024: 64%) and the Public Safety & Transport segment for 43% (June 2024: 36%).
Revenues and operating performance
In the first half of 2025, revenues increased by 14.8% (EUR 30.5 million) to EUR 236.8 million (H1 2024: EUR 206.2 million). The revenue growth is deemed to be organic. The Air Traffic Management segment grew revenues by 13.8% to EUR 165.2 million. In the Public Safety & Transport segment, revenues were 17.6% higher at EUR 71.5 million. The revenue split between the Air Traffic Management and Public Safety & Transport segments was 70% : 30% in the first half of 2025 (H1 2024: 70% : 30%).
The breakdown of revenues by region in the first half of 2025 was as follows:
- Europe 61% (H1 2024: 64%)
- Americas 23% (H1 2024: 17%)
- Asia 9% (H1 2024: 12%)
- Australia / Pacific 6% (H1 2024: 5%)
- Africa 1% (H1 2024: 1%)
- <1% (H1 2024: 1%) were not allocated to a region.
The change in inventories of finished goods and work in progress was EUR 0.9 million in the first six months of 2025 (H1 2024: EUR 2.9 million). Own work capitalised declined to EUR 0.4 million (H1 2024: EUR 1.4 million) as most of the voice communication systems produced for leasing were developed in previous years.
The other operating income increased to EUR 8.3 million (H1 2024: EUR 3.9 million), driven principally by changes in the fair value of forward exchange contracts (EUR +3.3 million), which were mainly attributable to fluctuations in the US dollar exchange rate. The exchange rate gains offset a high proportion of the exchange rate losses (see other operating expenses). The other items in other operating income are grants and subsidies for research and development costs and income from research subsidies. The operating performance increased by 14.9% to EUR 246.4 million in the first half of 2025 (H1 2024: EUR 214.5 million).
Earnings
The cost of materials and purchased services increased by 18.8% to EUR 58.4 million (H1 2024: EUR 49.2 million), which was higher than the percentage rise in revenues. Personnel expenses rose 11.3% to EUR 144.1 million (H1 2024: EUR 129.5 million), which was below the relative rise in revenues. The increase was due to the increase in the headcount and salary rises.
The other operating expenses rose by 33.0% to EUR 38.7 million (H1 2024: EUR 29.1 million), principally as a result of higher exchange rate differences (EUR +4.2 million year-on-year), travel expenses (EUR +1.1 million), and licence fees (EUR +1.0 million).
The increase in exchange rate differences is mainly due to fluctuations in the US dollar exchange rate. The exchange rate losses are largely offset by the exchange rate gains from changes in the fair value of forward exchange contracts. Travel expenses increased year-on-year to EUR 7.9 million (H1 2024: EUR 6.8 million), which was 3.3% of revenues in the first half of 2025 (H1 2024: 3.3%). Frequentis strives to keep travel expenses at around 3-4% of revenues. The licence fees were mainly for commercial business software.
EBITDA (earnings before interest, taxes, depreciation, amortisation, and impairment losses) declined to EUR 5.2 million in the first six months of 2025 (H1 2024: EUR 6.7 million). The EBITDA margin (relative to revenues) was 2.2% in the first half of 2025, compared with 3.3% in the first half of 2024.
Depreciation and amortisation was unchanged at EUR 9.5 million (H1 2024: EUR 9.5 million).
As a result of all the changes outlined above, EBIT declined by 1.6% to EUR -4.3 million in the first half of 2025 (H1 2024: EUR -2.8 million). The EBIT margin (relative to revenues) was -1.8%, compared with -1.3% in the first half of 2024.
Financial income was EUR 0.5 million in the first half of 2025 and thus lower than in the first half of 2024 (EUR 0.6 million). Financial expenses (which also include interest on leases in accordance with IFRS 16) increased to EUR 1.1 million (H1 2024: EUR 0.7 million). Earnings of investments accounted for at equity were unchanged at EUR 0.3 million (H1 2024: EUR 0.3 million).
Frequentis made a loss before tax of EUR 4.6 million in the first half of 2025 (H1 2024: loss before tax of EUR 2.6 million). Income taxes were EUR 1.0 million (H1 2024: EUR 0.5 million), in other words, in both periods there was income tax income. This was due to deferred taxes.
Frequentis made a loss for the period of EUR 3.6 million in the first half of 2025 (H1 2024: loss of EUR 2.1 million). Basic earnings per share were EUR -0.32 in the first half of 2025 (H1 2024: EUR -0.17) and diluted earnings per share were EUR -0.32 (H1 2024: EUR -0.17).
Employees
The number of employees increased by 9.2% to an average of 2,548 FTEs in the first half of 2025 (H1 2024: 2,335 FTEs). Around 1,190 FTEs, which was about half of the total, were employed in Austria.
Asset and capital structure
Total assets increased by 6.6% to EUR 421.0 million as at end-June 2025 (end-December 2024: EUR 394.8 million; end-June 2024: EUR 385.2 million), partly due to an increase in trade accounts receivable and contract assets. At end-June 2025, the equity ratio was 39.1% (end-December 2024: 44.3%, end-June 2024: 38.8%). Equity decreased by EUR 10.3 million to EUR 164.5 million as at end-June 2025 (end-December 2024: EUR 174.8 million, end-June 2024: EUR 149.4 million).
The net cash position (cash and cash equivalents and time deposits less liabilities to banks and other financial liabilities) was EUR 68.3 million as at end-June 2025, which was below the net cash position of EUR 81.8 million recorded at the end of December 2024 (end-June 2024: EUR 66.6 million)
Non-current assets amounted to EUR 96.6 million at the end of June 2025 (end-December 2024: EUR 103.5 million). The three largest items here were property, plant and equipment, which totalled EUR 64.1 million (end-December 2024: EUR 70.3 million), intangible assets which amounted to EUR 14.2 million (end-December 2024: EUR 15.4 million), and goodwill, which was EUR 8.6 million (end-December 2024: EUR 8.6 million). The reduction in property, plant and equipment was due, alongside ongoing depreciation, to the sale of technical plant produced by the company in previous years, principally for operating leases.
Current assets totalled EUR 324.4 million at the end of June 2025 (end-December 2024: EUR 291.3 million). The most important item here is trade accounts receivable, which amounted to EUR 94.6 million (end-December 2024: EUR 80.1 million). The rise was due to higher invoices to customers. The next most important items were contract assets, which totalled EUR 83.6 million (end-December 2024: EUR 70.9 million), cash and cash equivalents, including time deposits, which amounted to EUR 73.2 million (end-December 2024: EUR 82.0 million), and inventories, which totalled EUR 42.6 million (end-December 2024: EUR 32.9 million). The increase in inventories was principally due to an increase in stocks of work in progress relating to a major project for a customer in North America.
On the liabilities side, the main item was equity of EUR 164.5 million as at end-June 2025 (end-December 2024: EUR 174.8 million).
The second largest item comprised current liabilities, which amounted to EUR 174.3 million as at end-June 2025 (end-December 2024: EUR 132.6 million). Contract liabilities accounted for EUR 84.7 million of this amount (end-December 2024: EUR 57.6 million). The increase in contract liabilities was mainly attributable to higher advance payments by customers.
Non-current liabilities (third-largest item on the liabilities side) totalled EUR 82.2 million at the end of June 2025 (end-December 2024: EUR 87.4 million). The biggest component of this was non-current lease liabilities, which totalled EUR 38.4 million (end-December 2024: EUR 41.3 million).
Cash flow
The cash flow from operations was EUR 1.9 million in the first half of 2025 (H1 2024: EUR 1.9 million).
The cash flow for operating activities improved to EUR 0.0 million in the first half of 2025 (H1 2024: outflow of EUR 3.2 million) and was influenced by the positive changes in contract liabilities and the change in contract assets, which was set against the change in trade accounts receivable – in other words, changes in net working capital.
The cash flow from investing activities was EUR 1.7 million in the first half of 2025 (H1 2024: outflow of EUR 6.6 million). Capital expenditure (cash outflow for the purchase of intangible assets, property, plant and equipment) was EUR 4.5 million, which was higher than in the first half of 2024, when it was EUR 4.0 million. The free cash flow (cash flow from operating activities plus cash flow from investing activities) was EUR 1.7 million (H1 2024: EUR -9.8 million).
The cash outflow for financing activities improved to EUR 3.2 million in the first half of 2025 (H1 2024: outflow of EUR 9.2 million).
The total cash outflow in the first half of 2025 was therefore EUR 1.5 million (H1 2024: outflow of EUR 19.0 million). Cash and cash equivalents, excluding time deposits, were EUR 63.7 million as at end-June 2025 (end-June 2024: EUR 55.5 million).
Information on business relations with related parties
Transactions with associated companies and related parties are not material and mainly comprise deliveries of goods and services. These transactions are undertaken exclusively on an arm's length basis. For details see ↗ Consolidated financial statements as at 31 December 2024, note 37.
Segment performance
Air Traffic Management / ATM
The Air Traffic Management (ATM) segment comprises the ATM Civil and ATM Defence business domains. This segment focuses on civil and military air traffic control organisations and therefore generally on one to two customers per country. It is estimated that the market entry barriers are relatively high.
The business domains have similar products. In the Defence business domain, there is also demand for additional encryption solutions. The safety and quality management requirements are the same: the international regulations for standardisation of air traffic issued by the International Civil Aviation Organization (ICAO) apply. Moreover, the infrastructure to be installed for customers (radar, radio transmission, networks) is comparable.
Frequentis' ATM portfolio for the defence sector comprises communication and information systems for air defence and military air traffic control, systems for networked operational management and tactical networks, management and information systems, including systems for integrated use by different authorities, and encrypted, interoperable communication systems for mission-critical applications.
Revenues in the Air Traffic Management segment grew by 13.8% to EUR 165.2 million in the first half of 2025 (H1 2024: EUR 145.2 million). EBIT was EUR -7.4 million (H1 2024: EUR -3.5 million). As in the past, the second half will therefore be far more relevant for full-year profitability.
Highlights from the operating business
In the civil air traffic management business, the voice communication system at the Deutsche Flugsicherung (DFS) upper airspace control centre in Karlsruhe, Germany, has undergone significant modernisation to ensure safe operation until at least 2035. The upgrades included new hardware, improved collaboration features between the four DFS control centres, and enhanced cybersecurity for German airspace, starting at 7,500 metres.
The Frequentis Departure Manager has come into service at London Gatwick airport. Air traffic controllers and passengers benefit from enhanced efficiency and on-time performance in this intensively used airspace.
The United Arab Emirates' General Civil Aviation Authority (GCAA) undertook a major upgrade to its aeronautical management system (AIM) with Frequentis Comsoft to meet the rising demands of international air traffic. The upgrade enhances efficiency, automation, and data networking and implements the ICAO's AIM roadmap.
Frequentis and the Lithuanian air navigation provider Oro Navigacija received the ATM Award for Innovation to Enable Sustainable Future Skies at Airspace World, the leading global trade show for air traffic management in Lisbon. Together, they developed a cloud-based uncrewed traffic management (UTM) system that complies European regulatory standards to safely integrate drones in Lithuania's low-level airspace.
In the area of military air traffic control, Frequentis installed the first digital tower for the US Department of Defense at the US Army Garrison Katterbach in Germany to allow modern, sensor-based tracking and enhanced situational awareness.
The Colombian Air Force has modernised its air defence systems with Frequentis technology and upgraded half of the national military air traffic control. This significant upgrade integrates advanced communication technologies and provides secure, real-time data transmission and improved mission coordination.
Public Safety & Transport / PST
The Public Safety & Transport segment comprises the Public Safety, Public Transport, and Maritime business domains. Its customers are public authorities or related organisations with monitoring and control functions.
The Public Safety business domain's customers are the police, fire, and rescue services. Police organisations also require additional encryption solutions. Alongside conventional rail operators, the Public Transport business domain's customers include local public transport providers. The Maritime business domain focuses on coastguards and port authorities.
The business domains have similar products and the infrastructure to be installed for customers (phones, radio transmission, networks) is comparable. Despite several international standardisation efforts, different national and regional requirements and regulations still apply.
Revenues in the Public Safety & Transport segment increased by 17.6% to EUR 71.5 million in the first half of 2025 (H1 2024: EUR 60.8 million). EBIT rose to EUR 2.9 million (H1 2024: EUR 0.9 million).
Highlights from the operating business
In the Public Safety business domain, the Hamburg fire brigade is using Frequentis' LifeX communication system with its innovative voice response system for emergency call prioritisation during severe weather events to significantly reduce response times in crisis situations. As part of the PERLE project, Hamburg is one of the first fire brigades in Germany to adopt the Interactive Voice Response (IVR) technology, enabling it to gain crucial seconds that can make a life-saving difference.
Frequentis won the International Critical Communications Award (ICCA) 2025 in the category "Best MCX Product or Solution of the Year" for its MissionX Android SDK solution (MCX stands for mission-critical communication). This platform its the world's first client solution certified by the Global Certification Forum. It enables reliable broadband communications for mission-critical users.
In the Public Transport business domain, key acceptance procedures were performed for the first MCX projects, which were ordered last year.
In the major French project, the first factory acceptance procedures were performed, so the next phase, field tests at the customer's location, can start. Building up the French team in Paris is progressing rapidly.
In the Maritime business domain, acceptance procedures with customers were completed for projects in Germany, Singapore, the Netherlands, and Sweden.
Opportunity and risk management
For information on opportunities and risks, please refer to the ↗ Group Management Report as at 31 December 2024 on page 133f. of the Annual Report 2024.
Outlook
Forecast for 2025
The uncertainties and unpredictabilities remain unchanged and have increased in some respects. Here is an overview of the most relevant points:
- The war in Ukraine is in its fourth year
- The war between Israel and Hamas is continuing to cause tension
- The announcement and introduction of customs tariffs and protectionist measures
- Distortion on the IT hardware market
- Disruption of the current disinflation process.
Here is some more detailed information on the above points. Since the beginning of 2025, some countries have announced new customs tariffs and protectionist measures, some of which have already been implemented. The resulting distortion of both imports and exports has a significant effect on international trade and could have major economic consequences. Frequentis considers that it is well-positioned in this respect as it has many years of experience with the impact of national and other official regulations, customs tariffs, and other measures. In addition, in countries such as the USA and Australia local value-added accounts for a high proportion of local revenues, so customs tariffs, for example, should only have a limited effect on Frequentis.
The outbreak of even limited conflicts can rapidly cause distortion of the global IT hardware market. In the project business, Frequentis has always had to address extensive challenges and dynamic changes in external influences and adapts constantly to the relevant conditions.
The disinflation process, i.e. the politically driven reduction in inflation, could be negatively affected by a range of internal and external factors.
It is not possible to make a reliable estimate of exactly how the issues outlined above will affect revenues and costs, e.g. travel expenses, higher salaries, delays in passing on inflation-driven price rises to customers, and potential supply chain bottlenecks and delivery delays.
Expenses for company-funded research & development amounted to EUR 30.1 million in 2024 and will be around the same level in 2025. Capital expenditure (capex) for 2025 will be around EUR 12 million.
Depending on the aspects outlined above, Frequentis has the following targets for 2025 compared with 2024:
- Increase revenues by at least 10%
- Increase order intake in the low double-digit percentage range
- EBIT margin of around 6.5% to 7.0%.
Consolidated Financial Statements as at 30 June 2025
Consolidated income statement
| 01-06/2025 | 01-06/2024 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| Note | unaudited | unaudited | |
| Revenues | (3) (4) | 236,758 | 206,215 |
| Change in inventories of finished goods and work in progress | (3) | 902 | 2,889 |
| Own work capitalised | (3) | 415 | 1,426 |
| Other operating income | (3) (5) | 8,295 | 3,932 |
| Total income (operating performance) | 246,370 | 214,462 | |
| Cost of materials and purchased services | -58,402 | -49,156 | |
| Personnel expenses | -144,056 | -129,479 | |
| Other operating expenses | (6) | -38,687 | -29,088 |
| Earnings before interest, taxes, depreciation, amortisation, | |||
| and impairment losses (EBITDA) | 5,225 | 6,739 | |
| Depreciation of property, plant and equipment and | |||
| amortisation of intangible assets | (7) | -9,547 | -9,509 |
| Earnings before interest and taxes (EBIT) | (3) | -4,322 | -2,770 |
| Financial income | 501 | 570 | |
| Financial expenses | -1,070 | -722 | |
| Earnings from investments accounted for at equity | 303 | 292 | |
| Profit/loss before tax | -4,588 | -2,630 | |
| Income taxes | 967 | 537 | |
| Profit/loss for the period | -3,621 | -2,093 | |
| Profit/loss attributable to: | |||
| Equity holders of the company | -4,279 | -2,259 | |
| Non-controlling interests | 658 | 166 | |
| -3,621 | -2,093 | ||
| Basic earnings per share | -0.32 | -0.17 | |
| Diluted earnings per share | -0.32 | -0.17 |
Consolidated statement of comprehensive income
| 01-06/2025 | 01-06/2024 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| Note | unaudited | unaudited | |
| Profit/loss for the period | -3,621 | -2,093 | |
| Items that may be reclassified to the income statement in subsequent periods |
|||
| Foreign currency translation | -2,339 | 154 | |
| Items that may not be reclassified to the income statement | |||
| Remeasurement of post-employment benefits | -49 | -31 | |
| Income taxes | 11 | 5 | |
| Other comprehensive income, net of tax | -2,377 | 128 | |
| Total comprehensive income | -5,997 | -1,965 | |
| Total comprehensive income attributable to: | |||
| Equity holders of the company | -6,645 | -2,146 | |
| Non-controlling interests | 647 | 181 | |
| -5,997 | -1,965 |
Consolidated statement of financial position
| 30 June 2025 | 31 Dec. 2024 | |||
|---|---|---|---|---|
| EUR thousand | EUR thousand | |||
| ASSETS | Note | unaudited | audited | |
| Non-current assets | ||||
| Property, plant and equipment | 64,055 | 70,295 | ||
| Intangible assets | 14,246 | 15,427 | ||
| Goodwill | 8,577 | 8,596 | ||
| Investments accounted for at equity | 3,562 | 3,259 | ||
| Other non-current financial assets | (9) | 1,754 | 1,846 | |
| Deferred tax assets | 4,435 | 4,061 | ||
| 96,629 | 103,484 | |||
| Current assets | ||||
| Inventories | 42,587 | 32,926 | ||
| Trade accounts receivable | 94,581 | 80,107 | ||
| Contract assets | (8) | 83,558 | 70,922 | |
| Contract costs | 2,164 | 2,541 | ||
| Other current financial assets | (9) | 4,381 | 1,469 | |
| Other current non-financial assets | (9) | 18,742 | 18,765 | |
| Income tax receivables | 5,192 | 2,598 | ||
| Time deposits | 9,507 | 14,992 | ||
| Cash and cash equivalents | 63,677 | 66,994 | ||
| 324,389 | 291,314 | |||
| Total assets | 421,018 | 394,798 |
| 30 June 2025 | 31 Dec. 2024 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| LIABILITIES AND EQUITY | Note | unaudited | audited |
| Shareholders' equity | |||
| Share capital | (10) | 13,280 | 13,280 |
| Capital reserves | 21,138 | 21,138 | |
| Retained earnings | (10) (11) | 129,665 | 138,163 |
| Treasury shares | -116 | -314 | |
| Foreign currency translation | -2,716 | -387 | |
| Equity attributable to equity holders of the parent company | 161,251 | 171,880 | |
| Non-controlling interests | 3,235 | 2,880 | |
| Total shareholders' equity | 164,486 | 174,760 | |
| Non-current liabilities | |||
| Liabilities to banks and other financial liabilities | 0 | 23 | |
| Provisions | (12) | 22,089 | 21,584 |
| Lease liabilities | 38,442 | 41,257 | |
| Other non-current financial liabilities | (13) | 14,297 | 14,531 |
| Deferred tax liabilities | 7,358 | 10,044 | |
| 82,186 | 87,439 | ||
| Current liabilities | |||
| Liabilities to banks and other financial liabilities | 4,915 | 126 | |
| Contract liabilities | (8) | 84,663 | 57,645 |
| Trade accounts payable | 28,685 | 23,443 | |
| Provisions | (12) | 14,838 | 19,017 |
| Lease liabilities | 8,263 | 8,119 | |
| Other current financial liabilities | (13) | 3,534 | 6,207 |
| Other current non-financial liabilities | (13) | 26,910 | 15,673 |
| Current tax liabilities | 2,538 | 2,369 | |
| 174,346 | 132,599 | ||
| Total shareholders' equity and liabilities | 421,018 | 394,798 |
Consolidated cash flow statement
| 01-06/2025 | 01-06/2024 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| Note | unaudited | unaudited | |
| Profit/loss before tax | -4,588 | -2,630 | |
| Net interest income/expense | 569 | 152 | |
| Foreign currency translation | 566 | -448 | |
| Profit/loss from the disposal of non-current assets | -482 | 12 | |
| Depreciation of property, plant and equipment and | |||
| amortisation of intangible assets | 9,547 | 9,509 | |
| Earnings from investments accounted for at equity | -303 | -292 | |
| Change in provisions | (12) | -3,723 | -4,659 |
| Income/expense relating to changes in variable purchase | |||
| price payments | 46 | 24 | |
| Other non-cash income/expenses | 313 | 249 | |
| Net cash flow from operations | 1,945 | 1,917 | |
| Change in inventories | -9,660 | -6,848 | |
| Change in trade accounts receivable | -12,714 | 4,633 | |
| Change in contract assets | (8) | -12,636 | -20,271 |
| Change in contract costs | 377 | 81 | |
| Change in other receivables | (9) | -2,784 | 1,898 |
| Change in trade accounts payable | 5,237 | 2,264 | |
| Change in contract liabilities | (8) | 27,019 | 7,509 |
| Change in other liabilities | (13) | 8,262 | 9,975 |
| Change in net working capital | 3,101 | - 759 | |
| Interest paid | -1,035 | -726 | |
| Interest received | 487 | 716 | |
| Income taxes paid | -4,505 | -4,316 | |
| Net cash flow from operating activities | -7 | -3,168 |
| 01-06/2025 | 01-06/2024 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| Note | unaudited | unaudited | |
| Cash inflows from the sale of intangible assets | 0 | 0 | |
| Cash inflows from the sale of property, plant and equipment | 1,467 | 16 | |
| Cash inflows from time deposits | 24,483 | 33,736 | |
| Cash outflows for the purchase of intangible assets | -418 | -526 | |
| Cash outflows for the purchase of property, plant and | |||
| equipment | -4,124 | -3,505 | |
| Cash outflows for time deposits | -18,999 | -34,738 | |
| Cash outflows for non-current financial assets | -712 | -1,020 | |
| Cash outflows for investments accounted for at equity | 0 | -561 | |
| Net cash flow from investing activities | 1,697 | -6,598 | |
| Dividends paid to owners | (10) | -3,585 | -3,185 |
| Dividends paid to non-controlling interests | -306 | -609 | |
| Cash outflows for the acquisition of non-controlling interests | 0 | -1,428 | |
| Cash inflows from loans and other financing | 4,851 | 471 | |
| Cash outflows for repayment of loans and other financing | -83 | -500 | |
| Cash outflows for payments of principal on lease liabilities | -4,042 | -3,983 | |
| Net cash flow from financing activities | -3,165 | -9,234 | |
| Change in cash and cash equivalents: | |||
| Net cash flow from operating activities | -7 | -3,168 | |
| Net cash flow from investing activities | 1,697 | -6,598 | |
| Net cash flow from financing activities | -3,165 | -9,234 | |
| Net change in cash and cash equivalents | -1,475 | -19,000 | |
| Cash and cash equivalents at start of period | 66,994 | 74,180 | |
| Cash-flow related change in cash and cash equivalents | -1,475 | -19,000 | |
| Foreign currency translation | -1,842 | 299 | |
| Cash and cash equivalents at end of period | 63,677 | 55,479 |
Consolidated statement of changes in shareholders' equity
| As at 30 June 2025 | 13,280 | 21,138 | -4,278 | 773 | 133,171 | -116 | -2,716 | 161,251 | 3,235 | 164,486 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other changes | -97 | -97 | -97 | |||||||
| put options | -406 | -406 | 13 | -393 | ||||||
| Changes in connection with | ||||||||||
| Change in treasury shares | -94 | 198 | 104 | 104 | ||||||
| Dividends | -3,585 | -3,585 | -306 | -3,891 | ||||||
| income | -37 | -4,279 | -2,328 | -6,645 | 647 | -5,997 | ||||
| Total comprehensive | ||||||||||
| Other comprehensive income |
-37 | -2,328 | -2,366 | -11 | -2,376 | |||||
| Profit/loss for the period | -4,279 | -4,279 | 658 | -3,621 | ||||||
| As at 1 January 2025 | 13,280 | 21,138 | -4,241 | 870 | 141,534 | -314 | -387 | 171,880 | 2,880 | 174,760 |
| Note | (11) | (10) | ||||||||
| in EUR thousand | Share capital |
Capital reserves |
IAS 19 reserve |
Option reserve |
Retained earnings |
Treasury shares |
Foreign currency translation |
to equity holders of the parent company |
Non controlling interests |
Total shareholders' equity |
| Equity attributable |
| Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| attributable to equity |
||||||||||
| Foreign | holders of | Non | Total | |||||||
| Share | Capital | IAS 19 | Option | Retained | Treasury | currency | the parent | controlling | shareholders' | |
| in EUR thousand | capital | reserves | reserve | reserve | earnings | shares | translation | company | interests | equity |
| Note | (11) | (10) | ||||||||
| As at 1 January 2024 | 13,280 | 21,138 | -4,536 | 798 | 123,440 | -544 | -109 | 153,467 | 2,157 | 155,624 |
| Profit/loss for the period | -2,259 | -2,259 | 166 | -2,093 | ||||||
| Other comprehensive | ||||||||||
| income | -42 | 156 | 114 | 15 | 128 | |||||
| Total comprehensive | ||||||||||
| income | -42 | -2,259 | 156 | -2,146 | 181 | -1,965 | ||||
| Dividends | -3,185 | -3,185 | -609 | -3,794 | ||||||
| Change in treasury shares | -42 | 230 | 188 | 188 | ||||||
| Acquisition of non | ||||||||||
| controlling interests | -188 | -188 | 4 | -184 | ||||||
| Changes in connection with | ||||||||||
| put options | -687 | -687 | 354 | -333 | ||||||
| Other changes | -181 | -181 | -181 | |||||||
| As at 30 June 2024 | 13,280 | 21,138 | -4,578 | 617 | 117,078 | - 314 | 47 | 147,269 | 2,086 | 149,355 |
Selected notes to the condensed consolidated interim financial statements
1. General information
These interim financial statements include Frequentis AG and its subsidiaries (subsequently referred to as the Frequentis Group, Frequentis, or the Group).
Frequentis AG is a company established under Austrian law. Its registered address is Innovationsstrasse 1, 1100 Vienna, Austria, and it has been listed on the Vienna and Frankfurt stock exchanges since May 2019.
The consolidated interim financial statements of Frequentis AG have been prepared in accordance with the provisions of the International Financial Reporting Standards (IFRS) as adopted by the European Union, and therefore in accordance with the provisions of IAS 34. They are presented in condensed form.
In the opinion of the management, the consolidated interim financial statements contain all adjustments required to provide a true and fair view of the Frequentis Group's net assets, financial position, and results of operations. The consolidated interim financial statements have not been audited, nor have they been subject to a review. They should be read in conjunction with the audited consolidated financial statements of the Frequentis Group as at 31 December 2024 and are not necessarily indicative of the year-end results for 2025.
Compared to other sectors of the economy, the areas in which the Frequentis Group operates (information and communication systems for civil and military air traffic control, emergency services, rail, and water transport) have relatively low cyclical exposure. Within the sector, the individual segments of the Frequentis Group are exposed to the same fluctuations as their competitors (lower revenues and earnings in the first and second quarters and higher revenues and earnings in the third and fourth quarters). This is because a high proportion of the Frequentis Group's customers are public authorities and government-related businesses, which often only utilise their budget for the current year in the final quarter since they only take the related decisions in the third or fourth quarter. Consequently, the Frequentis Group normally generates a considerable proportion of its revenues in the second half of the year and usually reports negative earnings during the first half of the year as fixed costs are incurred evenly during the year.
Rounding may result in minor discrepancies in totals and percentages as a result of the use of automatic data processing.
Consolidated group
Besides Frequentis AG, which is the parent company of the consolidated group, the consolidated financial statements of Frequentis AG include 6 (31 December 2024: 6) domestic subsidiaries and 31 (31 December 2024: 31) foreign subsidiaries controlled by Frequentis AG.
There were no changes to the consolidated group in the first half of 2025.
2. Accounting policies
The interim financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and require estimates and assumptions that affect the amounts reported. The significant assumptions and key sources of estimation uncertainty remain unchanged from those set out in the notes to last year's consolidated financial statements. The actual results could differ from these estimates.
New and amended standards and interpretations
When preparing the consolidated interim financial statements, the following amendment to existing IAS/IFRS standards and interpretations was applied, as well as the new standards and interpretations, insofar as they had been endorsed by the European Union by 30 June 2025 and were effective at that date:
• Effects of Changes in Foreign Exchange Rates (IAS 21)
Where applicable, the above amendment was applied in these consolidated interim financial statements. The effects of the changes on the financial statements were insignificant.
Notes to the consolidated income statement and statement of financial position
3. Segment report
Operating segments
- Air Traffic Management
- Public Safety & Transport
The Air Traffic Management (ATM) segment comprises the ATM Civil and ATM Defence business domains. This segment focuses on civil and military air traffic control organisations and therefore generally on one to two customers per country. It is estimated that the market entry barriers are relatively high.
The business domains have similar products. In the Defence business domain, there is also demand for additional encryption solutions. The safety and quality management requirements are the same: the international regulations for standardisation of air traffic issued by the International Civil Aviation Organization (ICAO) apply. Moreover, the infrastructure to be installed for customers (radar, radio transmission, networks) is comparable.
Frequentis' ATM portfolio for the defence sector comprises communication and information systems for air defence and military air traffic control, systems for networked operational management and tactical networks, management and information systems, including systems for integrated use by different authorities, and encrypted, interoperable communication systems for safety-critical applications.
The Public Safety & Transport segment comprises the Public Safety, Public Transport, and Maritime business domains. Its customers are public authorities or related organisations with monitoring and control functions.
The Public Safety business domain's customers are the police, fire, and rescue services. Police organisations also require additional encryption solutions. Alongside conventional rail operators, the Public Transport business domain's customers include local public transport providers. The Maritime business domain focuses on coastguards and port authorities.
The business domains have similar products and the infrastructure to be installed for customers (phones, radio transmission, networks) is comparable. Despite several international standardisation efforts, different national and regional requirements and regulations still apply.
Disclosures on the operating segments
The chief operating decision maker of the Frequentis Group is the Executive Board. The accounting policies applied by the individual segments are the same as those for the Frequentis Group. Earnings before interest and taxes (EBIT) are used for internal reporting and correspond to the segment result as defined in IFRS 8.23. There are no inter-segment revenues. The amounts in the column headed reconciliation/consolidation mainly comprise transactions that cannot be allocated clearly to one segment and were undertaken for both segments.
| Air Traffic | Public Safety | Reconciliation/ | ||
|---|---|---|---|---|
| Management | & Transport | consolidation | Total | |
| 01-06/2025 | EUR thousand | EUR thousand | EUR thousand | EUR thousand |
| Revenues | 165,206 | 71,511 | 41 | 236,758 |
| Change in inventories of finished goods | ||||
| and work in progress | -1,081 | -997 | 2,981 | 902 |
| Own work capitalised | 43 | 205 | 167 | 415 |
| Other operating income | 5,661 | 2,495 | 139 | 8,295 |
| Total income (operating performance) | 169,828 | 73,214 | 3,328 | 246,370 |
| EBIT | -7,405 | 2,866 | 218 | -4,322 |
| Impairment losses | 0 | 0 | 0 | 0 |
| Air Traffic | Public Safety | Reconciliation/ | ||
|---|---|---|---|---|
| Management | & Transport | consolidation | Total | |
| 01-06/2024 | EUR thousand | EUR thousand | EUR thousand | EUR thousand |
| Revenues | 145,203 | 60,817 | 194 | 206,215 |
| Change in inventories of finished goods | ||||
| and work in progress | 876 | 884 | 1,128 | 2,889 |
| Own work capitalised | 1,146 | 238 | 43 | 1,426 |
| Other operating income | 2,687 | 640 | 605 | 3,932 |
| Total income (operating performance) | 149,912 | 62,579 | 1,970 | 214,462 |
| EBIT | -3,468 | 857 | -159 | -2,770 |
| Impairment losses | 0 | 0 | 0 | 0 |
Segment assets and segment liabilities are not disclosed here because the internal reporting that is transmitted to the Executive Board does not include a breakdown of assets between the two segments.
Details of Group-wide data
Neither in the reporting period nor in the prior-year period did the Frequentis Group generate more than 10% of its total revenues with any single customer.
Orders on hand as at 30 June 2025 totalled EUR 763,774 thousand (30 June 2024: EUR 621,140 thousand). The ATM segment accounted for EUR 432,337 thousand (30 June 2024: EUR 377,838 thousand) of this amount and the PST segment for EUR 331,436 thousand (30 June 2024: EUR 243,302 thousand).
4. Revenues
The revenue split by category in the reporting period was as follows:
| 01-06/2025 EUR thousand |
01-06/2024 EUR thousand |
|
|---|---|---|
| New products and/or new customer | ||
| business | 99,386 | 79,011 |
| IBB (installed base business) | 128,631 | 120,559 |
| Other revenues | 8,741 | 6,645 |
| 236,758 | 206,215 |
The regional breakdown of revenues by end-users was as follows:
| 01-06/2025 | 01-06/2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Europe | 144,338 | 131,437 |
| Americas | 53,855 | 35,524 |
| Asia | 20,994 | 24,164 |
| Australia/Pacific | 13,882 | 10,728 |
| Africa | 2,304 | 2,550 |
| Small orders (not allocated) | 1,384 | 1,811 |
| 236,758 | 206,215 |
The line item "small orders" relates to revenues from customer contracts that were not allocated to the other categories in the above table.
5. Other operating income
| 01-06/2025 | 01-06/2024 |
|---|---|
| EUR thousand | EUR thousand |
| 3,346 | 89 |
| 1,751 | 1,615 |
| 933 | 924 |
| 857 | 1 |
| 567 | 566 |
| 841 | 737 |
| 8,295 | 3,932 |
Grants and subsidies, including research incentives, are recognised in income when the conditions for their granting are fulfilled and the grants have either already been paid or it is reasonably sure that they will be paid.
The increase in changes in the fair value of forward exchange contracts is mainly due to fluctuations in the US dollar exchange rate. These exchange rate gains largely offset the exchange rate losses presented in other operating expenses.
6. Other operating expenses
| 01-06/2025 | 01-06/2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Travel expenses | 7,879 | 6,768 |
| Exchange rate differences | 4,550 | 343 |
| Licenses (terms of up to 1 year) | 3,548 | 2,569 |
| Other consulting expenses | 2,838 | 2,572 |
| External personnel | 2,814 | 2,254 |
| Advertising | 2,752 | 2,141 |
| Insurance expenses | 1,750 | 1,616 |
| Maintenance | 1,313 | 1,252 |
| Transport | 1,140 | 891 |
| Legal and consulting expenses | 1,133 | 1,154 |
| Energy | 1,033 | 954 |
| Operating expenses (buildings) | 964 | 907 |
| Staff recruitment | 916 | 935 |
| Cleaning | 700 | 670 |
| Telephone and communications expenses | 695 | 690 |
| Vehicles | 682 | 727 |
| Changes in the fair value of forward exchange contracts | 95 | 844 |
| Miscellaneous | 3,885 | 1,801 |
| 38,687 | 29,088 |
The increase in exchange rate differences is mainly due to fluctuations in the US dollar exchange rate. The exchange rate losses are largely offset by the exchange rate gains from changes in the fair value of forward exchange contracts.
7. Depreciation of property, plant and equipment and amortisation of intangible assets
| 01-06/2025 EUR thousand |
01-06/2024 EUR thousand |
|
|---|---|---|
| Depreciation of right-of-use assets | 4,658 | 4,781 |
| Depreciation of property, plant and equipment and amortisation of | ||
| intangible assets | 4,482 | 4,358 |
| Depreciation and amortisation of low-value assets | 407 | 370 |
| 9,547 | 9,509 |
8. Contract assets and contract liabilities
| 30 June 2025 | 31 Dec. 2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Contract assets | 125,578 | 112,467 |
| Advance payments received from customers | -42,020 | -41,545 |
| 83,558 | 70,922 |
The contract assets mainly result from performance obligations already satisfied by the Group but not yet invoiced. Contract assets are reclassified to trade accounts receivable when there is an unconditional right to receive consideration. This is normally the case when the Group issues an invoice for the goods and services provided.
It is assumed that there are no relevant default risks for the contract assets recognised. In the case of orders for which the Group makes advance payments, the creditworthiness of customers is carefully reviewed. These orders primarily relate to work for public authorities or major international companies.
The increase in contract assets compared with 31 December 2024 is the net result of a large number of newly commenced and invoiced projects.
Contract liabilities comprise obligations to transfer goods or services to customers, for which consideration has already been received. These primarily relate to advance payments, some of which are secured by prepayment guarantees. In addition, in some cases payments are secured by bank guarantees. No collateral existed, either on the reporting dates or during the year.
The following table shows the structure of contract liabilities:
| 30 June 2025 | 31 Dec. 2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Advance payments received from customers for projects | 101,949 | 78,851 |
| Advances offset against contract assets | -39,358 | -38,193 |
| 62,591 | 40,658 | |
| Other contract liabilities | 6,915 | 6,347 |
| Other contract liabilities offset against contract assets | -2,662 | -3,352 |
| 4,253 | 2,995 | |
| Accrued revenue for maintenance contracts | 17,022 | 13,636 |
| Liabilities for outstanding performance obligations for customer orders after | ||
| final invoicing (current) | 391 | 217 |
| Liabilities for outstanding performance obligations for customer orders after | ||
| final invoicing (non-current) | 406 | 139 |
| Total contract liabilities | 84,663 | 57,645 |
Other contract liabilities contain contractual claims to advance payments.
The increase in advance payments received from customers for projects is mainly attributable to a major project in North America.
9. Other assets
| 30 June 2025 | 31 Dec. 2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Loan to Nemergent Solutions S.L. | 1,014 | 1,049 |
| Pension reinsurance | 482 | 482 |
| Equity instruments | 22 | 22 |
| Other financial assets | 236 | 293 |
| Other non-current financial assets | 1,754 | 1,846 |
| Positive fair value of MTM valuation | 2,635 | 263 |
| Receivables from grants and subsidies | 1,313 | 883 |
| Other financial assets | 433 | 323 |
| Other current financial assets | 4,381 | 1,469 |
| Prepaid expenses and deferred charges | 11,935 | 9,839 |
| Receivables from research grants and incentives | 2,508 | 4,657 |
| Receivables from fiscal authorities (excluding income taxes) | 3,167 | 2,791 |
| Claims to compensation payments | 1,000 | 1,000 |
| Other assets | 132 | 478 |
| Other current non-financial assets | 18,742 | 18,765 |
10.Share capital and retained earnings
Treasury shares
At the Annual General Meeting of Frequentis AG on 6 June 2024, the Executive Board was authorised, pursuant to Section 65 (1b) of the Austrian Companies Act (AktG), for a period of five years from the date of the resolution, therefore up to and including 5 June 2029, with the consent of the Supervisory Board but without a further resolution by the General Meeting, to sell or use treasury shares, including in a manner other than by sale on the stock exchange or by means of a public offer, in particular
- a) to grant shares to employees, senior managers, and/or members of the Executive Board or the managing boards of its affiliates, including for purposes of share transfer programmes, in particular stock options, long-term incentive plans, and other stock ownership plans,
- b) to deliver shares under convertible bonds issued by Frequentis AG,
- c) as consideration for the acquisition of entities, business operations, parts of business operations or shares in one or several domestic or foreign companies, and
- d) for any other legally permissible purpose,
and to exclude the subscription rights of shareholders. This authorisation may be exercised in full or in part or in several tranches and for several purposes.
At the Annual General Meeting of Frequentis AG on 6 June 2024, the Executive Board was authorised, for a period of 30 months, to purchase shares in Frequentis AG pursuant to Section 65 (1) subsections 4 and 8 AktG, in an amount of up to 10% of the company's share capital, both via the stock market and outside the stock exchange, and to exclude the general selling possibilities of shareholders related to such purchase. Furthermore, the Executive Board was authorised to reduce the share capital by cancelling shares in Frequentis AG without a further resolution of the General Meeting.
With the approval of the Supervisory Board, in May 2024 and May 2025 the Executive Board passed a resolution to transfer to the Chairman of the Executive Board 7,908 treasury shares for the achievement of the targets for the LTIP 2021 and 6,657 treasury shares for the achievement of the targets for the LTIP 2022, under exclusion of the subscription rights of existing shareholders.
As at 30 June 2025, Frequentis held 3,920 treasury shares (31 December 2024: 10,577). The total number of issued shares was 13,280,000 (31 December 2024: 13,280,000).
The development of shareholders' equity is presented in the consolidated statement of changes in shareholders' equity.
Dividend
The Annual General Meeting of Frequentis AG on 5 June 2025 passed a resolution to pay a dividend of EUR 0.27 per no-par-value share entitled to the dividend for the 2024 financial year. The dividend less statutory capital gains tax of 27.5% was paid in June 2025.
11.Share-based payment
Frequentis AG agreed long-term incentive plans with the Chairman of the Executive Board, Mr. Norbert Haslacher, in 2022, 2023, 2024, and 2025 (LTIP 2022, LTIP 2023, LTIP 2024, and LTIP 2025).
The share-based payment is measured in accordance with IFRS 2 at fair value on the grant date. The expense is allocated over the required vesting period. Since the agreements stipulate that the shares awarded under the LTIP cannot be settled in cash, the share-based payment is recognised in a separate item of equity.
The participant in the plans is not required to make a personal investment in Frequentis AG shares. From the grant date, in each calendar year the beneficiary can sell a maximum of one third of the shares awarded under the LTIPs. However, the beneficiary may only sell the number of shares awarded under the current LTIPs or any subsequent long-term incentive plan if, at all times, he holds at least 7,000 of the shares awarded under a longterm incentive plan ("minimum shareholding").
The service period for the fulfilment of the targets has been set at three years for all LTIPs. The targets for the key indicators were set by the Supervisory Board. On the settlement date (at the earliest three years after the grant date), assuming 100% target achievement, a maximum of 18,000 shares (gross – before deduction of taxes and fees), and at most 200% of the beneficiary's annual gross base salary will be granted. Settlement is effected by transferring the number of shares corresponding to the net amount of the award to the respective securities account.
The entitlement to the maximum number of shares arises at 100% target achievement. A lower target achievement level will result in a proportionate reduction in the entitlement. No shares will be allocated if target achievement is less than 50%.
The following table summarises the main conditions for the share-based payment granted in the reporting period (the LTIP 2022 ended in the reporting period):
| LTIP 2025 | LTIP 2024 | LTIP 2023 | LTIP 2022 | |
|---|---|---|---|---|
| Beginning of the plan | 1 Jan. 2025 | 1 Jan. 2024 | 1 Jan. 2023 | 1 Jan. 2022 |
| Date of approval by General | ||||
| Meeting | 5 June 2025 | 6 June 2024 | 1 June 2023 | 2 June 2022 |
| Grant date | 5 June 2025 | 6 June 2024 | 1 June 2023 | 2 June 2022 |
| End of service period | 31 Dec. 2027 | 31 Dec. 2026 | 31 Dec. 2025 | 31 Dec. 2024 |
| Vesting date | 30 Apr. 2028 | 30 Apr. 2027 | 30 Apr. 2026 | 30 Apr. 2025 |
| Expected target achievement | 79.3% | 100% | 100% | 80.0% |
| Expected no. of shares | 14,274 | 18,000 | 18,000 | 14,400 |
| Maximum no. of shares | 18,000 | 18,000 | 18,000 | 18,000 |
| Bonus shares allocated | None | None | None | None |
The agreed targets are measured against the following performance indicators:
| LTIP 2025 | LTIP 2024 | LTIP 2023 | LTIP 2022 |
|---|---|---|---|
| Total shareholder return (TSR) |
Total shareholder return (TSR) |
Total shareholder return (TSR) |
Total shareholder return (TSR) |
| EBIT margin of the Frequentis Group |
Increase in order intake of the Frequentis Group |
Orders on hand / book-to-bill ratio |
Revenue growth |
| Development and implementation of a comprehensive, innovative business model for the latest generation of VCS products in the ATM Civil business domain |
Growth in the ATM Civil business domain |
Order intake at selected Group companies |
Earnings increase |
| Optimisation of the financing structure for R&D projects |
Customer satisfaction | Increase in operating performance in the Public Safety & Transport segment |
Employee satisfaction |
| Trainee programmes in the areas of sales, project management, and/or systems engineering |
In May 2025, the targets set for the LTIP 2022 were evaluated for the performance period from 1 January 2022 to 31 December 2024 and it was established that target achievement was 80%, so 14,400 treasury shares (gross number of shares before taxes) were to be transferred to the Chairman of the Executive Board. Taking into consideration the tax to be withheld, 6,657 treasury shares were transferred in this context.
Of the expected total future expense relating to the LTIPs, the portion already earned as at the reporting date is recognised in shareholders' equity. This is based on the fair value on the grant date. The total expected expense for the LTIP obligation is measured at the fair value of the share relative to the share price on the date of the agreement, multiplied by the number of shares granted and the expected target achievement. In the reporting period, EUR 365 thousand (H1 2024: EUR 271 thousand) including payroll-related costs was recognised in personnel expenses in the consolidated statement of comprehensive income and in shareholders' equity for the LTIPs.
For the LTIPs, it is assumed that both the market-oriented targets and the non-market-oriented targets will be achieved so the effect of the market-oriented targets must be reflected in the expected level of target achievement and not in the fair value of the shares.
12.Provisions
The provisions comprise:
| 30 June 2025 | 31 Dec. 2024 | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Provisions for severance payments | 16,674 | 16,267 |
| Provisions for pensions | 4,838 | 4,750 |
| Less pension insurance scheme | -2,770 | -2,728 |
| 2,068 | 2,022 | |
| Provisions for anniversary bonuses | 452 | 429 |
| Provisions for warranties | 1,383 | 1,943 |
| Provisions for projects | 1,182 | 584 |
| Other provisions | 330 | 339 |
| Total non-current provisions | 22,089 | 21,584 |
| Provisions for bonuses | 7,899 | 13,060 |
| Provisions for warranties | 2,252 | 1,559 |
| Provisions for projects | 1,384 | 1,232 |
| Provision for litigation costs | 376 | 300 |
| Other provisions | 2,927 | 2,866 |
| Total current provisions | 14,838 | 19,017 |
Since the life insurance policies are pledged to cover pension obligations, the corresponding amount accumulated in the pension insurance scheme is offset against the pension provisions.
The reduction in provisions for bonuses resulted from almost complete disbursement of bonuses and variable salaries to employees for 2024, while only pro-rata additions were made to the provisions for 2025.
13.Other liabilities
The other liabilities comprise:
| Liability for put options, non-controlling interests Loan from FFG (Austrian Research Promotion Agency) Earn-out liabilities and liabilities for receivables due to risk retention Other liabilities Total non-current financial liabilities Earn-out payment liabilities Loan from FFG (Austrian Research Promotion Agency) |
EUR thousand 11,931 921 575 870 14,297 |
EUR thousand 11,538 1,481 1,017 495 |
|---|---|---|
| 14,531 | ||
| 476 | 1,001 | |
| 560 | 0 | |
| Negative fair value of derivative financial instruments | 298 | 1,262 |
| Liabilities relating to operating leases | 242 | 1,292 |
| Liabilities for severance payments that have not yet been made | 31 | 820 |
| Loans from non-controlling interests | 30 | 30 |
| Other liabilities | 1,897 | 1,802 |
| Total current financial liabilities | 3,534 | 6,207 |
| Accrual for holidays not yet taken | 10,200 | 6,426 |
| Liabilities to the Austrian fiscal authorities (excluding income taxes) | 6,728 | 3,805 |
| Liabilities to health insurers | 6,129 | 1,022 |
| Advances received in connection with grants and subsidies | 1,404 | 2,242 |
| Accrual for overtime | 971 | 860 |
| Accrual for consultancy costs | 300 | 921 |
| Other liabilities | 1,178 | 397 |
| Total current non-financial liabilities | 26,910 |
The earn-out payment liabilities, which are measured at fair value and allocated to level 3 in the fair value hierarchy, are one element of the contractually agreed purchase price for FRAFOS GmbH and Frequentis Recording AS. The earn-out payment for FRAFOS GmbH is based on the annual financial statements prepared in accordance with the German Commercial Code and is dependent on achievement of an EBIT target. The earnout payment for Frequentis Recording AS is based on the number of recording solutions sold.
A pro rata payment of EUR 1,013 thousand was made in the reporting period. These liabilities were remeasured as at the reporting date. This did not result in any change in the assumptions made. The remaining change of EUR 46 thousand resulted from the interest rate effect and was included in the financial expenses.
The change in the fair value of the liability for put options, non-controlling interests is recognised in equity and is also allocated to level 3 in the fair value hierarchy.
Other information
14.Financial instruments
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including the categories to which they are allocated. It does not contain any information on the fair value of lease liabilities, financial assets, and financial liabilities that are not measured at fair value if the carrying amount is a reasonable approximation of the fair value (amounts in EUR thousand).
| 30 June 2025 | Measured at fair value | Measured at amortised cost | Total carrying amount |
||
|---|---|---|---|---|---|
| Mandatory recognition at fair value through profit or loss |
Equity instruments – at fair value through profit or loss |
Financial assets |
Other financial liabilities |
||
| Financial assets | |||||
| Equity instruments | 22 | 22 | |||
| Time deposits | 9,507 | 9,507 | |||
| Trade accounts receivable | 94,581 | 94,581 | |||
| Derivative financial instruments | 2,635 | 2,635 | |||
| Other current and non-current assets | 3,478 | 3,478 | |||
| Cash and cash equivalents | 63,677 | 63,677 | |||
| Total | 2,635 | 22 | 171,243 | 173,900 | |
| Financial liabilities | |||||
| Liabilities to banks and other financial liabilities |
4,915 | 4,915 | |||
| Trade accounts payable | 28,685 | 28,685 | |||
| Lease liabilities | 46,705 | 46,705 | |||
| Derivative financial instruments | 298 | 298 | |||
| Liabilities relating to put options and earn out agreements |
12,982 | 12,982 | |||
| Other current and non-current liabilities | 4,551 | 4,551 | |||
| Total | 13,280 | 84,856 | 98,136 |
| Total carrying |
|||||
|---|---|---|---|---|---|
| 31 December 2024 | Measured at fair value | Measured at amortised cost | amount | ||
| Mandatory recognition | Equity instruments – | Other | |||
| at fair value through | at fair value through | Financial | financial | ||
| profit or loss | profit or loss | assets | liabilities | ||
| Financial assets | |||||
| Equity instruments | 22 | 22 | |||
| Time deposits | 14,992 | 14,992 | |||
| Trade accounts receivable | 80,107 | 80,107 | |||
| Derivative financial instruments | 263 | 263 | |||
| Other current and non-current assets | 3,030 | 3,030 | |||
| Cash and cash equivalents | 66,994 | 66,994 | |||
| Total | 263 | 22 | 165,123 | 165,408 | |
| Financial liabilities | |||||
| Liabilities to banks and other financial | |||||
| liabilities | 149 | 149 | |||
| Trade accounts payable | 23,443 | 23,443 | |||
| Lease liabilities | 49,376 | 49,376 | |||
| Derivative financial instruments | 1,262 | 1,262 | |||
| Liabilities relating to put options and earn | |||||
| out agreements | 13,556 | 13,556 | |||
| Other current and non-current liabilities | 5,920 | 5,920 | |||
| Total | 14,818 | 78,888 | 93,706 |
Fair value
Trade accounts receivable, contract assets, other receivables, time deposits, cash and cash equivalents, trade accounts payable, contract liabilities, and other liabilities are measured at their carrying amount, which is a reasonable approximation of the fair value, due to their essentially short remaining term. Since the items presented here comprise all financial assets and liabilities recognised at amortised cost and no disclosures are required for lease liabilities, the above table does not contain a separate column showing their fair values.
For the equity instruments, Altitude Angel Ltd. and AIRlabs Austria GmbH, there are no quoted prices available on an active market. Therefore, they are measured using parameters that are unobservable on the market. The fair value is allocated to level 3 in the fair value hierarchy. There is currently no intention of selling the equity instruments.
The earn-out liabilities relating to the acquisitions of FRAFOS GmbH and Frequentis Recording AS are measured at fair value and allocated to the category at fair value through profit or loss. The fair value is allocated to level 3 in the fair value hierarchy.
The liabilities relating to the put options of the non-controlling interests in ELARA Leitstellentechnik GmbH, Regola S.r.l., and FRAFOS GmbH are recognised at fair value, while changes are recognised in equity with no impact on profit or loss in accordance with IFRS 10. The fair value is allocated to level 3 in the fair value hierarchy. Since there is no category for this, in the above table the amount is reported in other liabilities at fair value through profit or loss.
The carrying amounts of derivative financial assets and liabilities correspond to their fair values. Derivatives that have not been designated as a hedging instrument nevertheless serve economically to hedge fluctuations in exchange rates. Their fair values are based on the present value of expected future cash flows, discounted by the interest rate that the Group estimates could be obtained for comparable financial instruments. They are allocated to level 2 in the fair value hierarchy.
The long-term incentive plans (LTIP), which are classified as an equity-settled share-based payment, were measured at fair value and allocated to level 3 in the fair value hierarchy.
The following hierarchy was used to allocate all financial instruments measured at fair value to a valuation method:
| Level | Financial instruments at fair value |
|---|---|
| Level 2: | |
| Measurement based on quoted prices for similar assets | Derivative financial instruments |
| Level 3: | |
| Measurement based on models with significant valuation | Equity instruments, earn-out liabilities, |
| parameters that are unobservable on the market | liabilities from put options |
A distinction is made between derivative and non-derivative financial instruments. The derivative financial instruments primarily include economic hedging instruments (which are not designated as part of a hedge relationship) used to hedge changes in exchange rates.
Derivative financial instruments
The carrying amount of derivative financial instruments corresponds to their current fair value, whereby the fair value was determined from the current market value based on the closing exchange rate for the foreign currency as at 30 June 2025, verified by corresponding bank confirmations.
The following table shows the development of the derivative financial instruments:
| 30 June 2025 | Derivative | Total | ||
|---|---|---|---|---|
| Sale | Sale | Purchase amount | Average | Fair value |
| currency | amount | EUR thousand | hedging rate | EUR thousand |
| AUD | -4,917 | 2,942 | 1.67 | 239 |
| CAD | -2,513 | 1,671 | 1.51 | 107 |
| CHF | 200 | -211 | 0.94 | 4 |
| CZK | 4,000 | -156 | 25.12 | 4 |
| HUF | 96,288 | -230 | 418.42 | 8 |
| NOK | -78,174 | 6,770 | 11.67 | 227 |
| SGD | -5,097 | 3,536 | 1.48 | 116 |
| USD | -26,992 | 24,712 | 1.10 | 1,930 |
| 39,034 | 2,635 | |||
| CAD | 900 | -595 | 1.51 | -35 |
| GBP | -234 | 216 | 0.89 | -55 |
| HKD | 3,595 | -416 | 8.64 | -25 |
| HUF | -184,974 | 442 | 418.42 | -15 |
| RON | -12,999 | 2,166 | 6.00 | -7 |
| SGD | 1,021 | -722 | 1.48 | -37 |
| USD | 94 | -162 | 1.11 | -124 |
| 929 | - 298 |
| 31 December 2024 | Derivative | Total | ||
|---|---|---|---|---|
| Sale | Sale | Purchase amount | Average | Fair value |
| currency | amount | EUR thousand | hedging rate | EUR thousand |
| AUD | -4,411 | 2,669 | 1.65 | 73 |
| CAD | -80 | 65 | 1.50 | 11 |
| CZK | 4,000 | -156 | 25.57 | 1 |
| HKD | 3,595 | -416 | 8.64 | 23 |
| NOK | -39,700 | 3,335 | 11.90 | 33 |
| QAR | 5,174 | -1,301 | 3.98 | 62 |
| RON | -6,999 | 1,407 | 4.97 | 24 |
| USD | 911 | -843 | 1.12 | 36 |
| 4,760 | 263 | |||
| CAD | -1,174 | 757 | 1.52 | -24 |
| GBP | -834 | 915 | 0.91 | -68 |
| NOK | 5,000 | -421 | 11.88 | -5 |
| QAR | -5,174 | 1,301 | 3.98 | -62 |
| SGD | -4,655 | 3,209 | 1.45 | -64 |
| USD | -27,350 | 24,900 | 1.10 | -1,039 |
| 30,661 | -1,262 |
For the carrying amount of the MTM valuation, a positive fair value of EUR 2,635 thousand was recognised in other receivables as at 30 June 2025 (31 December 2024: EUR 263 thousand), while a negative fair value of EUR 298 thousand was recognised in other liabilities (31 December 2024: EUR 1,262 thousand).
15.Information on business relations with related parties
Transactions with associated companies and related parties are not material and mainly comprise deliveries of goods and services.
There was no significant change in existing business relations compared with the transactions presented in note 37 in the Annual Report 2024.
16.Significant events after the reporting date
There were no reportable significant events.
Statement by all legal representatives pursuant to Section 125 Paragraph 1 of the (Austrian) Stock Exchange Act
We hereby confirm that, to the best of our knowledge, the condensed interim financial statements as at 30 June 2025, drawn up in compliance with the applicable accounting standards, provide a true and fair view of the Group's net assets, financial position, and results of operations, and that the half-year management report provides a true and fair view of the net assets, financial position, and results of operations in respect of the significant events of the first six months of the financial year and their impact on the condensed interim financial statements as at 30 June 2025, the major risks and uncertainties relating to the remaining six months of the financial year, and major business transactions with related parties that are subject to disclosure.
Vienna, 8 August 2025
Norbert Haslacher Chairman of the Executive Board
Monika Haselbacher Member of the Executive Board
Peter Skerlan Member of the Executive Board
Karl Wannenmacher Member of the Executive Board
Financial Calendar
http://www.frequentis.com/en/ir > Financial Calendar
Notes / Disclaimer
The terms "Frequentis" and "Frequentis Group" in this publication refer to the Group; "Frequentis AG" is used to refer to the parent company.
Minimal arithmetical differences may arise from the application of commercial rounding to individual items and percentages.
The forecasts, plans, and forward-looking statements contained in this publication are based on the knowledge and information available and the assessments made at the time that this publication was prepared. As is true of all forward-looking statements, these statements are subject to risk and uncertainties. As a result, actual events may deviate significantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of planned targets or for any other forward-looking statements.
The information contained in this publication is for general information purposes only. There can be no guarantee for the completeness of the content. Typing and printing errors reserved.
Diversity, inclusion, and equality of all genders are an integral part of the Frequentis corporate culture and are reflected in our language. All references to people are therefore gender-neutral.
Frequentis accepts no liability for any error or omission in this publication. The information in this publication may not be used without the express written permission of Frequentis.
This document has been prepared in German, which is the official version. The English translation is for information only. In case of discrepancies in the English translation, the German version shall prevail. All rights reserved.
Investor Relations: Stefan Marin Tel. +43 1 81150 1074 [email protected] www.frequentis.com/en/ir Group Communications / Company Spokesperson: Barbara Fürchtegott Tel. +43 1 81150 4631 [email protected] www.frequentis.com/en/pr
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