Egm in the X-ray: Doxee announced +15% revenue in 2025

In the first half of 2025, Doxee saw recurring subscription (SaaS) revenues rise 20.7% to EUR 10.9m, and professional services revenues also increased 20.8% to EUR 4.2m. Ebitda jumped from only EUR 538,000 to EUR 2.9 million, and for the full year 2025, a figure of between EUR 6 and 6.2 million was indicated (compared to EUR 2.9 million in 2024). This is due to software infrastructure costs (IaaS, Infrastructure-as-a-Service) almost halved from EUR 1.08 million to EUR 593,000, as well as indirect personnel costs decreased by 63% to EUR 1.17 million. On the other hand, research and development costs jumped by 49.8% to EUR 2.3 million, but it should be noted that this change resulted from a change in the method of accounting (in 2024, a portion of these costs was capitalised directly in the balance sheet, thus not making the total amount visible in the income statement).

Doxee was therefore able, as of 30/6/2025, to go from an operating loss of EUR 2 million to an operating profit of EUR 486,000 and from a net loss of EUR 2.4 million to a substantial break-even (net profit of EUR 39,000). There is no reason to think that 2025 will end with negative margins; total depreciation and amortisation in 2024 was almost twice as high as in the first half of the year (indicatively, therefore, in 2025 it should be about EUR 5 million), while net financial expenses of EUR 379,000 as at 30/6/2025 were down from EUR 553,000 at the same date in 2024. Net financial debt at the end of 2025 was indicated by Doxee to be between 13.9 and 14.4 million, significantly lower than the 19.3 million at the end of 2024 and also lower than the 15.5 million at 30/6/2025.

Admittedly, the level of debt is still quite high (the Debt/Equity 2025 ratio if calculated with the equity of the first half year, the latest available data, of EUR 8.5 million, would be between 1.6 and 1.7 times), but the further reduction of net debt is one of Doxee's main objectives. In the first six months of 2025, previously contracted loans were repaid without recourse to new debt.

Doxee intends to increasingly focus on artificial intelligence also to optimise its cost structure and consequently will continue to develop its foundation of Ai models to reduce migration costs from previous technologies, as well as adequately train its staff, but also intends to apply the Doxee Platform to its customer base (to pursue upselling and cross-selling opportunities) and expand its already numerous certifications in particular under the Dora (Digital Operational Resilience Act) regulations, in force as of 16/1/2023 and applicable as of 17/1/2025, which imposes a unified framework for cybersecurity and operational resilience in the European financial sector with the aim of ensuring that financial institutions and third-party ICT providers can withstand and recover from cyber-attacks.

However, the company will also continue to participate in commercial and marketing initiatives to increase awareness of its brand (in particular towards potential large industrial customers, utilities, banks and insurance companies) and intends to update its website in order to spread awareness of the O3 project (One Platform, One Company, One Value Proposition).

But it was also mentioned that Doxee is a benefit company as well as B Corp certified. In these areas it should be noted that Doxee has been drawing up the Sustainability Report for 5 years (and despite its small size, which does not make it compulsory, intends to continue this practice) and for 4 years the Impact Report typical of benefit companies. It has an internal Esg committee and is part of the first Italian local network of B Corp certified benefit companies, 'B Local Modena', established in March 2025.

The market likes Doxee: in the last six months the share price has more than doubled (and rightly so, given the results so far). Trading volumes, as always for Euronext Growth Milan, are low, but not very low; unfortunately the free float is small at around 18% of the share capital. But this defends Doxee from potential takeovers since the company has a product of excellence in its specific field of reference (Doxee Platform), which is continuously updated. The choice to deliver the product in SaaS mode and the focus on large companies, utilities, and banking and insurance institutions also make Doxee little exposed to problems with collection times and improve the level of revenue continuity.