BMIT Technologies plc - Interim Results

On 5 August 2025, BMIT Technologies plc published its interim results covering the six-month period ended 30 June 2025.

Revenue increased by 9.6% to €18.3 million, compared to €16.7 million in H1 2024. Revenue generated from Data Centre, Cloud, and Managed Services reached €16.2 million, up from €14.8 million recorded in the same period in 2024. Similar to previous years, the growing adoption of cloud services remains the primary driver of the  overall revenue growth. However, this shift continues to negatively impact profitability, as cloud services typically deliver lower profit margins compared to traditional data centre solutions.

During the first half of the year, another six mobile tower sites were commissioned, bringing the total number of operational sites to 292. This represents an increase of 14 sites over the 18-month period since BMIT acquired the passive network infrastructure. Revenue from Tower Operations for the six months ended June 2025 amounted to €2.1 million, representing 11.5% of total revenue.

Operating costs rose by 17.9% to €14.0 million (2024: €11.9 million), primarily driven by higher direct costs from increased cloud service sales. Furthermore, expenses also increased due to payroll growth from continued investment in human capital and one-off consultancy fees.

Operating profit for the period declined by 10.9% to €4.31 million (H1 2024: €4.84 million).

Excluding depreciation and amortisation charges amounting to €1.94 million (H1 2024: €1.77 million), EBITDA fell by 5.4% to €6.25 million. This translates into an EBITDA margin of 34.1% compared to 39.5% in the same period last year.

Net finance costs remained practically unchanged at €0.86 million.

After deducting a tax charge of €1.54 million, and a minimal non-controlling interest arising from 56BIT, BMIT posted a net profit attributable to shareholders of €1.90 million, 14.1% less than the €2.21 million reported during the corresponding period in 2024. The profit for the first six months of 2024 translates into an annualised return on average equity of 34.5% (H1 2024: 45.4%).

The Statement of Financial Position as at 30 June 2025, when compared to the position as at 31 December 2024, shows that total assets increased by 3.9% (or +€2.9 million) to €77.8 million on the back of an increase in cash and equivalents to €10.0 million (31 December 2024: €6.0 million). Similarly, total liabilities rose by 7.1% (or +€4.4 million) to €66.5 million on the back of an increase in payables and other financial liabilities (due to the potential deferred consideration for the future acquisition in 56Bit). Meanwhile, total equity fell by 11.5% (or -€1.5 million) to €11.3 million. The decrease in equity was driven by the €4 million dividend for FY2024 declared last March, (of which €1.7 million was paid in cash in July 2025) and a €2.0 million increase in reserves related to a written put option granted to the minority shareholder for the potential purchase of the remaining stake in 56Bit. These reductions were partly offset by the profit earned during the period and a €2.3 million increase in share capital and share premium from the issuance of new shares under the scrip dividend option.

Acquisition of 56Bit

On 30 May 2025, BMIT successfully completed the acquisition of a 51% shareholding in 56Bit Limited which is an AWS Advanced Tier Services Partner specialising in cloud solutions, DevOps, and managed services. BMIT recognised this 51% stake in 56Bit as an investment in subsidiary and as from June 2025, BMIT’s financial statements include the results of 56Bit. Non-controlling interest of €0.4 million was recognised on acquisition of the subsidiary.

Potential acquisition of a stake in Malta Properties Company plc

As per the announcement on 10 July 2025, BMIT entered into a Share Purchase Agreement with Emirates International Telecommunications (Malta) Limited (EITML) to purchase 49% of the total issued share capital of MPC. BMIT explained that the majority of the properties within the portfolio of MPC are critical digital infrastructure properties which support Malta’s telecommunications and technology sectors. The potential acquisition is therefore expected to strengthen BMIT’s positioning in the digital infrastructure space by complementing its technology-driven services with ownership exposure to critical infrastructure and property assets.

Outlook

Commenting on the results, the Directors noted that the first half of 2025 was marked by continued momentum in a transformation journey where the company is actively investing in its core pillars, i.e. hybrid IT, cyber resilience, and digital infrastructure, whilst expanding the service portfolio and exploring new growth opportunities.

Looking ahead, BMIT stated that it is evaluating international expansion opportunities and remains committed to reinforcing its infrastructure backbone. Particularly, the Directors mentioned exploring investments in data centre capacity to support the growing demand for high-availability services and to ensure long-term scalability. BMIT will continue to assess the potential of Artificial Intelligence (AI) and machine learning to enhance automation and security, as well as the opportunities that AI may present to the company.