Teleperformance SE

Latest Results (19.02.2026):

Teleperformance SE — First Half 2025 (with Q2 2025 details): Group revenue for H1 2025 was €5,116m, up +1.5% like‑for‑like, with Q2 revenue €2,503m (+1.3% LFL). Core Services accelerated in Q2 to +3.5% LFL while Specialized Services was weighed down by a non‑renewal of a major visa contract. Recurring EBITA before non‑recurring items was €697m (13.6% reported; 13.9% at constant FX), net profit – Group share was €249m and net free cash flow was €259m. Management updated 2025 guidance and is rolling out its “Future Forward” AI strategy.

Revenue snapshot

H1 2025 revenue: €5,116m (+1.5% like‑for‑like). Q2 2025 revenue: €2,503m (+1.3% LFL). Reported growth was muted by a -€121m currency headwind and a +€89m scope effect from ZP consolidation.

Core Services performance

Core Services H1 revenue +2.9% LFL. Growth accelerated in Q2 to +3.5% LFL (Europe, MEA & APAC +5.7% LFL in Q2). Stronger client retention, new business and ramp‑ups in back‑office/AI data services drove momentum.

Specialized Services impact

Specialized Services H1 revenue down -7.0% LFL due to the non‑renewal of a significant visa application management contract; adjusted for that loss, Specialized Services would have grown +3.0% LFL in H1. Q2 Specialized Services fell more sharply (-11.6% LFL).

Profitability and earnings

Recurring EBITA before non‑recurring items: €697m (13.6% of revenue reported; 13.9% at constant FX, essentially stable vs. H1 2024 ex‑currency). EBIT €530m. Net profit – Group share €249m (diluted EPS €4.19 vs €4.83 a year earlier).

Cash flow and balance sheet

Net free cash flow: €259m (H1 2024: €448m) hit by higher cash taxes, working capital outflows and investment in AI partnerships. Net debt at 30 June 2025: €4,482m (up from €3,890m at end‑2024) after dividends, buybacks and acquisitions.

Guidance and outlook

2025 objectives updated: Group LFL revenue growth at the lower end of the initial +2% to +4% range; recurring EBITA margin 15.0–15.1% at constant FX; strong net free cash flow of ~€1bn (ex‑non‑recurring). Mid‑term (2026–2028) targets: return to mid‑single digit LFL growth, ~15.5% recurring EBITA margin in 2028 and ~€3bn cumulative free cash flow.

Strategy and capital allocation

“Future Forward” AI plan underway (TP.ai platform, >250 AI projects launched H1). H1 saw strategic buys/partnerships (ZP, AgentsOnly, AI partners) and near‑completion of a €100m share buyback; TP announced up to €100m planned AI investments in 2025.