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Ordina delivers solid performance in first half of 2023

Nieuwegein, 1 August, 2023

Ordina N.V. (Ordina), the digital business partner that harnesses technology and market know-how to give its clients an edge, today presents its results for first half of 2023 and the key results for the second quarter of 2023.

H1 2023 highlights

  • Revenue increases by 6.2% to EUR 229.4 million (H1 2022: EUR 216.0 million);

  • Business proposition revenue increases to 49% in H1 2023 (H1 2022: 46%);

  • Normalized EBITDA increases to EUR 29.0 million (H1 2022: EUR 28.2 million);

  • Normalized EBITDA margin for H1 2023 was 12.7% (H1 2022: 13.0%);

  • Net profit, including one-off M&A related costs of EUR 3.3 million, falls to EUR 12.2 million (H1 2022: EUR 14.0 million);

  • Net debt position stood at EUR 4.0 million at end-H1 (net cash position at end-H1 2022: EUR 26.0 million).

Q2 2023 highlights

  • Revenue comes in 6.4% higher at EUR 112.0 million (Q2 2022: EUR 105.3 million);

  • Normalized EBITDA increases to EUR 12.9 million (Q2 2022: EUR 10.9 million);

  • Normalized EBITDA margin increases to 11.5% (Q2 2022: 10.4%);

  • Ordina publishes offer memorandum and position statement regarding Sopra Steria's public offer and announces extraordinary shareholders' meeting on 6 September 2023.

Jo Maes, CEO Ordina, on the results

"Ordina achieved solid growth and results in the first half of the year, despite challenging conditions driven by high inflation and a tight labor market. This performance demonstrates the flexibility and resilience of our organization, as well as the effectiveness of our strategy. Our digital solutions are an effective response to the continued high demand in our key markets, with particularly strong revenue growth in the public sector with our high performance teams.

We continue to strengthen our role as a digital business partner with specific solutions for the sectors in which we want to continue to grow. We continue to invest heavily in our employees' knowledge and the application of that knowledge in relevant use cases, such as in artificial intelligence (AI). For instance, we provided the expertise in AI and machine learning for the archiving of 6.5 million objects for meemoo, the Flemish Institute of Archives.

Recently, we made an important step in the process of joining forces with Sopra Steria. Sopra Steria made the official offer for Ordina's shares. We expect the transaction to be completed in the second half of this year."

Download the press release