NFON AG / DE000A0N4N52

  Total revenue up 3.9% to EUR 44.2 million Non-recurring revenue posts significant growth of 19.9% to EUR 2.9 million Adjusted EBITDA up 3.4% to EUR 5.7 million Implementation of dual transformation as part of NFON Next 2027 on track FY 2025 guidance adjusted Munich, 21 August 2025 – NFON AG, a leading European provider of integrated business communications, continued its positive business performance in the second quarter and reports a solid first half of 2025. Consolidated revenue was up by 3.9% to EUR 44.2 million (H1 2024: EUR 42.5 million). The main growth drivers were non-recurring revenue, which increased by 19.9% to EUR 2.9 million, and stable recurring revenue, which was up by 2.9% to EUR 41.3 million and accounted for 93.4% of total revenue.

Patrik Heider, CEO of NFON AG, comments: “With NFON Next 2027, we are consistently implementing our strategy – from the targeted expansion of our AI expertise to strengthening our partner ecosystem. Our plan is working because we are rethinking business communications, and together we are achieving sustainable growth. At the same time, we are systematically developing our core business and creating a future-viable, smart product portfolio that clearly differentiates us within the European market. In retrospect, however, it has become apparent that the macroeconomic situation has in some areas led to a more cautious approach to investment and this has slowed the rate of specific growth effects. This has led us to adjust our guidance for the financial year 2025, although at the same time we regard our stable business performance and a reliably good order book position as clear evidence of our resilience and our continuation on our growth trajectory next year.”

botario strengthens AI portfolio and delivers tangible growth impetus

The main growth driver was botario GmbH, which was acquired in 2024. As a consequence, the strategic expansion of the AI portfolio has already paid off in the first post-acquisition year. The trend in recurring revenue demonstrates the resilience of the business model, while significant growth in non-recurring revenue is an indicator of the successful rollout of new solution and service offerings and, in particular, shows that AI-based automation solutions are increasingly finding their way into the existing partner network and delivering additional impetus in sales activities.

The number of installed seats decreased by 1.1% to 657,584 in the first half of 2025. Despite a stable monthly cancellation rate, the lower level of new order intake – reflecting an intensely competitive environment and cautious investment decisions – could not be fully offset. Since June, however, we have seen increasing momentum in new business again. Blended ARPU remained stable at EUR 9.9. Adjusted EBITDA grew by 3.4% to EUR 5.7 million (H1 2024: EUR 5.5 million). Operating cash flow amounted to EUR 2.5 million (H1 2024: EUR 3.7 million). NFON held cash and cash equivalents of EUR 10.8 million as of 30 June 2025 (31 December 2024: EUR 13.0 million). The reduction mainly reflects the payment in June of the contingent purchase price obligation for the botario acquisition.

AI innovations, partnerships and expansion – NFON Next 2027 gathers momentum

In the first half of 2025, NFON consistently advanced its strategic initiatives and reached important milestones in the implementation of NFON Next 2027. The company integrated into its cloud telephony platform its first AI functions such as Nia, the NFON Intelligent Assistant, automatic voicemail transcription, an optimised web app, CarPlay support and enhanced security functions with unified login and multi-factor authentication. Further functions are following in the third quarter of 2025. The new NEXUS partner programme was introduced in parallel, which strengthens the channel and enables targeted growth. NFON also launched a modular licence model that simplifies quotation and billing processes, enhances transparency and creates cross-selling potentials. In addition, the new location in Pristina, Kosovo, has expanded the company’s international presence, creating additional resources for future growth and the development of innovative solutions.

Full-year guidance adjusted – strategic focus on positive outlook unchanged

While the project business – especially thanks to AI-driven solutions – made a positive contribution to growth in the first half of the year, revenue momentum in the core cloud telephony segment fell short of original assumptions. In addition to a reluctance in some parts of the market to invest, it has become apparent that the realisation of individual growth drivers has been delayed and that we were not yet able to fully exploit the existing market potential in the first half of the year. Given this, the Management Board has reviewed and adjusted its guidance for the full 2025 year. Consolidated revenue growth of between 3% and 5% for the full 2025 year is now anticipated (previous guidance: between 8% and 10%). The guidance for adjusted EBITDA has been adjusted to a range between EUR 12.5 million and EUR 14.0 million (previous guidance: between EUR 13.5 million and EUR 15.5 million). At the same time, the first half of the year brought important progress that will establish a solid foundation for realising opportunities more rapidly and in a more targeted manner in the future – on the basis of our strong market position, our high share of recurring revenue, our diversified business model and our clear strategic direction as part of NFON Next 2027. For this reason, NFON looks with confidence to the second half of the year and beyond.

The full half-year report 2025 is available for download from the Investor Relations area of the NFON AG website.
Overview of results for the first half of 20251:

in EUR million	H1 2025	H1 2024	Change
Total revenue	44.2	42.5	3.9%
Recurring revenue	41.3	40.1	2.9%
Share of recurring revenue	93.4%	94.3%	–
Non-recurring revenue	2.9	2.4	19.9%
Share of non-recurring revenue	6.6%	5.7%	–
ARPU blended2 (in EUR)	9.9	9.9	0.0%
Number of seats	657,584	665,022	–1.1%
EBITDA	4.9	5.0	–2.8%
Adjusted EBITDA	5.7	5.5	3.4%

1  Rounding differences may arise in the tables.
2  Based on average number of seats per month in the periods under consideration.
Investor Relations contact
NFON AG
Friederike Thyssen
Vice President Investor Relations & Sustainability
+49 89 45300-449
ir-info@nfon.com
Media contact
NFON AG
Thorsten Wehner
Vice President Public Relations
+49 89 45300-121
thorsten.wehner@nfon.com
About NFON AG NFON is a leading European provider of integrated business communication with a focus on AI-based applications. The company, which is listed in the Prime Standard segment of the Frankfurt Stock Exchange, has nine branch operations and works together with over 3,000 partners. Every day, NFON supports around 55,000 business customers in Europe with intuitive communication solutions that make their businesses more efficient and flexible. NFON is active as a licensed telecoms company in 15 European countries.

As a long-term partner for small and medium-sized businesses, NFON combines technological innovation with user-friendly and efficient business communication solutions. With both AI-based technologies and operational excellence, NFON enables companies to harness the full potential that artificial intelligence offers – for optimised processes, more precise customer interactions and new growth opportunities.

With its core product, the smart cloud communications platform, NFON offers hassle-free voice calls, simple video conferencing and seamless integration of CRM and collaboration tools for small and medium-sized companies. All of NFON’s cloud services are operated in certified data centres in Germany, with 100% of their energy needs covered by renewable sources.

http://www.nfon.com/


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