CM.com Annual Report 2025

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An AI First Strategy

“2025 was a transformative year for CM.com, marked by structural improvement, innovation, and the growing influence of Artificial Intelligence. AI is becoming a defining force in how companies operate and communicate. The launch of HALO, the first Agentic AI platform in the EU, showcased our commitment to innovation and is increasingly adopted as the market transitions to integrated, data-driven customer engagement solutions.

We significantly improved the quality of our earnings, achieving record EBITDA, record Gross margin, and reduced leverage, reflecting our focus on efficiency and operational excellence. The successful refinancing of our € 100 million convertible bonds further strengthened our financial foundation, positioning us for sustainable growth.

With AI at the core of our strategy, we are focused on capturing opportunities that enhance scalability, efficiency, and deliver impactful customer interactions. Looking ahead, we are committed to driving future revenue growth, supported by our enhanced product suite. HALO, integrated with our unified Platform for customer interaction, reinforces CM.com’s position as a leader in personalized, automated customer experiences.”

Jeroen van Glabbeek, CEO CM.com

Financial Statements

Key Figures 2025

All key figures

Our KPI’s

Total Revenue (In million)

259.4- 5%

Gross Profit (In million)

81.3- 2%

Gross margin (In percentage)

31.3

EBITDA (In million)

18.4+ 12%

2024: € 274.2

2024: € 83.1

2024: 30.3%

2024: € 16.5

Highlights 2025

In 2025, we achieved several key milestones. Throughout the year, we made progress across strategic, operational, and performance-related areas. The highlights offer a snapshot of the year.

FEBRUARY 2025
CM.com launched HALO, an Agentic AI platform that extends our AI capabilities beyond traditional assistants. HALO deploys autonomous agents that plan, execute, and optimize tasks across business processes within our communications, marketing, and payments ecosystem. This launch advanced our AI-first strategy and enables organizations to deliver more efficient and personalized customer experiences.
FEBRUARY 2025
CM.com N.V. entered into a new € 80 million revolving credit facility with a consortium of banks consisting of HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank. The facility refinanced our existing debt position and enabled the repurchase of the outstanding convertible bonds. In addition, a capital injection of € 20 million was raised through an accelerated bookbuild offering.
MAY 2025
At its Capital Markets Day, CM.com showcased its Engagement Platform and shared new ambitions for 2028. Our strategy focuses on three pillars: the advantages of one unified customer engagement platform, the opportunities presented by HALO, and how market trends enable accelerated growth. We target annual gross profit growth of at least 15%, a gross margin of approximately 35%, and an EBITDA margin of 12-15% by 2028.
MAY 2025
CM.com introduced Voice AI Agents as the latest innovation on HALO. This capability empowers our customers to interact with their clients at unprecedented scale in a personalized manner. The solution enables our customers to better understand and respond to their client needs through voice-based interactions.
JUNE 2025
CM.com introduced a new Ticket Resale Platform that allows event organizers to provide attendees with a secure way to resell purchased tickets directly through the organizer's platform. By managing the resale of second-hand tickets, event organizers retain full control over the ticketing process while offering fans a convenient and trusted solution.
AUGUST 2025
CM.com pioneered the first-ever AI Agent in Formula 1, launched during the Formula 1 Heineken Dutch Grand Prix. HALO integrates multiple systems including travel planning, camping reservations, and ticketing to provide fans with personalized, real-time answers and actions. This demonstrated HALO's capability to enhance fan experiences.
NOVEMBER 2025
Jörg de Graaf departed as CFO of CM.com, and we welcomed Geert Beullens as our new CFO. Geert brings over 25 years of financial experience, with deep expertise in driving profitable growth and scaling technology businesses globally. His nomination will be formally presented at the AGM in April 2026.

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