Cablenet Communication Systems plc has reported a net loss of €1.95 million for the first half of 2025, citing lower revenues, increased mobile infrastructure investments, and changes in its sports content agreements as key contributing factors.

Cablenet Communications Systems plc is a subsidiary of GO plc, which owns 70.61 per cent of company shares. It is a leading telecommunications company in Cyprus, offering internet, cable tv, mobile, and fixed telephone home services.  

In 2020, it became the first foreign registered company to issue and list bonds in Malta.

The company generated €34.5 million in revenue between January and June 2025. This marks a 4.9 per cent drop from the €36.3 million reported in the same period last year. Despite growth in mobile service revenues – driven by a continued increase in subscribers – the company saw declines in football-related income and lower financing activity on mobile device sales.

Gross profit decreased by 8.8 per cent to €12.7 million, while EBITDA fell 8.4 per cent to €9.6 million. Operating profit stood at just under €200,000, down from €812,000 in the first half of 2024. Cablenet attributed the lower gross margin, now at 36.8 per cent, to rising costs associated with expanding its mobile network under a RAN sharing agreement with CYTA, including the rollout of 5G capabilities.

Cost of sales fell by 2.5 per cent to €21.8 million, but this reduction was not sufficient to offset the drop in overall revenue.

On the cash flow front, Cablenet registered a €0.8 million outflow, largely due to a decrease in borrowing proceeds and interest repayments, including partial repayment of a €3.5 million loan from majority shareholder GO plc.

Despite the loss, the company remains optimistic about its growth strategy, particularly in the mobile segment. Its share of the Cypriot mobile market reached 10.7 per cent as of June 2025. Cablenet also reaffirmed its commitment to content diversification, having secured broadcasting rights to France’s Ligue 1 football championship until May 2029.

The company’s total asset base stood at €121.9 million at the end of June 2025, down from €127.4 million at the end of 2024. This decline was mainly attributed to lower trade receivables and reduced investments in fixed assets and intangibles. Total liabilities reached €123.4 million, resulting in a negative equity position of €1.5 million, compared to positive equity of €0.4 million at year-end 2024.

As part of its ongoing bond obligations, Cablenet confirmed that it will make a €1.6 million interest payment to bondholders on 14th August 2025. The €40 million bond matures in August 2030.

Looking ahead, the company expects to recover ground in the second half of the year through mobile growth, B2B service expansion, and a stronger TV content offering. The Board did not recommend the payment of a dividend for the period.