Not exactly a victory lap
Videndum’s full-year 2025 results read like a company that spent most of the year with one foot on the brakes. Revenue dropped to £228.3 million from £280.7 million, while adjusted EBITDA nearly halved to £9.0 million. That’s not the kind of chart you frame and hang in the lobby.
The cash flow gremlins are still hanging around
The pain didn’t stop at sales. Adjusted operating cash flow came in at £5.3 million, but free cash flow was still negative at £23.6 million. Loss per share also widened, which is the sort of headline that makes investors reach for the strong coffee.
The silver lining: less debt, more breathing room
There was one meaningful “okay, that helps” moment: the company said a £85 million equity raise, plus about £39 million of debt equitisation and write-off, reduced net debt by roughly £112 million after refinancing fees. Videndum also sold its Amimon business in April 2025 and the JOBY brand in September 2025, while continuing to cut costs.
Why you should care
When a business is still shrinking, the market wants a believable path to stability. Videndum is clearly not there yet, but the cleaner balance sheet and lower inventory give management a little more runway to fix the core business without the debt monster breathing down its neck.
Big picture: this is still a turnaround story, just with fewer creditors lurking in the shadows.