Highlights

  • S4 Capital now expects 2025 like-for-like net revenue to fall by just under 10%.
  • Operational EBITDA is projected at GBP 75 million, below market consensus of GBP 81.6 million.
  • Year-end net debt is anticipated between GBP 100 million and GBP 140 million, exceeding prior estimates.

S4 Capital PLC (LSE:SFOR) has updated its 2025 financial outlook following the release of third quarter results and October financial performance. The company now anticipates like-for-like net revenue for 2025 to decline by just under 10% compared with previous forecasts. The reduction is attributed to lower project-based revenue, continued client caution, and a slower ramp-up of new business than initially expected.

Operational EBITDA Adjustment

As a result of the revenue decline, S4 Capital has revised its operational EBITDA target to approximately GBP 75 million, which is below the current market consensus of GBP 81.6 million. Despite cost-saving actions implemented during the year, the company expects the decrease in revenue to have an impact on operational profitability.

Liquidity and Net Debt Position

S4 Capital reports that liquidity has improved more than anticipated. The company expects its year-end net debt to fall within GBP 100 million to GBP 140 million. This indicates that, although revenue and EBITDA projections have been lowered, the company’s financial position continues to support operational requirements for the remainder of the year.

Share Price Snapshot

SFOR was trading 6.89% lower at GBX 16.48 per share as of 24 November 2025.