2025. This presentation will focus on WALLIX in a nutshell. After that, we will talk about our results for the first semester before entering the perspectives, the outlooks for the coming year, end of year, and in the future. Let us preliminary talk about the context. Just a few words to tell that we are in a period where it is still a complicated market and context in Europe, Middle East, and Africa, particularly in Europe, in France, in Germany, and certain countries where we still see kind of uncertainty or, I would say, companies in the industrial and public sector which are very careful with their investments and project delayed. But in this context, we are going to see that we are still finding a way to grow and to develop the company. The other important thing to keep in mind is the level of the threats.
The context is plenty of cyber attacks, major cyber attacks, where a lot of medium-sized companies and small companies are attacked and are sometimes stopped with an information system destroyed because of the level of threats, the level of fraud in the banking sector. It is, of course, an encouragement for all the business and all the CIOs of the business to spend more money in their cyber defense and to protect themselves against the modern cyber attacks. Of course, it is not a positive thing for the business, as now the cyber attackers, the hackers, are equipped with the AI tools, and the artificial intelligence is fed by the data which are stolen in the companies.
We are in a vicious cycle where the companies, independently from their size, will need to buy more systems to train their people to face the risk of cyber attack on their activity. In this context, WALLIX is still a wall under Linux which defines the name of the company. We are the European leader of identity and access cybersecurity solutions. We are a 250 people company with teams based in 16 different countries in the different continents. We have 3,700 active customers contract in 100 different countries at the end of the first semester of 2025. Perhaps the main characteristic of our revenue model today is that we have switched the major part of our revenue into a recurring revenue model with more than 75% of our recurring revenue today.
We have switched to an ARR, annual recurring revenue model, thanks to the subscriptions and the SaaS contracts, which are now the way customers are contracting with the company. It is, of course, something which gives more and more visibility to WALLIX and more capacity to increase again the level of growth in the future. We are a tech company with European R&D teams and process based in France, based in Spain. We also are investing in the CSR, so the social responsibility and sustainability for our customers. We have received different labels to point out the investment the company is doing to be more responsible. But we have also a particular project, which name is WALLIX We Edu, where we are bringing more trainings. We are bringing in the schools, the engineering schools, the bachelor university of technology schools in France, in Switzerland.
We bring our license, we bring trainings, and we propose a professional certification to the students which are exiting of their schools, awarded by a professional certification to valorize in their future professional environment. It is part of our mission as a company to answer to the current and actual needs of our customers and to prepare our future users and future employees directly in the schools where they are learning their digital expertise. Let's talk about our portfolio of solutions. First, what differentiates WALLIX from its competitors and other players, vendors on the market. We aim to protect the user's identity and access in the context, the organization of our customers. We try to do it using independent softwares, which gives them an autonomy, a strategic autonomy, with protecting the personal and industrial data, which is a strong differentiation with all our competitors on the market.
We believe in this capacity to offer the best compromise between the technology and the sovereignty in the future. We do that providing a simple, secure, identified access service to CIOs, to CSOs in the organization who have to deploy a cybersecurity strategy. It is a vision which differentiates WALLIX from every competitor on the market. We provide, as I mentioned, a secure identified access service through a portfolio of softwares, where we can help our customers to protect their privileged access. Privileged access are these key access to sensitive information and critical infrastructures. Something which is critical for the companies through different solutions, password management, the management of the rights of access to the data and to the infrastructures in the IT and the OT environments, in the cloud platforms and services.
We have added features to this privileged access technology through our acquisitions or internal innovation process to bring workforce access solutions to protect and manage the passwords, to offer a simple and ergonomic single sign-on access and comfortable access inside the organization. To offer access governance solutions, the access governance is key to audit permanently the information system, to elevate and show how a company is elevating the level of security in compliance with the main regulations in the different countries where the different organizations are operating. It is something key and mandatory in more and more countries. It is important to offer a very performing solution, but also to be identified by the main analysts of the market. We are a visionary of the Magic Quadrant of Gartner.
We are also rewarded and labeled by the main analysts of the market as a leader of the market. We have this particularity to be certified, to have a certified solution, certified historically by our national agency of cybersecurity in France, ANSSI. From several weeks now, we are certified by the BSI in Germany. We are the German PAM solution of the market, and we are currently moving on Spanish certification. We have also made an effort to make our services and SaaS solution certified by label ISO/IEC 27001 certification. It is something which brings more, I would say, credibility to our offer in the different countries in the world. We have, as I mentioned before, 3,700 active customer contracts in 100 different countries in the world, mainly in France, Europe, Middle East, and Africa.
In our customer portfolio, we have companies of different size, of different sectors, public, private. The main characteristic I would say the major part of our customers are in regulated markets. They are in critical sectors which are essential for our daily usage and daily life, like transportation, aeronautics, defense, telecom, the various industries, food companies, healthcare organizations, and of course, public sectors. We are targeting as a priority these sectors where cybersecurity is not only something important, but it is something vital to offer, to deliver the business, the activity to the customers. Let's talk about our first half 2025 activity and results. We are in an ideal position to deliver our main objectives of the year.
At the end of the first half, we are still in a hyper-growing activity with a lot of new customer acquisition, with delivering and hyper-growth of our annual recurring revenue. It is, of course, important to still deliver a double-digit growth of our global turnover. The second important KPI of the company is, of course, the bottom line. We can deliver at the end of the first half a very strong improvement of our results, which is important to confirm our objective of positive annual operating profit. We do that by maintaining a high level of cash which gives the company a strong position and independence for the future. It will, of course, allow us to increase our cash position by delivering positive operating profit in 2025 and the future coming years. We do that in a context where we are still investing.
We are not restructuring. We are still investing to improve our technical expertise, the innovation in our solutions, with delivering more and more recurring revenue. We are at the end of our transition to the SaaS and subscription model, and we are now investing for the future to deliver more growth in the years coming. We are going to enter now in these different important milestones and KPIs. To enter in the details, I let Amaury talk about the figures then.
Thank you, Jean-Noël. Let's get into the figures of the H1 2025. Our first KPI, our monthly recurring revenue, which increased by 25% from second quarter 2025. It doubled in three years' time, and it continues its hypergrowth. This represents nearly EUR 28 million annual recurring revenue at the end of the first half, and we continue to experience sustained hypergrowth, 25%+ , over the last three years. This big improvement confirms the transformation of our economic model towards a subscription model. Strong growth on the revenue side as well, with a 19% growth. There is a major shift towards subscriptions model. Nearly 75% of H1 revenues are recurring revenues. Recurring revenues increased by 24%, underlining a solid and continuous dynamic. Basically, these figures reflect both the success of our subscription model and the solid and predictable growth.
In addition to our revenue growth, we can underline operational leverage since the turnover grew by EUR 2.9 million when EBITDA grew by EUR 4.1 million. It happened thanks to the success of operational performance plan, which combined an increase of turnover with control over staff costs, control over other charges, and an increase in capitalized production with the return of strong innovation investments, as Jean-Noël just mentioned. As for operational efficiency, we reached a balance point with a EUR 150,000 revenue per people. How? We stabilized the workforce and improved productivity. Now, each additional euro of revenue should bring more margins in a virtuous cycle of operation efficiency. As mentioned, the P&L confirmed this dynamism with an EBITDA which improved by EUR 4.1 million between the first half of 2025 and the first half of 2024, the EBITDA being positive with nearly EUR 600,000.
To reach our operating profit, which improved by EUR 3.3 million, we have to mention certain elements in the depreciation, amortization, and provisions line. First, a non-cash impact of EUR 500,000 due to Forex provisions and provisions related to free share plans, since both the tax improved by 50% on the first half of the years on free share plans and the stock price increased. Second, we also have an increase in the amortization of capitalized R&D, which is normal since we innovated more. The financial results are also impacted by the Forex impact on current accounts and lower interest on our cash. Globally, our net results improved by EUR 2.5 million compared to 2024, even if we have to mention this EUR 1 million negative impact of Forex and free share plans on net results.
But I would like to say that 80% of this impact is a non-cash impact. We have a strong financial position at the end of June, since we have more than EUR 9 million, even if we pursue our technological investments for the future and including the extensions of our software suite, which Jean-Noël will speak about in a moment. With these EUR 9.4 million, WALLIX still keeps its financial autonomy and capacity to pursue its investments and the cycle of profitable growth. Nothing to mention, especially in the balance sheet, but the fact that the financial debt, which amounts to EUR 8.1 million, remain under control since it's mainly a long-term debt and composed for more than 60% by convertible bonds that can be reimbursed in stocks, which provides some financial agility to the group.
To conclude with figures, and before giving back the mic to Jean-Noël, I'd like to say that these results put WALLIX in ideal position to reach a positive operating profit in 2025, which remains our main objective for this year.
So now let's talk about the perspective. First short-term perspective, 2025, we confirm our objective to be positive, to be profitable on the full year. We could confirm that through, first, the strong performance of the business. We still increase our pipe creation. We see a lot of opportunities of new partnerships, existing partnership, but incoming partnerships in Germany, in the Middle East, in India, in the Nordics. We see the momentum of cybersecurity in these different countries and the impact of our brand and awareness, the impact of the quality of our solution. And of course, the BSI certification will bring more. We also, of course, have a better vision of our sales process and activity. And historically, WALLIX is doing 56% of its business, its revenue, in the second half of the year. So now we first are confident with the quality of the business.
The second factor is the difference between the results, the operating results in the first half and the second half, which is historically very different. And the second half is still generating more profit. So this difference between the results of the first and the second half gives another, I would say, proof, another factor of trust for the result of the year. So this is the most important thing for us to be positive in 2025, and we are on the road. Second important thing, we are doing that by still improving the technology in our solutions and offering new products, new services. We do that by developing innovation internally and by continuing an acquisition process in certain targeted domains where we can offer new solutions.
For 2025, we have in January proposed a Web Session Manager, which gives the users of WALLIX Bastion a capacity to increase the level of trust of the connections of the users' connections for the workforce of the privileged users in a widespread organization through this new module, this new feature. And we see that this new feature is bringing new projects, important projects, which could impact the end of the year and will impact strongly the coming years as it is something which is important, and which gives a good return on investment against the VPN technology in the wide organization. So Web Session Manager is now promising, and we have won the first projects. We have launched in September the WALLIX One PAM Core for the medium-sized organization and small organizations.
The idea is to give them a, I would say, simple to deploy and to use package, an entry level package of WALLIX PAM solution, and a very competitive package. So this WALLIX One PAM Core is something which was waited from a lot of our small customers and prospects, and it is an important move in this small and medium business, which is one of the major markets where WALLIX want to perform in the future. In 2026, we'll improve, of course, the investment through AI, artificial intelligence, which will generate new features and new modules in our software portfolio. So the AI-driven behavior analysis, for example, to anticipate the risk of human threat errors and cyber attacks. These new products will arrive, will be launched in 2026, and of course, will feed our portfolio in the coming years. It is something which is waited also by the market.
Let's talk now about our BSI certification in Germany. We are the German PAM solution now. It is an important step for WALLIX to increase our market share in Germany, in the DACH region, in the Nordics, where this certification is an important stamp. We are now able to offer a German certified solution compliant with very high technical standards in Germany and France for critical operators in Germany, but also for the whole 30,000 important and essential operators subject to NIS2 in the country. It is an opportunity for WALLIX to develop the business in this important market in 2026 and in the future. This certification gives WALLIX the capacity to offer to the market a solution, a PAM solution, which is now globally recognized as one of the best product in the PAM domain in the world, and the most performant product of the market.
Meanwhile, we offer a local response which is certified in the main countries in Europe. This global and local positioning is something unique on the market. It is, of course, particularly important in a period where sovereignty becomes important for a lot of companies, a lot of governments and countries. WALLIX is a trusted European cybersecurity vendor, an alternative to the American giants who are now proposing to the companies and to their customers a global platformization of their cybersecurity framework. We consider this global platformization on the model of Microsoft or Meta or Google as something which could increase the dependence between a lot of companies and American providers, which, I would say, have pricing policy sometimes dangerous for the finance of our customers, and which is giving their solution less capacity to innovate in a particular domain.
Today, the important strategy for our customers is the IAM and PAM strategy in their global cybersecurity framework. It is something key to manage all the users, to manage all the providers, internal and external providers, to manage all the assets in the cloud, all the assets in the industrial network, in the factories, in the different healthcare organizations where the business couldn't stop. Trust is key. We keep this unique actor to offer an independence in the product and solutions offered. We offer a high level of certification, which gives more trust in the security of the customers, but also high quality in the capacity to comply with the regulations. We are a solution built in Europe, which is GDPR by design and which needs to be compliant by design.
We offer a European solution to our European customers and an alternative solution to the non-aligned customers in every country where sovereignty is important. WALLIX is the player which will offer a high level of quality to be compliant with NIS2. NIS2 is this new regulation which will help the companies to align to a cyber standard where they could face the risk of cyber attacks, where they could be more resilient against the risk of cyber attack, or I would say data threats. We are, of course, very well positioned on this major evolution of the market, as the medium-sized organization, the small and medium business in the critical sectors are the core business of the company. Historically, 15,000 companies were subject to the Directive NIS1 in Europe.
We have developed a strong market share in this particular market with these customers in France and in other European countries. In our 3,700 active customers contracts, we have a lot of customers compliant with the Directive NIS1. For us, now that we enter in the Directive NIS2, we are going to enlarge our market. The number of companies and business subject to NIS2 will jump by 10 times. Now it is 150,000 companies subject to NIS2 in Europe, 30,000 in Germany, 15,000 in France. It gives us a new ambition to be able to develop our market share as a European leader in these 150,000 essential and important operators. It is ambition and obsession to become the major players, the major vendor to help them to be compliant to NIS2.
To talk about WALLIX in general, as we see we have a distinctive positioning to help our customers now to comply with NIS2, with the right level of security, the right level of trust and transparency, with the right solution. It is, of course, essential for our future revenue development and to develop our market shares. We feel also that WALLIX is still very attractive for the investors as we are still delivering a high level of recurring revenue growth, with still delivering a double-digit global revenue growth. With our capacity to achieve our, I would say, break even in the second semester of 2024, and our capacity now to deliver a profitable growth in the coming years, this year, and the future ones. We are still autonomous in terms of cash, so we don't need to make a dilutive operation with the market.
Regarding the market, we are autonomous. If we look at the level of the stock, we are still under six times our annual recurring revenue and five times our global revenue, which is giving WALLIX an attractive position compared to the other competitors of the market, and I would say the valuations in our cybersecurity sector. Let's remind that last summer, the leader of the cybersecurity market, Palo Alto Networks, bought the leader of the PAM, CyberArk, for a record operation of $24 billion, which is representing 20x the revenue of CyberArk. So we feel that, of course, WALLIX is still on the road to become a leader. In the same time, WALLIX is still having a moderate valuation which is opening opportunities in the future. To conclude this presentation, we are confident in a short-term and in a medium-term perspective.
It is the main thing to keep in memory after this presentation. WALLIX is on the road to become a leader and preparing its Vision 2030 with serenity. Let's enter now the question and answer session, and Amaury and I will.