Eben Upton
Founder, CEO & Director
Good morning, everyone, and welcome to our 2025 first half interim results. We’re going to start by sharing a few highlights of the half, and Richard is going to take us through the financials, and we’ll round off with an update on some of our strategic programs and an outlook for the second half and beyond.
We’re very pleased with our performance in the first half of the year. We saw a 9% sequential increase in unit volumes, underlying demand growth from our existing and new OEM customers. And this happened in the context of a normalized channel inventory position. Recall that heavy inventory both in channel and at our OEM customers was a significant drag on the performance of the business in the second half of last year.
So an 8% sequential increase in direct unit sales and a 27% increase in direct revenue, reflecting the success of our strategy to move more of our large OEM customers into the direct channel.
A good product mix, certainly a better product mix than in the second half of last year, which together gave us a 19% sequential increase in adjusted EBITDA. Just to probably address a couple of potential headwinds on the company. Obviously, we are now in a high and dynamic, probably more importantly, dynamic tariff environment in respect to sales into the U.S., we’ve looked and we’ve seen no evidence of a significant impact of those tariffs on our demand from U.S. OEM or consumer customers.
We do see this in the medium to long term as a significant source of
