CENIT Second Quarter 2025 Earnings: Revenues Beat Expectations, EPS Lags
Key Financial Results
Revenue: €52.7m (up 8.0% from 2Q 2024).
Net income: €145.0k (up 77% from 2Q 2024).
Profit margin: 0.3% (up from 0.2% in 2Q 2024).
EPS: €0.017 (up from €0.01 in 2Q 2024).
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All figures shown in the chart above are for the trailing 12 month (TTM) period
CENIT Revenues Beat Expectations, EPS Falls Short
Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 79%.
Looking ahead, revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany.
Performance of the German Software industry.
The company's shares are down 3.3% from a week ago.
Risk Analysis
Don't forget that there may still be risks. For instance, we've identified 2 warning signs for CENIT (1 is a bit unpleasant) you should be aware of.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Onity Group Announces Second Quarter 2025 Results
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Second Quarter 2025: Net income attributable to common stockholders of $20 million; diluted EPS of $2.40; ROE of 17% Adjusted pre-tax income* of $16 million, resulting in annualized adjusted ROE* of 14% Book value per share improved to $60 as of June 30, 2025, up $2.94 YoY Originations volume of $9.4 billion, up 35% YoY, exceeding 23% industry growth Average servicing UPB of $307 billion, up $2 billion YoY 2025 Outlook: Confirmed previous guidance including 2025 adjusted ROE* range of 16% - 18% (ROE and adjusted ROE* at 18% for first half of 2025) Some or all of $180 million deferred tax valuation allowance (US) as of December 31, 2024, could be released by year-end 2025 * See 'Note Regarding Non-GAAP Financial Measures' below "We reported another strong quarter with sustained profitability and steady growth, demonstrating the resilience of our business model, sound strategy and high-caliber execution,' said Onity Group Chair, President and CEO Glen Messina. 'Despite market challenges, we continue to achieve results in Servicing and Originations, with a growing servicing portfolio, originations volume that is exceeding the industry growth rate, and a high-performing recapture platform. We remain committed to delivering strong shareholder returns as we navigate the future with agility. We believe our balanced and diversified business is built to perform through market cycles, driven by our technology-enabled, low-cost, award-winning platform." Additional Second Quarter 2025 Operating and Business Highlights Funded recapture volume up 2.4x YoY; refinance recapture rate is 1.5x industry average based on ICE Mortgage Monitor report as of June 2025 Average owned servicing UPB of $153 billion, up 16% YoY Effective MSR hedge strategy resulting in minimal MSR fair value volatility in the quarter and continued alignment with operating and financial performance Fitch Ratings upgraded all of the Company's residential primary servicer ratings and affirmed its commercial small balance servicer ratings Total liquidity (unrestricted cash plus available credit) at $218 million as of June 30, 2025 Webcast and Conference Call Onity will hold a conference call on Tuesday, August 5, 2025, at 8:30 a.m. (ET) to review the Company's second quarter 2025 operating results and to provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 245-3047 or (203) 518-9765 approximately 10 minutes prior to the call; please reference the conference ID 'Onity.' Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call's completion through August 19, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11159308. About Onity Group Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation's largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as 'expect', 'believe', 'foresee', 'anticipate', 'intend', 'estimate', 'goal', 'strategy', 'plan' 'target' and 'project' or conditional verbs such as 'will', 'may', 'should', 'could' or 'would' or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our 2025 outlook and guidance, our expectation of releasing our deferred tax valuation allowance by year-end 2025, our ability to drive growth, and navigate interest volatility and economic uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; whether we will release some or all of the valuation allowance offsetting our net U.S. deferred tax asset, and the timing and amount of such release; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae); the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity's, our contractual counterparties', or our vendors' information technology or other security systems or privacy protections, including any failure to protect customers' data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); the extent to which MSR Asset Vehicle LLC (MAV) will exercise its rights to sell MSRs subserviced by PHH and the impact to our subservicing portfolio; our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity's business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Note Regarding Non-GAAP Financial Measures This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures. We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity's reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE. The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate. Notables In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above. Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (previously reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes. Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024. 1H'25 Q2'25 Q1'25 Q2'24 I Net Income (Loss) Attributable to Common Stockholders 42 20 21 11 A. Preferred Stock Dividend (2) (1) (1) - II Reported Net Income (Loss) [I – A] 44 22 22 11 B. Income Tax Benefit (Expense) 12 (1) 13 (3) III Reported Pre-Tax Income (Loss) [II – B] 32 23 9 14 Forward MSR Valuation Adjustments due to rates and assumption changes, net (a)(b) (7) 6 (12) (13) Reverse Mortgage Fair Value Change due to rates and assumption changes (b)(c) 11 1 10 (4) IV Total MSR Valuation Adjustments due to rates and assumption changes, net 4 6 (2) (17) Significant legal and regulatory settlement expenses (12) 2 (14) 2 Severance and retention (d) (0) (0) (0) (1) LTIP stock price changes (e) (1) (2) 0 1 Office facilities consolidation (0) (0) (0) 0 Other expense notables (f) 1 1 1 (1) C. Total Expense Notables (12) 1 (14) 1 D. Gain (loss) on extinguishment of debt - - - 0 E. Other Income Statement Notables (g) (1) (1) (0) (3) V Total Other Notables [C + D + E] (14) 0 (14) (2) VI Total Notables (h) [IV + V] (10) 6 (16) (19) VII Adjusted Pre-Tax Income (i) [III – VI] 42 16 25 32 a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net b) The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert c) FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net d) Severance and retention due to organizational rightsizing or reorganization e) Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period f) Contains costs associated with but not limited to rebranding and other strategic initiatives and transactions g) Contains other non-routine transactions h) Certain previously presented notable categories with nil numbers for each period shown have been omitted i) Effective in Q4'24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would still have been $32M in Q2'24; see note titled 'Note Regarding Non-GAAP Financial Measures' for more informationAdjusted ROE Calculation1H'25 Q2'25 Q1'25 Q2'24 GAAP ROE (after tax) 18% 17% 19% 10% I Reported Net Income (Loss) 44 22 22 11 II Notable Items (10) 6 (16) (19) III Income Tax Benefit (Expense) 12 (1) 13 (3) IV Adjusted Pre-Tax Income (Loss) [I – II – III] 42 16 25 32 V Annualized Adjusted Pre-tax Income [IV * 4for qtr.] 84 66 102 128 Equity A Beginning Period Equity 443 460 443 432 C Ending Period Equity 482 482 460 446 D Equity Impact of Notables 10 (6) 16 19 B Adjusted Ending Period Equity [C + D] 492 475 477 465 VI Average Adjusted Equity [(A + B) / 2] 467 468 460 448 VII Adjusted ROE(a)[V / VI] 18% 14% 22% 29%a) Effective in Q4'24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would still have been $32M in Q2'24; without this change, adjusted ROE would be 28% in Q2'24; see note titled 'Note Regarding Non-GAAP Financial Measures' for more informationCondensed Consolidated Balance Sheets (Unaudited) Assets June 30,2025 March 31,2025 June 30,2024 Cash and cash equivalents 194.3 178.0 203.1 Restricted cash 62.3 58.9 46.3 Mortgage servicing rights (MSRs), at fair value 2,632.6 2,547.4 2,327.7 Advances, net 461.4 514.0 550.6 Loans held for sale, at fair value 2,048.3 1,402.2 1,107.0 Loans held for investment, at fair value 10,470.8 10,812.5 8,227.8 Receivables, net 204.6 222.3 153.4 Investment in equity method investee - - 31.3 Premises and equipment, net 9.7 10.8 12.3 Other assets 129.1 106.0 84.3 Contingent loan repurchase asset 318.2 407.2 341.0 Total Assets 16,531.3 16,259.3 13,084.7 Liabilities, Mezzanine & Stockholders' Equity June 30,2025 March 31,2025 June 30,2024 Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 10,253.1 10,587.6 8,035.4 Other financing liabilities, at fair value 818.1 835.5 845.9 Advance match funded liabilities 342.5 377.5 405.0 Mortgage loan financing facilities, net 2,195.5 1,577.4 1,190.5 MSR financing facilities, net 1,218.6 1,136.0 927.7 Senior notes, net 488.5 488.0 555.2 Other liabilities 365.0 340.0 337.9 Contingent loan repurchase liability 318.2 407.2 341.0 Total Liabilities 15,999.5 15,749.2 12,638.4 Mezzanine Equity 49.9 49.9 - Stockholders' Equity 481.9 460.2 446.2 Total Liabilities, Mezzanine and Stockholders' Equity 16,531.3 16,259.3 13,084.7 Condensed Consolidated Statements of Operations (Unaudited) For the Quarter EndingJune 30, 2025 March 31, 2025 June 30, 2024 Revenue Servicing and subservicing fees 211.3 203.3 210.8 Gain on reverse loans held for investment and HMBS-related borrowings, net 11.9 23.8 8.5 Gain on loans held for sale, net 10.4 11.8 16.5 Other revenue, net 13.0 10.9 10.6 Total revenue 246.6 249.8 246.4 MSR valuation adjustments, net (27.3) (38.9) (32.7) Operating expenses Compensation and benefits 60.9 57.4 55.0 Servicing and origination 13.0 13.0 13.9 Technology and communications 15.5 15.0 13.0 Professional services 8.4 22.6 10.7 Occupancy, equipment and mailing 8.1 8.2 7.5 Other expenses 3.7 3.6 3.9 Total operating expenses 109.5 119.9 104.0 Other income (expense) Interest income 32.1 26.2 22.5 Interest expense (75.6) (67.0) (73.1) Pledged MSR liability expense (43.0) (41.9) (46.1) Gain (loss) on extinguishment of debt - - - Earnings of equity method investee - - 3.1 Other, net (0.4) 0.9 (2.7) Other income (expense), net (87.0) (81.9) (96.2) Income before income taxes 22.8 9.1 13.5 Income tax expense 1.3 (13.0) 3.0 Net Income (Loss) 21.5 22.1 10.5 Preferred stock dividend (1.0) (1.0) - Net Income (Loss) attributable to common stockholders 20.5 21.1 10.5 Basic EPS $2.55 $2.68 $1.34 Diluted EPS $2.40 $2.50 $1.33 For Further Information Contact: Investors: Valerie Haertel, VP, Investor Relations(561) 570-2969shareholderrelations@ Media: Dico Akseraylian, SVP, Corporate Communications(856) 917-0066mediarelations@ in to access your portfolio
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Purespring Therapeutics receives UK CTA approval for Phase I/II clinical trial of PS-002 in patients with primary IgA nephropathy (IgAN)
First patient in Phase I/II clinical trial expected to be enrolled in Q4 2025 UK Clinical Trial Application (CTA) approval shortly follows U.S. IND clearance and granting of European Medicine Agency (EMA) orphan drug designation, enabling readiness for initiation across sites in both the U.S. and Europe PS-002, Purespring's lead precision nephrology programme, targets the complement pathway known to be a driver of IgA nephropathy and is supported by a wealth of preclinical data London – 5 August 2025 - Purespring Therapeutics, a precision nephrology company focused on transforming the treatment of kidney diseases, today announces that its UK Clinical Trial Application (CTA) for a planned Phase I/II study of PS-002, Purespring's lead programme, in patients with IgA nephropathy (IgAN) has been approved by the UK Medicines and Healthcare products Regulatory Agency (MHRA), the NHS Health Research Authority (HRA) and Research Ethics Committee (REC). 'The CTA approval for our Phase I/II clinical trial of PS-002 represents another key milestone as we complete our transition to a clinical-stage precision nephrology company,' said Haseeb Ahmad, Purespring's Chief Executive Officer. 'Building on the recent FDA IND clearance and EMA orphan drug designation, this further validates the potential of our podocyte-targeting approach to go beyond symptom management and directly target kidney disease at its source. Looking ahead, we are committed to working closely with regulators and sites across the U.S. and Europe with the view to expand the therapeutic options available for people living with IgAN.' PS-002 was developed to target the underlying cause of many kidney diseases by modulating complement activation in the kidney via precision targeting of podocytes. The programme is initially focused on the treatment of IgA nephropathy (IgAN), a rare and chronic autoimmune kidney disease that primarily affects young adults. In IgAN, aberrant immunoglobin A (IgA) protein becomes trapped in the kidney's filters, known as the glomeruli, causing complement activation, inflammation, damage and scarring. A significant proportion of affected patients will go on to develop kidney failure despite currently available therapies. The Phase I/II clinical trial, which is expected to enroll its first patient in Q4 2025, will evaluate local administration of PS-002 to treat IgAN. In the Phase 1 part of the Phase I/II study, the main read-outs will be safety parameters, which, together with efficacy biomarkers, will be leveraged to select a dose for the Phase 2 part of the study. This second phase will be used to further define the safety profile and provide early markers of efficacy. Enabled by this latest regulatory approval and the recent U.S. IND clearance, as announced in July 2025, the Phase I/II study will recruit patients across the U.S. and Europe. For further information, contact: Purespring: Peter Mulcahycontact@ (0)20 3855 6324LinkedIn ICR Healthcare Amber Fennell, Sarah Elton-Farrpurespring@ Notes to Editors About Purespring Purespring is developing therapies to halt or prevent kidney disease, one of humankind's most poorly treated disease areas. Founded on the work of Professor Moin Saleem, Professor of Paediatric Renal Medicine at the University of Bristol, Purespring is the first company to successfully treat kidney disease by targeting the podocyte, a specialised cell that is implicated in the majority of renal disease. Purespring's platform approach enables streamlined gene therapy development for both acquired and genetic renal diseases, offering the potential to halt, reverse and even cure both rare and common kidney diseases. The Company currently has a pipeline of programmes in development including the lead asset for treatment of IgA Nephropathy (IgAN) and other complement mediated kidney disease. The Company also has programmes for disease caused by mutations in the gene NPHS2, as well as other monogenic glomerular kidney diseases. Based in London, the Purespring team combines world-leading expertise in podocyte biology and kidney disease with a wealth of experience in gene therapies, anchored in a culture of diversity, creativity and delivery. Purespring is backed by leading biotech investors, including Syncona Limited, Sofinnova Partners, Gilde Healthcare, Forbion, and the British Business Bank and has raised £115m ($149m) to date. For more information please visit: and follow us on in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
