Q3 2025 net sales were EUR 40.7 million, down 3.4% year-over-year, with sales flat at comparable currencies and a 10.5% EBITDA margin, impacted by market softness and smaller average deal sizes.
Profitability was affected by EUR 1.7 million in one-off IAR Systems acquisition costs, with EBITA at EUR 4.3 million, down 58.5% year-over-year.
Customer churn remained stable, but clients reduced license counts and opted for shorter-term deals, reflecting cost-saving measures and developer layoffs.
The IAR Systems acquisition was completed, expanding the product portfolio and offering cross-sell opportunities, especially in safety-critical and microcontroller segments.
Full-year guidance was revised downward due to weaker Q3 and a softer sales pipeline.
Q3 2025 net sales: EUR 40.7 million (-3.4% y/y); Q1–Q3 2025 net sales: EUR 139.2 million (-1.0% y/y); Q3 net profit: EUR 1.4 million; Q3 EPS: EUR 0.06.
Q3 EBITA: EUR 4.3 million (10.5% margin); Q3 EBIT: EUR 2.3 million (5.6% margin); Q1–Q3 EBITA: EUR 24.4 million (17.5% margin).
Q3 personnel expenses grew 10% year-over-year, reflecting a 64-person headcount increase, mainly in R&D and customer-facing roles.
Cash and cash equivalents at end of Q3: EUR 93.9 million (+109.1% y/y); cash flow from operating activities for Q1–Q3 2025: EUR 32.4 million.
IAR acquisition-related costs: EUR 1.7 million in Q3.
Net sales for 2025 expected to increase by 3–10% year-over-year at comparable exchange rates, with an operating profit margin (EBITA %) of 20–30%.
IAR acquisition expected to add EUR 8–10 million to 2025 net sales and reduce EBITA by EUR 6–7 million due to one-off costs.
Market softness is expected to persist through Q4, with no significant improvement anticipated until next year; management expects a gradual recovery in 2025.
Automotive and consumer electronics segments are most affected, while defense and medical are more resilient; APAC outperforms US and Europe.
Long-term growth prospects remain strong, driven by increased device displays and AI adoption.
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