accesso Technology Group (ACSO) H2 2025 earnings summary

Executive summary

• Achieved $155.1 million in revenue for the year, up 1.8% reported and just under 4% like-for-like, with Cash EBITDA of $23 million and a margin of 14.8%.

• Maintained a strong balance sheet with $30.5 million in cash after significant share repurchases and acquisitions.

• Completed a planned CEO transition, with Lee set to take over, and executed a major acquisition of Dexibit to accelerate AI-driven analytics.

• Enhanced commercial performance with a strengthened pipeline, improved win rates, and doubled new business annual value compared to 2024.

• Expanded product innovation, notably in AI, payments, and e-commerce, positioning for future growth.

Financial highlights

• Revenue grew to $155.1 million (+1.8% reported, just under 4% like-for-like), with Cash EBITDA at $23 million (+0.8%).

• Gross margin increased to 78.5% from 78.1% year-over-year, reflecting a favorable revenue mix.

• Statutory profit before tax and adjusted EPS both saw notable increases.

• 84.6% of revenue is repeatable, with transactional arrangements making up nearly three-quarters.

• Recurring license fees rose 30.8%, and maintenance/support agreements increased 16.8%.

• Non-repeatable revenue benefited from higher implementation and professional services.

• Share buybacks totaled $36 million, canceling nearly 20% of shares in issue.

Outlook and guidance

• 2026 guidance: revenue of ~$146 million and Cash EBITDA of ~$20 million, in line with consensus.

• H1 expected to end in modest net debt due to seasonality, with a return to strong net cash by year-end.

• Middle East milestone revenue expected at $4.5–$5 million, with half already delivered but subject to regional risk.

• January and February 2026 trading in line with expectations, with key seasonal peaks ahead.