EKINOPS (EKI) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was €105m, down 11% year-over-year, with a strong Q4 rebound (+15% sequentially from Q3) and a 10.0% EBITDA margin.

• Software & Services grew 27% and now represent 25% of total revenue, with ARR reaching €15.8m.

• Acquisition of Olfeo in May 2025 expanded the cybersecurity portfolio and contributed €3.7m to revenue.

• EBITDA margin declined to 10.0% from 15.3% in 2024, reflecting increased investment and lower sales.

• Net income was negative at -€7.2m, impacted by higher operating expenses and one-time items.

Financial highlights

• Gross margin improved to 57.3% (from 54.8% in 2024) despite revenue decline.

• Operating expenses rose 4% year-over-year, mainly due to higher sales & marketing and R&D staff costs.

• Adjusted EBIT was €2.5m, excluding post-acquisition amortization.

• Cash flow from operations was €3.5m; net cash position at year-end was €6.3m.

• Significant investments: €20.4m in investing activities, including €13m for Olfeo acquisition.

Outlook and guidance

• 2026 will focus on major strategic investments, especially in DCI and SASE solutions.

• Return to gradual, single-digit growth expected, with new product deliveries by year-end.

• Continued heavy R&D investment and hiring (~30 new engineers planned).

• Bridge Strategic Plan aims for leadership in high-growth segments and a return to double-digit growth.

• Profitability pressure expected in 2026 due to increased investment.