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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Antares Vision
Antares Vision (AV) investor relations material
Antares Vision has been delisted
Antares Vision Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
FY 2025 revenues were €204M, down 2% year-over-year, with a significant slowdown in 4Q, particularly in Life Science & Cosmetics and FMCG segments; results are in line with previous guidance.
Adjusted EBITDA margin was approximately 16%, at the lower end of guidance, reflecting maintained profitability despite revenue contraction.
Net Financial Position improved to €76M from €84M at year-end 2024, mainly due to operating cash flow generation, with a Net Financial Position/Adjusted EBITDA ratio of about 2.4x.
Orders grew 19% year-over-year, driven by a surge in Supply Chain Transparency (SCT) contracts, while equipment and services orders remained flat.
Financial highlights
FY 2025 revenues declined 2% year-over-year to €204.1M; Q4 revenues fell 11% year-over-year to €71.0M.
Recurring revenues (Services + SCT) grew 7% year-over-year in FY 2025 and 9% in 4Q, now representing 42% of total revenues, up from 39% in FY 2024.
Adjusted EBITDA margin held at ~16%.
Net Financial Position improved to €76M, with a ratio to Adjusted EBITDA of ~2.4x.
Outlook and guidance
FY 2025 preliminary results are in line with previous guidance.
Updated business plan projects a mid-single-digit revenue CAGR for 2025-2028, lower than the previous 7-9% CAGR target.
Adjusted EBITDA margin is expected to progressively improve, reaching 19-20% by 2028.
Net Financial Position/Adjusted EBITDA ratio is forecast to fall below 1x by year-end 2028.
FY 2025 results will be published on March 23, 2026.
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Latest events from Antares Vision
- Revenue grew 6.6%, but adjusted EBITDA fell 25.6% amid restructuring and debt pressure.AV
Q4 2023 - 9M 2025 revenues up 5% to €134M; FY outlook flat with lower EBITDA margin expected.AVQ3 2025
- Orders up 14%, revenues rose 3.3%, EBITDA doubled, and net loss narrowed in 1H 2025.AVQ2 2025
- Margins and cash flow improved as orders rose and full-year guidance was confirmed.AVQ3 2024
- Adjusted EBITDA turned positive at €3.4M as guidance is confirmed despite revenue decline.AVQ2 2024
- 2024-2026 plan aims for strong revenue and EBITDA growth, driven by innovation and efficiency.AVStrategy Update
- Q1 2025 orders up 25% year-over-year, with recurring revenues at 49% of total.AVQ1 2025
- Strong 4Q drives revenue, margin, and order growth, setting up a positive 2025 outlook.AVQ4 2024 TU
- Profitability and cash flow surged, with recurring revenues and leverage improving.AVH2 2024
Antares Vision
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Frequently asked questions
Antares Vision S.p.A. provides inspection, traceability, and data management solutions for the pharmaceutical, healthcare, and other industries. The company specializes in automated quality control systems, serialization technologies, and supply chain transparency solutions to ensure product safety and regulatory compliance. Its technologies are used in packaging, manufacturing, and distribution processes across various sectors, including food and beverage, cosmetics, and consumer goods. The company is headquartered in Travagliato, Italy, and its shares are listed on the Euronext STAR Milan.