2CRSI SA (AL2SI) Q4 25/26 TU earnings summary

Executive summary

• Annual revenue reached €416.2 million for fiscal year 2025/26, up 88% year-over-year, driven by strong commercial momentum and strategic repositioning in the AI infrastructure market.

• Revenue target was exceeded, with growth entirely from delivered and invoiced orders, not from the €610 million framework agreement.

• Customer portfolio diversified, with new strategic accounts and reduced revenue concentration among top customers.

Financial highlights

• Revenue increased to €416.2 million from €220.7 million year-over-year, an 88% rise.

• Service revenue grew nearly 200% to €24.7 million, representing higher-margin business.

• Year-end cash position improved to €14.4 million, the highest since IPO in 2018.

Outlook and guidance

• Ambition to achieve €1 billion in revenue for fiscal year 2026/27, supported by strong AI market demand and the ÆTHER consortium momentum.

• Focus on improving margins by increasing the share of services and value-added solutions.