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 and refreshed commercial leadership, with Lee set to take over.

• Strategic acquisitions, including Dexibit and accesso Freedom, accelerated AI-driven analytics and SaaS migration.

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

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%) and a 14.8% margin.

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

• Adjusted basic EPS up 15.3% to 44.26c; operating profit up 21.5% to $14.4m; profit before tax up 37.7% to $14.3m.

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

• Share buybacks and tender offers returned $36.1 million to shareholders, 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.

• Early 2026 trading in line with expectations, with key seasonal peaks ahead.