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, 43 new venue wins, and 25 SaaS conversions.

• AI enablement and operational efficiency initiatives resulted in an 11% headcount reduction and higher productivity.

Financial highlights

• Revenue grew 1.8% year-over-year to $155.1m, with underlying growth of just under 4%.

• Cash EBITDA increased 0.8% to $23 million; margin stable at 14.8%.

• Gross margin rose to 78.5% from 78.1% due to favorable revenue mix.

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

• Net cash position rose to $30.5m after $15.9m in share repurchases.

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; business remains highly seasonal.