Allgeier (AEIN) Q4 2025 earnings summary

Executive summary

• Revenue from continuing operations rose 1.2% to €327.6m in 2025, with a focus on digital transformation, AI, and cloud solutions.

• Strategic divestment of infrastructure-managed services and planned sale of public sector-focused publicplan GmbH sharpened the business profile.

• The group strengthened its SAP cloud portfolio via the acquisition of all4cloud and expanded digital commerce capabilities with eCube.

• The workforce grew to 2,590, with a continued emphasis on internationalization and high qualification levels.

Financial highlights

• Adjusted EBITDA from continuing operations was €44.8m (13.4% margin), slightly below prior year.

• EBIT fell to €17.5m from €26.9m, and net income from continuing operations dropped to €6.8m from €13.3m.

• Net debt was significantly reduced to €40.0m (from €91.8m), and the equity ratio improved to 50.9%.

• Cash inflow from the divestment of Allgeier IT Services was €75.7m, supporting debt reduction and future investments.

• Dividend remained stable at €0.50 per share.

Outlook and guidance

• For 2026, revenue is expected to rise to €350–390m, with adjusted EBITDA targeted at €47–53m (13.0–13.5% margin).

• Both segments are forecast to contribute to growth, with Enterprise IT aiming for €220–250m revenue and mgm technology partners for €130–140m.

• Mid-term, organic revenue CAGR is projected at nearly 10%, with EBITDA margin to reach 15%.