Cyber Security 1 (CYB1) Q4 2025 earnings summary

Executive summary

• H2 2025 marked continued execution of strategic repositioning, focusing on higher-quality revenue, improved margin discipline, and operational efficiency.

• Revenue declined 20.5% year-over-year to €16.96m due to absence of large one-off deals, exit from Trinexia DMCC, and softer Middle East trading.

• Gross margin improved to 22% (from 20.3% in H2 2024), reflecting a shift to higher-margin services and annuity-based revenues.

• EBITDA loss narrowed to €(638k) from €(1,746k) in H2 2024, driven by cost optimization and restructuring.

• Board and management changes, including new CEO and board members, supported accelerated decision-making and strategic realignment.

Financial highlights

• H2 2025 revenue: €16.96m (H2 2024: €21.34m); full-year 2025 revenue: €36.96m.

• H2 2025 gross profit: €3.82m; gross margin: 22%.

• H2 2025 EBITDA: €(638k) (H2 2024: €(1,746k)); full-year EBITDA: €(1.15)m.

• H2 2025 operating margin: -4.3%; earnings per share: -0.0012.

• Net cash inflow for H2 2025: €7.4m, mainly from operating activities.

• Group equity at end H2 2025: €(5.54)m.

Outlook and guidance

• Focus remains on driving profitability, strengthening recurring revenue, and enhancing operational efficiency.

• Strategic emphasis on managed services and Security Operations Centre (SOC) offerings for improved revenue visibility.

• Continued cost optimization and operational streamlining to support sustainable long-term growth.