EKINOPS (EKI) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was €105.0m, down 11% year-over-year, with a 10.0% EBITDA margin.

• Declines in Access equipment (-15%) and Optical Transport (-12%) were partially offset by 27% growth in Software & Services, now 25% of total revenue.

• Acquisition of Olfeo contributed €3.7m to revenue and supported expansion into cybersecurity segments.

Financial highlights

• Gross margin improved to 57.3% from 54.8% year-over-year, driven by a favorable business mix.

• EBITDA was €10.5m (10.0% margin), down from €18.0m (15.3% margin) in 2024.

• Net income was -€7.2m, compared to -€7.0m in 2024.

• Operating cash flow was positive at €3.5m, despite increased working capital needs.

Outlook and guidance

• Targeting single-digit revenue growth in 2026, supported by new DCI and SASE solutions.

• Significant investments planned in R&D and go-to-market strategies are expected to lower EBITDA margin in 2026.

• Long-term ambition to return to double-digit growth under the Bridge strategic plan.