EKINOPS (EKI) Q4 2025 TU earnings summary

Executive summary

• FY 2025 revenue reached €105.0M, down 11% year-over-year, with Q4 revenue of €25.6M, a 15% sequential increase from Q3 2025.

• Software & Services segment grew 27% in 2025, now representing 25% of total revenue, up from 18% a year earlier.

• Olfeo, consolidated since June 2025, contributed €3.7M to annual revenue and €1.6M in Q4.

Financial highlights

• Annual recurring revenue (ARR) stood at €15.8M as of December 31, 2025.

• Q4 2025 revenue declined 14% year-over-year but rose 15% sequentially from Q3.

• Access equipment sales fell 15% in 2025, mainly due to a 30% drop from the largest French customer.

• Optical Transport revenue declined 12% year-over-year, with North America particularly impacted.

Outlook and guidance

• Gradual market recovery expected, driven by AI and Cloud applications.

• New product launches in Optical Transport and Access segments to support growth from 2026.

• FY 2026 financial targets to be communicated with 2025 annual results.