Equasens Société anonyme (EQS) Q4 2025 TU earnings summary

Executive summary

• Achieved strong commercial performance in 2025, with annual recurring revenue (ARR) of €108.0m, up 8.8% year-over-year, and total revenue of €236.5m, up 9.1% as reported and 7.2% like-for-like.

• Growth was driven by all business divisions, with particularly strong momentum in the second half and Q4 2025.

• Recent acquisitions, including Calimed, Novaprove, DIS, and EREVO, contributed to revenue growth and expanded the Group's presence in digital health and training.

Financial highlights

• Q4 2025 revenue reached €64.3m, up 9.7% year-over-year.

• Systems and equipment sales grew 11.9% to €94.1m; maintenance and subscriptions rose 6.8% to €105.1m; software and services increased 8.8% to €37.3m.

• Acquisitions contributed €4.2m to full-year revenue, including €1.8m in Q4.

Outlook and guidance

• Plans to strengthen leadership in French and European digital health markets, focusing on technological innovation, interoperability, and operational efficiency.

• Continued integration of AI and SaaS functionalities, with significant resources dedicated to qualifying core software for the Ségur Wave 2 program.