Exasol (EXL) Q4 2025 TU earnings summary

Executive summary

• EBITDA more than doubled to €4.1 million, with net income rising to €3.1 million and equity ratio improving to 34.2%.

• Revenue grew 5.6% year-over-year to €41.9 million, driven by supplementary hardware, service revenues, and cost discipline.

• Strategic focus on key verticals (financial services, public sector, healthcare) led to double-digit ARR growth in these segments, while non-focus verticals saw accelerated downsell.

• New partnerships with MariaDB, Stackit, Exoscale, and Adesso expanded distribution and industry perception.

• Launched Exasol Personal to drive product-led growth and global awareness among developers.

Financial highlights

• EBITDA rose to €4.1 million, up from €2.0 million year-over-year, and net income improved by almost €3 million.

• Revenue reached €41.9 million, up from €39.6 million year-over-year.

• Net liquid funds increased to €18.7 million, and the equity ratio improved to 34.2%.

• ARR declined 8% to €39.1 million, mainly due to higher churn and downsell in non-focus verticals.

• Non-recurring revenues of €4.1 million from hardware and services.

Outlook and guidance

• 2026 guidance projects mid-single-digit percentage ARR growth and EBITDA between €3 million and €4 million.

• Revenue for 2026 expected to decline in the mid-single-digit range due to lagging effects from ARR reduction and lower one-off hardware/service deals.

• Substantial reduction in ARR churn anticipated, with continued focus on profitability and cashflow.

• Seasonality expected: stronger ARR growth in Q1/Q2 and Q3/Q4, with profitability weighted toward the second half.