Frequentis (FQT) H2 2025 earnings summary

Executive summary

• Achieved double-digit growth in order intake (+17%) and revenues (+21%) in 2025, with order intake rising to EUR 680 million and revenues reaching EUR 580.1 million, driven by strong performance in the Americas and Europe.

• EBIT increased by 45.7% to EUR 46.8 million, with an EBIT margin of 8.1% (6.7% excluding an EUR 8 million one-off claim settlement in Public Safety & Transport).

• Net cash position at year-end was EUR 104.7 million, including EUR 87.1 million in customer prepayments.

• Orders on hand reached nearly EUR 800 million, ensuring strong capacity utilisation and a robust pipeline.

• Global headcount increased by over 200, reaching approximately 2,600 employees.

Financial highlights

• Revenues grew to EUR 580.1 million (+20.8% vs. FY24); EBIT rose to EUR 46.8 million (+45.7% vs. FY24); profit for the year increased to EUR 33.7 million.

• EBITDA reached EUR 66.9 million (margin 11.5%), and earnings per share increased to EUR 2.13.

• Dividend of EUR 0.30 per share proposed for FY2025, up 11.1%.

• Equity ratio at 38.6%, with total assets up 29% to EUR 509.3 million.

• Net cash position stood at EUR 104.7 million.

Outlook and guidance

• 2026 revenue expected to grow by about 10%, with EBIT margin guidance at about 7%, above the 2025 margin excluding the one-off.

• CapEx planned at EUR 15 million; internally funded R&D to remain around 6% of revenues, with a goal to gradually reduce to 5% over the coming years.

• Midterm EBIT margin target remains at 10% by decade's end, dependent on successful product transitions and stable global conditions.

• Guidance subject to risks from inflation, IT hardware shortages, and protectionist measures.

• Orders on hand at year-end 2025 stand at EUR 795 million.