Gofore (GOFORE) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered the strongest profitability of the year, with net sales up 19.6% year-over-year to €59.6 million, driven by structural changes, improved utilization, and major acquisitions (Huld and Esentri), setting a solid foundation for 2026.

• Full-year 2025 net sales increased by 2.8% to €191.4 million, with organic growth at -4.0% and adjusted EBITA at €16.8 million (8.8% margin), down from €23.9 million in 2024 due to H1 project delivery challenges.

• Major acquisitions of Huld (September 2025) and Esentri AG (January 2026) expanded capabilities, customer base, and geographic reach, with integration ongoing into 2026.

• Customer satisfaction reached record levels, with NPS improving to 68 and 97% of customers' expectations met or exceeded.

• Workforce grew to 1,791 employees, up 21.8% from the previous year, mainly due to acquisitions.

Financial highlights

• Q4 adjusted EBITA was €8.3 million (14.0% margin), boosted by a €1.2 million compensation from a dispute; full-year adjusted EBITA was €16.8 million (8.8% margin), with EBIT at €11.7 million (6.1% margin).

• Pro forma revenue for the last 12 months at end of December was €250 million, reflecting the impact of acquisitions.

• Dividend proposal of €0.49 per share, representing 83.1% of EPS and a 3.6% effective yield.

• Cash flow from operations for 2025 was €22.0 million, with year-end cash at €43.2 million; equity ratio at year-end was 51.2%.

• Arbitration award of €3.0 million recognized, with €1.2 million positively impacting Q4 adjusted EBITA.

Outlook and guidance

• 2026 outlook is cautiously optimistic, anticipating tailwinds from improved demand, benefits from recent acquisitions, and cost synergies, especially in Defence & Space and DACH.

• Integration of large acquisitions may temporarily impact Q1 2026 profitability and customer hours.

• Long-term targets include €500 million net sales by 2030, at least 15% adjusted EBITA margin, and minimum 40% dividend payout of annual net profit.

• No specific financial guidance provided for 2026.