q beyond (QBY) Q4 2025 earnings summary

Executive summary

• Achieved a return to profitability in 2025, meeting or exceeding all medium-term financial targets set in the 2025 Strategy, including positive net income, free cash flow, and a doubled EBITDA margin of 7% year-over-year.

• Launched the 2028 Strategy, focusing on profitable growth, technological differentiation, and international expansion, with a goal to become a leading AI orchestrator for European SMEs.

• Expanded sector focus to include healthcare and energy, and accelerated AI and internationalisation initiatives.

Financial highlights

• Revenues declined to €182.6 million in 2025 from €192.6 million in 2024, prioritising profitability over growth.

• EBITDA increased 17% to €12.3 million (2024: €10.5 million), with an EBITDA margin of 7% (2024: 5%).

• Consolidated net income improved to €1.6 million from a loss of €4.0 million in 2024.

• Free cash flow rose to €5.5 million (2024: €3.2 million); net liquidity increased to €42.0 million.

• Equity ratio strengthened to 72% (2024: 62%), with shareholders’ equity at €96.4 million.

Outlook and guidance

• For 2026, revenues are projected between €182 million and €190 million, with EBITDA expected between €10 million and €16 million.

• Continued positive net income and free cash flow anticipated.

• By 2028, targets include €250 million in revenues and an EBITDA margin of around 10%, driven by organic growth, AI, and acquisitions.