Secunet Security Networks (YSN) Q4 2025 TU earnings summary

Executive summary

• Achieved strong, sustainable growth in 2025, with revenue up 13% to €458.8 million and EBIT up 22% to €51.7 million, driven by robust demand in defense, public, and business sectors, and a focus on sovereign, certified cloud solutions for Europe.

• Order intake grew 26% to €531.9 million, with a record Q4 order intake of €218 million, up 72% year-over-year.

• Seasonality persisted, with an exceptionally strong Q4 performance due to late approval of the German federal budget and public sector purchasing.

• Benefited from increased demand in defense, homeland security, and public sectors, supported by government infrastructure funds and heightened focus on digital sovereignty.

Financial highlights

• Revenue reached €458.8 million, up 13% year-over-year; EBIT increased 22% to €51.7 million; EBITDA grew 24% to €74.9 million.

• EBIT margin improved to 11.3% (from 10.5%); EBITDA margin rose to 16.3% (from 14.8%).

• Q4 2025 revenue was €174.0 million (+15% year-over-year); Q4 EBIT was €26.8 million (+8%); Q4 EBITDA was €35.7 million (+17%).

• Order backlog increased 36% to €278.3 million at year-end.

• Free cash flow exceeded €50 million; working capital released by over €20 million in Q4.

Outlook and guidance

• 2026 revenue guidance set at €460–500 million; EBIT expected between €53–58 million; EBITDA €76–84 million.

• Guidance reflects supply chain uncertainties and backlog; upside possible with improved production ramp-up.

• Further growth anticipated, supported by strong order backlog and recurring revenue models.