Secunet Security Networks (YSN) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €458.8 million in 2025, up 13% year-over-year, with EBIT rising 21% to €52.6 million and EBITDA up 24%, all exceeding prior year and plan.

• Net income increased 19% to €33.3 million, with earnings per share at €5.15 and a significant rise in operating cash flow and cash position.

• Order intake surged 26% to €531.9 million, with Q4 contributing significantly and order backlog up 36% to €278.9 million.

• No bank debt and a robust balance sheet position, supporting future growth and flexibility.

• Preliminary figures confirmed, with consistently high demand across core sectors and a robust outlook for 2026.

Financial highlights

• Revenue grew 13% year-over-year to €458.8 million, driven by strong Q1 and Q4 performance.

• EBIT rose 21% to €52.6 million and EBITDA by 24% to €74.9 million, reflecting higher sales and cost discipline.

• Net income up 19% to €33.3 million; earnings per share increased 19% to €5.15.

• Cash increased by over 50% to €87.4 million; operating cash flow up to €62.5 million.

• Share price outperformed SDAX and TecDAX, rising 59% in 2025.

Outlook and guidance

• 2026 guidance confirmed: revenue €460–500 million, EBITDA €76–84 million, EBIT €53–58 million.

• Strong order backlog up 36% year-over-year as of December 31, 2025, supporting a positive outlook.

• Management remains optimistic despite ongoing memory media shortages and geopolitical uncertainties.

• Strategy focuses on sustainable and profitable growth, international expansion, and targeted acquisitions.