Secunet Security Networks (YSN) Q4 2025 earnings summary

Executive summary

• Achieved strong, sustainable growth in 2025, with revenue up 13% to €458.8 million and significant improvements in earnings and order intake, reaching the upper end of guidance.

• EBIT rose 22% to €51.7 million, and EBITDA improved 24% to €74.9 million, driven by strong Q4 and defense sector momentum.

• Order intake grew 26% to €531.9 million, with a record Q4 order intake of €218.0 million, up 72% year-over-year.

• Demand remained high in Defence & Space and Homeland Security divisions, with defense accounting for about one-third of total revenue.

• Successfully scaled operations and supply chains, delivering robust results despite late government budget approval impacting seasonality.

Financial highlights

• Revenue reached €458.8 million, up 13% year-over-year from €406.4 million in 2024.

• EBIT increased 22% to €51.7 million from €42.5 million in 2024, with an EBIT margin of 11.3%.

• EBITDA grew 24% to €74.9 million, and EBITDA margin rose to 16.3% from 14.8%.

• Order intake rose 26% to €531.9 million, with Q4 order intake up 72% to €218 million.

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

Outlook and guidance

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

• Guidance reflects supply chain uncertainties and backlog visibility; 75% of order backlog expected to convert in 2026.

• Management anticipates continued growth in both revenue and earnings, supported by strong order intake and backlog.

• Continued investment in cloud transformation, recurring revenue models, and digital sovereignty.