Serviceware (SJJ) Q4 2025 earnings summary

Executive summary

• Achieved double-digit revenue growth, reaching up to EUR 115.3 million, and recorded first positive EBIT and net income since IPO.

• Successfully transitioned from license-based to SaaS model, driving international expansion and AI integration.

• Launched AI-native platform and AI Process Engine, enhancing automation, efficiency, and recognized as a strong performer by Forrester Wave.

• International expansion progressed with new customers in Asia, the U.S., and Italy, though international revenue not yet fully reflected in P&L.

• SaaS revenue grew by 36%, while service revenue declined as the business shifts to recurring models.

Financial highlights

• Total revenue grew by 11.7% year-over-year, reaching up to EUR 115.3 million; SaaS/Service revenues up 28.1% to EUR 89.6 million.

• EBITDA increased by 57.8% to EUR 5.1 million; EBIT positive at EUR 1.0 million for the first time since IPO.

• Earnings after taxes reached EUR 1.8 million, up from EUR -0.07 million year-over-year.

• Order backlog grew 20.9% to EUR 97.4 million; recurring revenue ratio increased from 78% to 82%.

• Cash and cash equivalents increased to EUR 34.2 million; operating cash flow at EUR 3.9 million.

Outlook and guidance

• Revenue guidance for the next year set at 5%-15% growth, with management expecting to achieve 10%-15%.

• EBITDA and EBIT expected to improve significantly as cost base remains stable and revenue increases.

• Anticipates further decline in license and one-time revenues, offset by growth in recurring SaaS revenue.

• Contractual liabilities and order backlog expected to grow over 20% year-over-year, with a large portion recognized in the current year’s P&L.

• Positive outlook based on strong business development and international market position.