SMAG Mobile Antenna Masts (1SMA) H2 2025 earnings summary

Executive summary

• Develops and manufactures mobile, guyless antenna mast systems, primarily for defense, with significant integration into military communications and sensor solutions.

• 2025 saw positive operational development, driven by increased defense spending and demand for rapid deployment systems.

• Maintained a high order backlog, ensuring multi-year capacity utilization.

Financial highlights

• Revenue for 2025 was €29.3M, up from €27.6M year-over-year, but below plan due to project delays.

• EBITDA was €2.9M (prior year: €4.2M), impacted by absence of prior year’s €2.1M real estate sale.

• Adjusted EBITDA rose to €4.2M (prior year: €3.6M); Adjusted EBIT at €4.0M (prior year: €3.5M).

• Net income was €2.0M, down from €3.0M year-over-year.

• Free cash flow improved to €5.2M (prior year: €-1.4M); cash position increased to €8.4M.

• Equity ratio declined from 58% to 45% due to balance sheet expansion.

Outlook and guidance

• Expects continued strong demand in 2026, driven by geopolitical tensions and increased NATO defense budgets.

• Forecasts significant growth in revenue and total output, with improved operational efficiency and profitability.

• Anticipates rising material and personnel costs, but expects cost ratios to improve due to scaling.

• Notes uncertainties from geopolitical events, procurement decisions, and project risks.