Sonda (SONDA) Q4 2025 earnings summary

Executive summary

• Revenue grew 2.6% year-over-year to US$1,592 million for 2025, supported by strong business closures and a robust pipeline.

• EBITDA declined 16.6% year-over-year to US$127 million, reflecting project stabilization in Brazil and higher uncollectible accounts.

• Net income attributable to owners dropped to US$18.7 million, down 46.8% year-over-year, mainly due to lower operating results and higher financial costs.

• Investment in sales teams and commercial structure led to improved sales results and pipeline generation, with 2026 starting with significant contracts.

• The business pipeline grew 13.6% year-over-year, reaching US$6,026.2 million, with strong participation from Brazil and the Southern Cone.

Financial highlights

• Consolidated revenue for 4Q25 reached US$486 million, up 2.9% year-over-year.

• EBITDA for 4Q25 was US$40 million, down 25.5% year-over-year.

• Gross margin declined to 13.8% from 15.1% year-over-year; operating margin dropped to 4.6% from 6.4%.

• Net margin decreased to 1.2% from 2.3% year-over-year.

• Cash and cash equivalents at year-end were $101,140 million, down 29.8% from 2024.

Outlook and guidance

• 2026 is projected to be positive, with a strong start due to significant contracts awarded and continued pipeline growth.

• Strategic Plan 2025-2027 led to increased commercial structure and pipeline generation.

• Fitch Ratings affirmed long-term rating at AA- with a Negative outlook; ICR reaffirmed AA- with a Stable outlook.