SYS-DAT (SYS) Q4 2025 earnings summary

Executive summary

• Revenues reached €89.6 million in 2025, up 55.9% year-over-year, driven by organic growth and the acquisition of A&C Group, significantly outpacing the Italian ICT market.

• EBITDA rose 47.6% to €17.1 million, with a margin of 19.6% excluding one-off M&A expenses, and strong EBITDA-to-cash conversion at 79%.

• Adjusted net income increased 38.2% to €8.7 million, with reported net income at €6.9 million (+11.5% YoY); liquidity increased to €48.5 million.

• Net financial position remained positive at €17.4 million, despite significant M&A activity and future payment obligations.

• Over 20 acquisitions since 2021, with two more completed in early 2026, supporting a buy-and-build strategy and tripling business size.

Financial highlights

• Total revenue reached €89.6 million in 2025, up 55.9% year-over-year, with organic growth at 9.8%.

• EBITDA was €17.1 million (+47.6% YoY), margin at 19.6% excluding one-offs.

• Adjusted net income grew 38.2% to €8.7 million; reported net income up 11.5%.

• Operating cash flow was €13.4 million, covering M&A, dividends, and buybacks.

• Liquidity at year-end stood at €48.5 million.

Outlook and guidance

• No formal guidance, but management expects high single-digit organic growth for 2026, with continued focus on innovation, AI, and further M&A.

• Ongoing M&A pipeline with focus on vertical markets and recurring services.

• AI adoption among customers is still in early stages, but management sees significant future growth potential.