Tinexta (TNXT) Q4 2025 earnings summary

Executive summary

• Revenues reached €457.1 million, up 3.7% year-over-year, driven by organic growth and recent acquisitions.

• Adjusted EBITDA was €103.0 million, down 2.8% year-over-year, with margin at 22.6%.

• Net profit from continuing operations was -€57.9 million, impacted by €93 million in goodwill impairments; adjusted net profit was €35.5 million.

• Net financial debt decreased to €239.8 million from €321.8 million, reflecting strong cash flow and deconsolidation of Defence Group.

• The Board approved the 2026–2028 business plan, targeting revenue and EBITDA growth and further deleveraging.

Financial highlights

• Adjusted EBITDA margin was 22.6% (down from 24.0%); reported EBIT was -€68.0 million due to €93 million in impairments.

• Adjusted net profit from continuing operations was €35.5 million; reported net loss was €45.8 million.

• Free cash flow from continuing operations rose 61% to €70.4 million.

• Net profit from discontinued operations (Defence Group) was €12.1 million.

• Dividend distribution totaled €20 million during the year.

Outlook and guidance

• 2026 revenues expected to grow 3–4%, with adjusted EBITDA up 6–8%.

• Segment guidance: Digital Trust to grow 4–6%, Cybersecurity 2–4%, Business Innovation 6–8% in 2026.

• 2026–2028 plan targets 3–5% revenue CAGR and 7–9% EBITDA CAGR, with leverage ratio expected to fall to 1.9–2.1x by 2028.

• Debt ratio (NFP/Adjusted EBITDA) projected at 3.1x–3.3x for 2026, declining to 1.9x–2.1x by 2028.

• Guidance subject to macroeconomic, regulatory, and market uncertainties.