Topicus (TOI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 20% year-over-year to €436.8 million, with 4% organic growth.

• Q4 2025 net income increased 41% to €79.4 million (€0.59 per diluted share) from Q4 2024.

• Full-year 2025 revenue grew 20% to €1,552.3 million, but net income fell 53% to €70.1 million due to a €221.7 million expense related to Asseco Poland S.A.

• Cash flows from operations for 2025 increased 19% to €412.7 million; free cash flow available to shareholders (FCFA2S) rose 23% to €218.7 million.

• Significant investments and acquisitions, including €384.9 million in Asseco Poland S.A., were completed.

Financial highlights

• Q4 2025 revenue: €436.8 million (+20% year-over-year); full-year 2025: €1,552.3 million (+20%).

• Q4 2025 net income: €79.4 million (+41% year-over-year); full-year 2025: €70.1 million (-53%).

• Q4 2025 CFO: €107.7 million (+35%); full-year 2025 CFO: €412.7 million (+19%).

• Q4 2025 FCFA2S: €51.2 million (+40%); full-year 2025 FCFA2S: €218.7 million (+23%).

• Full-year 2025 EPS: €0.50 (diluted), down from €1.11 in 2024.

Segment performance

• Maintenance and other recurring revenue for 2025: €1,097.1 million, up from €899.7 million in 2024.

• License revenue: €43.9 million; professional services: €371.9 million; hardware and other: €39.4 million for 2025.