Virtualware (MLVIR) H2 2025 earnings summary

Executive summary

• Record bookings exceeded €8 million in 2025, mainly from government and nuclear projects, strengthening future positioning.

• Revenue reached €4.32 million in 2025, a 2.85% year-over-year increase, with EBITDA of €598,509 (13.8% margin).

• VIROO XRaaS line revenue rose to €1.95 million from €1.73 million in 2024, reflecting business model consolidation.

• The company demonstrated the ability to integrate acquisitions and expand internationally while maintaining profitability.

Financial highlights

• Revenue for 2025 was €4.32 million, up 2.85% year-over-year.

• EBITDA reached €598,509, representing a 13.8% margin.

• Personnel expenses increased by 22.55% to €3.20 million, mainly due to the Simumatik acquisition.

• Current assets at year-end were €9.09 million; current liabilities were €6.85 million.

Outlook and guidance

• Bookings from 2025 are expected to consolidate the company’s position in coming years.

• The company is prepared for selective inorganic growth opportunities.