Virtualware (MLVIR) H2 2025 earnings summary

Executive summary

• Gross margin improved to 93.7% in 2025, up from 86.8% the previous year, reflecting operational discipline and resilience.

• EBITDA reached €672,626 (15.53% margin), higher than the unaudited figure due to final depreciation and subsidy recognition.

• Revenues totaled €4.32 million, consistent with preliminary results.

• Record annual bookings exceeded €8 million, mainly from government and nuclear projects.

• Entered 2026 with the strongest liquidity position in company history and a record backlog.

Financial highlights

• Gross margin rose to 93.7% from 86.8% year-over-year.

• EBITDA margin increased to 15.53%, up from 13.8% in the unaudited release.

• Net financial debt was €2.70 million at year-end 2025, but a €6.22 million post-closing payment shifted the company to a pro forma net cash position.

Outlook and guidance

• Entering the final year of the 2024-2026 Strategic Plan with a record backlog and expanding margins.

• Enhanced financial flexibility supports selective investment and prudent capital allocation.