2025 revenue: 105 m€ ARR of 15.8 m€ as of December 31, 2025

Rhea-AI Summary

Ekinops (OTC:EKNPF) reported FY 2025 revenue of €105.0m, down 11% year‑over‑year, with Q4 revenue €25.6m (‑14% YoY, +15% sequential). The Group recorded ARR €15.8m as of Dec 31, 2025 and Software & Services growth +27%, representing 25% of total revenue. Olfeo consolidation (from June 1, 2025) contributed €3.7m for the year and €1.6m in Q4.

By segment, Access fell ‑15% (major French customer down 30%), Optical Transport down ‑12% (North America weakness), France revenue ‑8% and international ‑13%. Management launched new R&D products and a Go‑to‑Market reorganization; Lionel Chmilewsky appointed CEO in January 2026. FY2026 targets to be published with 2025 annual results on March 10, 2026.

Positive

• ARR of €15.8m at Dec 31, 2025
• Software & Services revenue +27% in 2025
• Software & Services now 25% of total revenue
• Q4 sequential revenue growth +15%

Negative

• FY 2025 revenue declined ‑11% YoY to €105.0m
• Q4 2025 revenue €25.6m, down ‑14% YoY
• Access sales ‑15% in 2025; largest customer down ‑30%
• Optical Transport revenue ‑12% in 2025; North America weakness

PARIS, Jan. 14, 2026 /PRNewswire/ -- EKINOPS (Euronext Paris - FR0011466069 - EKI), a leading supplier of optical transport, branch routing and cybersecurity SASE solutions for telecom operators and enterprises, today reports its consolidated revenue for FY 2025, ending on December 31, 2025.

m€ - IFRS Unaudited data	2024	2025	Change
12-month revenue	117.7	105.0	-11 %

Q4 revenue up +15% sequentially (vs. Q3 2025)

In Q4 2025, Ekinops reported consolidated revenue of 25.6 m€, down -14% compared to Q4 2024. On a sequential basis, Ekinops' Q4 revenue increased by +15% compared to Q3 2025, in line with the company's target set early October.

Olfeo, the French provider of SSE (Secure Service Edge) cybersecurity software, consolidated since June 1^st 2025, contributed 1.6 m€ to Q4 2025 revenue.

Ekinops' 2025 consolidated revenue amounted to 105.0 m€, down -11% compared to the previous year
(-14% at constant scope and exchange rates). Olfeo contributed 3.7 m€ to the annual revenue.

Software & Services up +27% in 2025 - ARR of 15.8 m€ at year-end 2025

Software & Services revenue grew strongly by +27% in 2025, driven notably by the increase in Ekinops' service offerings and Olfeo's contribution.

This segment now represents 25% of Ekinops' total revenue, vs. 18% a year earlier.

A significant portion of the Software & Services revenue is recurring, which leads the Group to start reporting its ARR (Annual Recurring Revenue) from 2026. This metric reflects the annualized value of subscriptions and support contracts, excluding non-recurring components (professional services, hardware sales, perpetual software licenses, or any other non-recurring revenue). ARR will monitor the ramp-up of the Group's recurring revenue, in line with the ambitions of the Bridge strategic plan.

As of December 31, 2025, Ekinops' ARR amounted to 15.8 m€.

Decline in Access and Optical Transport in 2025

At the end of FY 2025, Access equipment sales decreased by -15%, impacted by lower sales to the Group's largest customer in France (-30% for the year 2025 following a strong +21% growth in 2024). Excluding this customer's impact, Ekinops' Access revenue would have remained stable Y-o-Y.

The end of the year saw more dynamic activity in the Access segment, with sequential growth of +10% in Q4 2025 compared to Q3.

Optical Transport activity declined by -12% compared to 2024. Sales of Optical Transport solutions were mainly affected by reduced activity in North America, as two major customers reduced their investments following post-consolidation reorganizations. On the other hand, Ekinops recorded strong growth in France, partly offsetting the slowdown observed in Europe.

Optical Transport activity rebounded strongly towards year-end, with sales up +26% in Q4 compared with Q3 2025.

As the situation with the two aforementioned North American customers improved at year-end, Ekinops anticipates a return to normalized activity levels in the coming months.

Limited decline of -8% in France, -13% internationally

In France (43% of 2025 activity vs. 41% in 2024), Ekinops' annual sales decreased by -8%, following a strong +18% growth in 2024.

Ekinops' international sales fell by -13% (57% of 2025 activity vs. 59% in 2024).

In North America, where sales are mainly driven by Optical Transport, revenue amounted to 19.7 m€, down -14% compared to last year (-16% in USD). The gradual restart of the BEAD federal program (Broadband Equity, Access, and Deployment), aimed at deploying fiber networks in rural and remote areas of the United States, is expected to unlock investments for several Ekinops customers.

In Europe (33% of 2025 activity, identical a year earlier), sales declined by -10% over the year. Ekinops gradually returned to growth in the region at year-end, with sequential growth of +21% in Q4 compared to Q3.

In the Rest of the World (5% of 2025 activity), sales declined by -20% over the year.

Outlook

A gradual market recovery is expected over the coming quarters, driven particularly by the development of new AI and Cloud-related applications.

In R&D, the Group launched new products in 2025 and enhanced existing product lines in both Optical Transport (new C700HC chassis addressing both operators and DCI, 800G transponders, etc.) and Access (new 5G indoor/outdoor product, advanced SD-WAN features, etc.).

The launch of these new solutions is part of the Bridge strategic plan, aimed at positioning Ekinops in high-growth market segments from 2026 onward: cybersecurity (SASE – Secure Access Service Edge) for Access and datacenter interconnect (DCI) for Optical Transport.

The development of a fully sovereign SSE and SASE offering, adapted to European market requirements, reflects Ekinops' ambition to deliver solutions capable of competing with non-European vendors on features and cost.

The end of FY 2025 marked a major transition phase for Ekinops, during which the interim management team developed a detailed plan for 2026, confirming the year as one of ambitious investments to support the deployment of the Bridge plan. At the same time, the Group launched an initiative to optimize and structure its Go-to-Market approach, for both direct and indirect sales, particularly in the new target markets (SASE and DCI).

The appointment of Lionel Chmilewsky as CEO of Ekinops in early January 2026 fully aligns with this strategy, aimed at introducing new drivers for sustainable growth and value creation.

Ekinops plans to communicate its FY 2026 financial targets with its 2025 annual results.

Financial calendar

Date	Release
March 10, 2026	2025 annual results

All press releases are published after Euronext Paris market close.

Appendix

Starting in Q2 2025, Ekinops has updated the geographic breakdown of its revenue into the following regions: France, Europe (excluding France), North America, and Rest of the World^[1]. This new geographic structure aims to better reflect the dynamics of its markets and provide a more balanced and relevant view of regional performance, notably by grouping areas with a marginal impact on the Group's business under "Rest of the World".

Geographical breakdown of revenue according to the previous segmentation:

m€ - IFRS Unaudited data	Q4 2025	FY 2025
France	11.0	44.5
North America	4.6	19.7
EMEA	9.6	39.5
Asia-Pacific	0.3	1.3

Ekinops contact
Lionel Chmilewsky, CEO
contact@ekinops.com

Investors contact
Mathieu Omnes, Investor relation
Tel.: +33 (0)1 53 67 36 92
momnes@actus.fr

Media contact
Amaury Dugast, Press relation
Tel.: +33 (0)1 53 67 36 74
adugast@actus.fr

^[1] The previous breakdown was France, EMEA (Europe, excluding France, the Middle East & Africa), North America, and Asia-Pacific. The breakdown of consolidated revenue for Q2 and H1 2025, according to the previous structure, is available in the appendix of this press release.

FAQ

What was Ekinops' total revenue for FY 2025 (EKNPF)?

FY 2025 revenue was €105.0m, a decline of 11% year‑over‑year.

How much ARR did Ekinops report as of December 31, 2025 (EKNPF)?

ARR stood at €15.8m at year end 2025.

How did Ekinops' Software & Services perform in 2025 (EKNPF)?

Software & Services revenue grew +27% in 2025 and now represents 25% of total revenue.

What drove the FY 2025 revenue decline at Ekinops (EKNPF)?

Declines were led by Access ‑15% and Optical Transport ‑12%, including a major French customer ‑30%.

When will Ekinops publish FY 2025 annual results and targets (EKNPF)?

Ekinops will release FY 2025 annual results and FY 2026 targets on March 10, 2026.

Who is the new CEO of Ekinops and when was he appointed (EKNPF)?

Lionel Chmilewsky was appointed CEO in early January 2026.