FY 2025 results: 105 m€ in revenue, 10.0% EBITDA margin

Rhea-AI Summary

Ekinops (EKNPF) reported FY 2025 revenue of 105.0 m€ (‑11% vs 2024) with EBITDA of 10.5 m€ (10.0% margin) and consolidated net income of ‑7.2 m€. ARR reached 15.8 m€. Gross margin rate improved to 57.3%. Net cash stood at 6.3 m€ after a ‑14.2 m€ change in cash. The company completed the Olfeo acquisition (PPA 11.2 m€) and plans major 2026 investments in SASE and DCI, expecting single‑digit revenue growth while accepting lower 2026 profitability.

Positive

• ARR reached 15.8 m€
• Software & Services sales +27%, now 25% of revenue
• Gross margin rate improved to 57.3%
• EBITDA of 10.5 m€ representing a 10.0% margin
• Operating cash flow +3.5 m€

Negative

• Revenue declined ‑11% to 105.0 m€ (‑14% at constant scope and FX)
• Access equipment sales ‑15%, hit by lower activity with largest French customer
• Optical Transport activity ‑12%, weighed by reduced North America spending
• EBITDA margin fell from 15.3% to 10.0% (≈530 bps decline)
• Consolidated net loss of ‑7.2 m€ and cash change ‑14.2 m€, net cash 6.3 m€
• Financial borrowings rose to 25.8 m€; goodwill and PPA increased by 11.2 m€

PARIS, March 11, 2026 /PRNewswire/ -- EKINOPS (Euronext Paris - FR0011466069 - EKI), European leader in optical networking and secured connectivity solutions for service providers, enterprises and public organizations, reports its FY 2025 financial statements (for the period ended 31 December 2025), as approved by the Board of Directors on 11 March 2026. The statutory auditors have finished auditing the consolidated financial statements and the certification report will be issued shortly.

m€ – IFRS	2024	2025
Revenue	117.7	105.0
Gross margin	64.5	60.2
As a %	54.8 %	57.3 %
Operating expenses	58.1	60.2
EBITDA1	18.0	10.5
As a %	15.3 %	10.0 %
Current operating income (EBIT)	6.5	0.0
Other operating income and expenses	-11.4	-3.2
Operating income	-5.0	-3.2
Consolidated net income (expense)	-7.0	-7.2
1 EBITDA (Earnings before interest, taxes, depreciation, and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments (see appendices).

 

105.0 m€ in revenue in FY 2025

In FY 2025, Ekinops recorded consolidated revenue of 105.0 m€, down -11% compared to FY 2024 (-14% at constant scope and exchange rates). Olfeo, the French provider of SSE (Secure Service Edge) cybersecurity software acquired on 1 June 2025, contributed 3.7 m€ to annual revenue.

Access equipment sales declined by -15%, impacted by lower activity with the Group's largest customer in France. Excluding the impact of this customer, Access revenue would have remained stable Y-o-Y.

Optical Transport activity decreased by -12% compared to FY 2024, mainly reflecting reduced activity in North America, where two major customers slowed their investments following post-consolidation reorganizations.

FY 2025 was notably marked by strong growth of +27% in Software & Services sales, which accounted for 25% of the Group's total annual revenue, driven by the expansion of service offerings and the contribution from Olfeo.

The Group is now reporting its ARR (Annual Recurring Revenue)^[1] in order to monitor the ramp-up of recurring revenue in line with the ambitions of the Bridge strategic plan. As of 31 December 2025, Ekinops' ARR amounted to 15.8 m€.

Strong gross margin of 57.3% in 2025 (vs. 54.8% in 2024)

At the end of FY 2025, gross margin stood at 60.2 m€, compared with 64.5 m€ a year earlier, representing a limited decline of -7%.

The gross margin rate came to 57.3%, compared with 54.8% in 2024, reflecting a favorable shift in the business mix, notably with a growing contribution from Software & Services sales. 

EBITDA margin of 10.0% in 2025

In 2025, EBITDA^[2] amounted to 10.5 m€ (representing 10.0% of revenue), compared with 18.0 m€
(15.3% of revenue) a year earlier.

Operating cash-flow of +3.5 M€ in 2025

Ekinops generated positive operating cash flow of +3.5 m€ in 2025. This includes an increase in working capital requirements of 2.2 m€ over the year, mainly due to lower purchasing volumes from suppliers.

Overall, the change in cash amounted to -14.2 m€ at the end of 2025.

Net cash position of 6.3 m€ as of 31 December 2025

ASSETS – m€ IFRS	12/31 2024	12/31 2025		LIABILITIES – m€ IFRS	12/31 2024	12/31 2025
Non-current assets	82.0	105.8		Shareholders' equity	112.1	105.9
o/w goodwill	28.4	41.6		Financial borrowings	16.9	25.8
o/w intangible assets	13.4	23.6		o/w bank loans	15.0	23.5
o/w right-of-use assets	11.6	10.0		o/w factoring	1.9	2.3
Current assets	57.0	57.0		French research tax credit pre-financing	2.3	0.5
o/w inventories	22.8	20.8		Trade payables	17.8	14.7
o/w trade receivables	23.7	23.3		Lease liabilities	12.2	10.5
Cash	46.4	32.1		Other liabilities	24.1	36.9
TOTAL	185.4	194.3		TOTAL	185.4	194.3

The increase in goodwill reflects the integration of Olfeo into Ekinops' accounts since 1 June 2025. As of 31 December 2025, Ekinops finalized the Purchase Price Allocation (PPA) for an amount of 11.2 m€, resulting in an increase in intangible assets to 23.6 m€.

Available cash stood at 32.1 m€ at the end of December 2025, for financial borrowings^[3] of 25.8 m€, mainly consisting of bank loans. As a result, net cash^[4] amounted to 6.3 m€ at the end of 2025, with shareholders' equity of 105.9 m€.

Strengthened CSR commitment in 2025

In 2025, Ekinops strengthened its Corporate Social Responsibility (CSR) commitment, notably with the publication of its first CSRD report (Corporate Sustainability Reporting Directive), a significant improvement in the transparency of its non-financial information. Full details can be found here.

2026: a year of major investments under the Bridge strategic plan to accelerate in the fastest-growing market segments, SASE and DCI

Ekinops enters 2026 with a clear priority: to invest heavily in new solutions and go-to-market strategy in order to accelerate its development in the most dynamic segments of its markets, in line with the ambitions of the Bridge strategic plan: network cybersecurity (SASE - Secure Access Service Edge) and data center interconnection (DCI).

At the end of 2025, Ekinops had already announced the launch of a new C700HC chassis, the first in a new category of hybrid optical transport equipment combining traditional WDM transport systems functionalities and specific DCI platforms. The Group intends to significantly strengthen its R&D capabilities, particularly in Lannion, with the planned recruitment of around thirty engineers and developers in 2026 to accelerate the deployment of its product roadmap. This major investment in human resources aims to support the development of a new product line called PTM (Photonic Transport Modular), dedicated to the DCI market. The first product in this PTM platform, a very high-performance transponder, is already at an advanced stage of development, with commercialization scheduled for the end of 2026.

The successful integration of Olfeo, since 1 June 2025, fully supports Ekinops' strategy in network cybersecurity, enabling the Group to position itself in the high-growth SSE and SASE segments while creating cross-selling opportunities by complementing its SD-WAN, Firewall and ZTNA offerings. Ekinops therefore aims to accelerate the deployment of sovereign, 100% European digital solutions, aligned with the expectations of the most demanding European customers, particularly in sensitive sectors. The first single-vendor SASE solution will be available by the end of 2026. In addition, since the end of February, Olfeo teams have joined Ekinops' Paris site in Massy.

Ekinops has also been active in the artificial intelligence (AI) field, launching several projects to integrate AI directly into its products and solutions. In cybersecurity, Ekinops is exploring AI-based threat detection mechanisms capable of continuously analyzing network traffic, as well as traffic modeling techniques designed to anticipate and predict potential threats.

Commercially, Ekinops plans to strengthen its sales teams and accelerate its market penetration strategy by combining its direct sales force with an indirect distribution model (integrators and resellers), as well as by establishing strategic alliances to win new customers, particularly among large enterprise accounts, which are now increasingly targeted the Group.

Internationally, Ekinops should benefit from the restart of the BEAD program (Broadband Equity, Access, and Deployment), aimed at deploying fiber networks in rural and underserved areas of the United States.

Outlook: revenue growth targeted in 2026

Ekinops enters 2026 with the ambition of gradually returning to growth.

Supported by the first deliveries of new DCI and SASE solutions expected by year-end, the Group believes it is in a position to achieve single-digit revenue growth for the full year.

The significant investments planned for 2026 (read above) are expected to result in lower profitability (EBITDA margin) over the year.

Over the longer term, Ekinops reaffirms its Bridge plan ambition, to return to double-digit growth.

Financial calendar can be found here

All press releases are published after Euronext Paris market close.

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] ARR (Annual Recurring Revenue) 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)

^[2] EBITDA (Earnings before interest, taxes, depreciation, and amortization) corresponds to current operating income restated for
(i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments (see appendices).

^[3] excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities

^[4] Net cash = cash and cash equivalents – borrowings (excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities)

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SOURCE Ekinops

FAQ

What were Ekinops (EKNPF) FY 2025 revenue and EBITDA results?

Ekinops reported FY 2025 revenue of 105.0 m€ and EBITDA of 10.5 m€ (10.0% margin). According to the company, revenue fell 11% year‑over‑year while EBITDA declined versus 2024 due to mix and investments.

How did Ekinops' ARR and Software & Services performance change in 2025 (EKNPF)?

ARR reached 15.8 m€ at year‑end 2025 and Software & Services sales grew +27%. According to the company, recurring revenue ramp and Olfeo acquisition drove the services mix to 25% of total revenue.

What caused the decline in Ekinops (EKNPF) revenue in FY 2025?

Revenue decline was driven by weaker Access and Optical Transport demand, including a ‑15% drop in Access sales. According to the company, lower activity with a major French customer and slowed North American spending were key factors.

What is Ekinops' cash and leverage position at 31 December 2025 (EKNPF)?

Available cash was 32.1 m€ with financial borrowings of 25.8 m€, yielding net cash of 6.3 m€. According to the company, the year saw a ‑14.2 m€ change in cash driven by operations and financing.

How will Ekinops (EKNPF) invest in 2026 and what impact is expected on profitability?

Ekinops plans heavy 2026 investments in SASE and DCI, including recruiting ~30 engineers and new product launches. According to the company, this will prioritize growth and likely reduce EBITDA margin during 2026.

What is the strategic role of the Olfeo acquisition for Ekinops (EKNPF)?

Olfeo, acquired 1 June 2025, contributed 3.7 m€ in 2025 revenue and supported SASE and SSE positioning. According to the company, integration accelerates cross‑selling and helps deliver a single‑vendor SASE solution by end‑2026.