Secunet Security Networks
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Secunet Security Networks (YSN) investor relations material

Secunet Security Networks Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

Executive summary

  • Achieved strong, sustainable growth in 2025, with revenue up 13% to €458.8 million and significant improvements in earnings and order intake, reaching the upper end of guidance.

  • EBIT rose 22% to €51.7 million, and EBITDA improved 24% to €74.9 million, driven by strong Q4 and defense sector momentum.

  • Order intake grew 26% to €531.9 million, with a record Q4 order intake of €218.0 million, up 72% year-over-year.

  • Demand remained high in Defence & Space and Homeland Security divisions, with defense accounting for about one-third of total revenue.

  • Successfully scaled operations and supply chains, delivering robust results despite late government budget approval impacting seasonality.

Financial highlights

  • Revenue reached €458.8 million, up 13% year-over-year from €406.4 million in 2024.

  • EBIT increased 22% to €51.7 million from €42.5 million in 2024, with an EBIT margin of 11.3%.

  • EBITDA grew 24% to €74.9 million, and EBITDA margin rose to 16.3% from 14.8%.

  • Order intake rose 26% to €531.9 million, with Q4 order intake up 72% to €218 million.

  • Order backlog increased 36% to €278.3 million at year-end.

Outlook and guidance

  • 2026 revenue guidance set at €460–500 million; EBITDA €76–84 million; EBIT €53–58 million.

  • Guidance reflects supply chain uncertainties and backlog visibility; 75% of order backlog expected to convert in 2026.

  • Management anticipates continued growth in both revenue and earnings, supported by strong order intake and backlog.

  • Continued investment in cloud transformation, recurring revenue models, and digital sovereignty.

Public Authorities division recovery outlook?
What factors drove 2025 margin improvement?
Reconcile order intake with 2026 revenue outlook.
SINA Cloud's impact on future revenue mix
What drives the lower end of 2026 guidance?
Space/satellite programs: When will orders flow?
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Frequently asked questions

Secunet Security Networks AG is a leading provider of high-security information technology solutions, specializing in cybersecurity and secure digital communication. The company offers products and services such as encryption systems, secure network architectures, and identity management solutions. Its clientele includes government agencies, defense organizations, and private enterprises, with a focus on protecting sensitive data and critical infrastructure. The company is headquartered in Essen, Germany, and its shares are listed on the Frankfurt Stock Exchange.

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