Antares Vision (AV) Q3 2025 earnings summary

Executive summary

• 9M 2025 consolidated revenues reached €134M, up 5% year-over-year, with all business units growing except 'Other'.

• Orders increased by 9% year-over-year, mainly driven by multi-year SCT contracts (+65% Y/Y).

• The restructuring project is showing positive results despite a complex external scenario and geopolitical tensions.

• Leadership changes include the appointment of Fabio Forestelli as CEO and the co-optation of Stefano De Rosa as executive director.

Financial highlights

• 9M 2025 revenues reached €133.7m–€134M, up 5% year-over-year; 3Q 2025 revenues were €43.3m, up 7% year-over-year.

• Net Financial Position at €85M (€82.8M excl. FX) at 9M 2025, slightly improved from €83.7M in 2024.

• Recurring revenues (Services + SCT) grew 7% in 9M 2025, accounting for 45% of total revenues.

• Adjusted EBITDA margin for FY 2025 is expected at the lower end of the 16-18% guidance.

• NFP/EBITDA ratio forecasted at 2.2x-2.5x for FY 2025.

Outlook and guidance

• FY 2025 revenue growth now expected to be flat or slightly positive due to a slowdown in orders, especially in LS&C.

• Adjusted EBITDA margin anticipated at the lower end of the 16-18% guidance range, supported by cost control and efficiency initiatives.

• NFP/EBITDA ratio expected around 2.2x-2.5x, including FX effects.

• The company remains committed to long-term objectives, innovation, and sustainable management.