Antares Vision (AV) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues were €204M, down 2% year-over-year, with a significant slowdown in 4Q, particularly in Life Science & Cosmetics and FMCG segments; results are in line with previous guidance.

• Adjusted EBITDA margin was approximately 16%, at the lower end of guidance, reflecting maintained profitability despite revenue contraction.

• Net Financial Position improved to €76M from €84M at year-end 2024, mainly due to operating cash flow generation, with a Net Financial Position/Adjusted EBITDA ratio of about 2.4x.

• Orders grew 19% year-over-year, driven by a surge in Supply Chain Transparency (SCT) contracts, while equipment and services orders remained flat.

Financial highlights

• FY 2025 revenues declined 2% year-over-year to €204.1M; Q4 revenues fell 11% year-over-year to €71.0M.

• Recurring revenues (Services + SCT) grew 7% year-over-year in FY 2025 and 9% in 4Q, now representing 42% of total revenues, up from 39% in FY 2024.

• Adjusted EBITDA margin held at ~16%.

• Net Financial Position improved to €76M, with a ratio to Adjusted EBITDA of ~2.4x.

Outlook and guidance

• FY 2025 preliminary results are in line with previous guidance.

• Updated business plan projects a mid-single-digit revenue CAGR for 2025-2028, lower than the previous 7-9% CAGR target.

• Adjusted EBITDA margin is expected to progressively improve, reaching 19-20% by 2028.

• Net Financial Position/Adjusted EBITDA ratio is forecast to fall below 1x by year-end 2028.

• FY 2025 results will be published on March 23, 2026.