Cancom (COK) Q4 2025 earnings summary

Executive summary

• FY.25 revenue reached €1,714.7m, a slight decrease of 1.3% year-over-year, with sequential improvements throughout the year.

• Group EBITDA was €102.7m, down 9.1% from FY.24, but Q4.25 EBITDA surged 46.6% year-over-year to €38.9m.

• Operating cash flow remained strong at €139.8m, and net cash position improved to €198.9m.

• FY.25 guidance was achieved, and the company maintained a stable dividend of €1.00 per share.

Financial highlights

• Q4.25 revenue grew 1.5% year-over-year to €487.0m, with organic growth matching headline growth.

• Q4.25 EBITDA margin improved to 8.0% from 5.5% in Q4.24, aided by a sale-and-leaseback transaction and offset by restructuring costs.

• FY.25 CapEx was €14.9m, representing 0.9% of sales, below the 1.0% target.

• Depreciation for FY.25 was €54.7m, showing moderate development.

• Earnings per share from continued operations was €0.92, down from €0.99 in FY.24.

Outlook and guidance

• 2026 revenue forecast is €1,750–1,850m, with EBITDA expected between €110–130m and EBITA €55–75m.

• Management sees ample growth opportunities for 2026.