Cy4gate (CY4) Q4 2025 earnings summary

Executive summary

• FY 2025 results show significant improvement year-over-year, driven by reorganization, business development, and double-digit growth in value of production and margins.

• Value of production reached €101.5 million, up 35% from 2024, mainly from Forensic and Decision Intelligence segments.

• EBITDA rose to €20.8 million (+78.7% YoY), with margin improving to 20.4% from 15.5%.

• Net financial position improved significantly, with net debt reduced to €13.8 million from €30.9 million.

• Orders acquired reached €139.5 million (+67% YoY) and backlog stands at €120 million as of December 31, 2025.

Financial highlights

• Operating revenues grew 37% to €99.1 million, with 49% from Italy and 51% abroad.

• EBIT improved by 52% to €-4.7 million, despite strategic and product roadmap review costs.

• Net result improved to €-8.0 million from €-5.6 million, with prior year benefiting from €6.6 million in deferred taxes.

• R&D costs decreased by 26.8% YoY to €5.8 million due to technology roadmap review and group synergies.

• Equity at year-end was €92.8 million, down from €102.3 million, mainly due to the net loss.

Outlook and guidance

• 2026 guidance: value of production expected in the range of €104–108 million.

• Strategy focuses on sustainable growth, consolidating defense market, expanding in Security & Law Enforcement, and developing corporate cybersecurity, especially for critical infrastructure and OT/IOT.

• Continued emphasis on technological excellence, efficiency, and new market access through partnerships.