Growens (GROW) Q4 2025 earnings summary

Executive summary

• Consolidated revenues reached EUR 77.4 million for FY2025, up 4% year-over-year, driven by strong SaaS (Beefree) and CPaaS (Agile Telecom) segment performance and international sales.

• EBITDA rebounded to EUR 2.5 million from negative EUR 0.1 million last year, supported by a 16% increase in gross profit.

• The business operates in fast-growing B2B SaaS and CPaaS markets, focusing on no-code email content design and mobile messaging, with around 12,000 clients in 195 countries.

• Maintained flexible strategy amid unstable economic and geopolitical conditions, delivering on market guidance.

• The Board reviewed the 2025 Sustainability Report, adopting new ESRS standards for ESG reporting.

Financial highlights

• SaaS (Beefree) revenues grew 17.4% to EUR 14.8 million; CPaaS (Agile Telecom) up 2.8% to EUR 61.7 million.

• Gross profit rose 16% to EUR 20.5 million, with gross margin at 26.5%.

• EBITDA margin improved to 3.3% from negative in the prior year.

• Net financial position remained strong at over EUR 11 million cash, with total liquid assets at EUR 15.5 million.

• Operating expenses increased in sales and marketing (+15%) to EUR 6.6 million, mainly to support Beefree.

Outlook and guidance

• Guidance for EBITDA and margins confirmed; sales and ARR outlook remains subject to geopolitical uncertainties.

• Beefree targets 2024–2027 revenue CAGR of 20–23%, steady-state gross margin above 80%, and EBITDA margin 15%+ by 2027.

• Rule of 40 strategy focuses on revenue growth with stable costs; cost control and gross margin improvements evident.

• No current signals requiring revision of outlook; ongoing monitoring of market conditions.

• Management remains focused on innovation and flexibility amid unstable economic and geopolitical conditions.