Kapsch TrafficCom (KTCG) Q4 2025 earnings summary

Executive summary

• Revenue declined 1.6% to €530.3mn, mainly due to deconsolidations, but pro forma revenue rose 3% year-over-year.

• EBIT dropped to €12.6mn from €70.3mn, reflecting the absence of prior-year one-off gains and a €7mn negative impact from the TMT sale.

• Net result attributable to equity holders was negative at €-6.9mn or €-3.1mn, with EPS at €-0.48 (prior year: €1.72).

• Equity ratio improved to 20%, and gearing ratio reduced to 111%.

• Free cash flow remained positive at €21.2mn, though down sharply year-over-year.

Financial highlights

• Revenue: €530.3mn (-1.6% year-over-year); EBIT: €12.6mn (-82.1%); EBIT margin: 2.4% (down from 13.0%).

• Free cash flow: €21.2mn (down from €105.7mn); Net debt: €101.5mn (down 4.3%).

• Total assets: €454.4mn (+2.4%); Equity ratio: 20.0% (prior year: 18.8%).

• Earnings per share: €-0.48 (previous year: €1.72).

• Employees at period end: 3,041 (down 25% year-over-year).

Outlook and guidance

• Revenue for 2025/26 expected to decline to around €510mn due to ongoing deconsolidations.

• EBIT anticipated to increase, with potential for additional positive one-time effects.

• Focus remains on efficiency improvements, cost management, and further net debt reduction.

• Medium-term goal is to return to pre-crisis revenue levels (~€700mn) and reduce net debt/EBITDA below 1.5x.