Secunet Security Networks (YSN) Q3 2025 earnings summary

Executive summary

• Strong strategic positioning in government technology, cybersecurity, and cloud, with a focus on digital sovereignty for Europe and Germany.

• Achieved sustainable growth with significant improvement in earnings and high order intake over the first nine months of 2025.

• Sales increased by 11.8% year-over-year to €284.8 million in the first nine months of 2025, driven by strong public sector demand and dynamic business sector growth.

• Geopolitical developments, especially the Russia-Ukraine war, are driving demand for secure infrastructure and solutions.

• Expansion from core German market into broader European and NATO institutions is a key strategic focus.

Financial highlights

• Revenue for 9M 2025 reached €284.8m, up 11.8% year-over-year; Q3 revenue slightly down 2% due to delayed government budgets.

• EBIT for 9M 2025 was €24.9m, up 41.3% year-over-year; EBIT margin increased to 8.7% from 6.9%.

• Order intake for 9M 2025 was €313.9m, up 6.7% year-over-year; order backlog as of 30 Sept 2025 was €234.4m, up 14% from year-end 2024.

• EBITDA increased 31.7% year-over-year to €39.2 million; net profit up 33.7% to €17.2 million for the first nine months.

• Cash and cash equivalents at €35.9m as of 30 Sept 2025, higher than previous year.

Outlook and guidance

• Full-year revenue guidance remains at approximately €425 million, with EBIT margin expected between 9.5–11.5% and EBITDA margin 14.5–16.5%.

• Guidance specified towards midpoint to upper end of the forecast corridor.

• Q4 is expected to be the strongest quarter for both revenue and EBIT, following typical seasonal patterns.

• Management anticipates positive business development, supported by a healthy order backlog and typical year-end momentum.