SSC Security Services (SECU) Q4 2025 earnings summary

Executive summary

• Public holding company acquiring and growing cyber, physical, and electronic security firms across Canada, with 3,000 employees as of September 2025.

• Achieved steady, predictable growth with a focus on profitability and margin improvement for FY2025 and Q4 2025.

• Completed major acquisitions since 2021, including SRG, Impact Security Group, and Logixx Security Inc.

• Maintained disciplined M&A, share buybacks, and capital allocation strategies.

• Focused on organic growth, cross-selling, and new product offerings in a stable, growing industry.

Financial highlights

• FY2025 revenue was $119.4M, nearly flat year-over-year; Q4 (Q3) 2025 revenue rose 9.3% to $32.4M compared to prior year.

• Gross profit for FY2025 increased to $20.0M (16.8% margin), up 4.3% from FY2024; Q4 (Q3) gross profit up 12.2% year-over-year.

• Adjusted EBITDA for FY2025 was $5.7M ($0.31/share), up 13.4% from $5.0M ($0.26/share) in FY2024; Q4 (Q3) Adjusted EBITDA was $2.0M, up 63.3% year-over-year.

• Adjusted net income for FY2025 was $2.7M ($0.15/share), up from $2.0M ($0.10/share) in FY2024.

• Paid 36th consecutive quarterly dividend of $0.03/share.

Outlook and guidance

• Targeting 10–15% annual Adjusted EBITDA growth per share.

• Anticipates continued growth in demand for integrated security services, with potential for further expansion via acquisitions.

• Maintaining a strong balance sheet with no debt and consistent quarterly dividends.

• Plans to maintain financial conservatism, strong margins, and maximize Adjusted EBITDA per share.

• Legacy assets expected to convert to cash for business expansion.