SYS-DAT (SYS) Q4 2025 earnings summary

Executive summary

• Revenues reached €89.6 million in 2025, up 56% year-over-year, driven by organic growth and the acquisition of A&C Group, with business size tripling since 2021 through over 20 acquisitions.

• EBITDA rose 47.6% to €17.1 million, with a margin of 19.6% excluding one-off M&A costs, and strong EBITDA-to-cash conversion at 79%.

• Adjusted net income was €8.7 million (+38.2% YoY), with reported net income at €6.9 million (+11.5% YoY); liquidity remained stable at €48.5 million.

• Net financial position stayed positive at €17.4 million, despite significant M&A activity and dividend/buyback outflows.

• AI-powered solutions, R&D investments, and a diversified customer base fueled innovation, operational improvements, and increased recurring revenues.

Financial highlights

• Revenue grew from €57.5 million to €89.6 million year-over-year, a 55.9% increase, with organic growth at 9.8%.

• EBITDA reached €17.1 million, up 47.6% year-over-year; margin at 19.6% excluding one-off M&A costs.

• Adjusted net income was €8.7 million, up nearly 40% year-over-year; unadjusted net income grew 11.5%.

• Operating cash flow was €13.4 million, with liquidity at €48.5 million at year-end.

• Net financial position at €17.4 million, reflecting M&A earnouts and low leverage.

Outlook and guidance

• Continued focus on organic growth in the 8–10% range, with early 2026 signals in line with this trend.

• Ongoing M&A pipeline targeting companies in new verticals and with recurring services, with active scouting for further acquisitions.

• AI adoption and integration expected to drive future growth, with less than 5% of the customer base currently using AI solutions.