Vincit (VINCIT) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was EUR 69.1m, down 18.4% year-over-year, reflecting prolonged market uncertainty and restructuring impacts.

• Adjusted EBITA for the year was EUR 0.4m (0.6% of revenue), with EBIT at EUR -1.3m, heavily affected by US operations scale-down and fixed-price project challenges.

• Net loss for the year was EUR -2.9m, with EPS at EUR -0.17.

• Significant restructuring included US operations ramp-down, layoffs, and cost-cutting measures.

• Product business (VincitEAM) grew over 20% annually and turned profitable by year-end.

Financial highlights

• Q4 2025 revenue was EUR 17.7m, down 17.5% year-over-year.

• Q4 adjusted EBITA was EUR 0.4m (2.2% margin), and EBIT was EUR 0.2m, showing early signs of profitability recovery.

• Cash and cash equivalents at year-end were EUR 6.0m, down from EUR 9.2m the previous year.

• Cash flow from operating activities after paid interest and direct taxes was EUR 2.3m, compared to EUR 3.0m last year.

• Items affecting comparability totaled EUR 1.2m, mainly from US shutdown and change negotiations.

Outlook and guidance

• Adjusted EBITA margin is expected to improve in 2026.

• Focus areas for 2026 include growth in SAP ERP, Commerce, and Data, leveraging AI and cloud, and a profitability turnaround in custom software development.

• Strategic targets: 10% adjusted EBITA margin by 2027, 10% organic revenue growth in 2026–2027, equity ratio above 50%, net debt/EBITDA below 2.