FY 2025 results: 105 mEuro in revenue, 10.0% EBITDA margin
MWN-AI** Summary
Ekinops, the European leader in optical networking and secured connectivity solutions, recently reported its fiscal year (FY) 2025 results, reflecting a challenging year with revenues of €105 million, an 11% decline from FY 2024. The decrease was largely attributed to diminished sales in access equipment and optical transport, particularly in North America, where investments slowed among two major clients. Notably, the company's acquisition of Olfeo, a cybersecurity software provider, contributed €3.7 million to annual revenue, marking a growing emphasis on its Software & Services segment, which saw a remarkable 27% growth.
Despite the revenue downturn, Ekinops maintained a robust gross margin of 57.3%, reflecting improved operational efficiency and a successful shift in product offerings. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was reported at €10.5 million, corresponding to a 10.0% margin, down from 15.3% in the previous year. This decrease can be attributed to increased operating expenses and the integration costs associated with Olfeo.
Ekinops also achieved positive operating cash flow of €3.5 million in FY 2025, despite a significant cash outflow due to increased working capital requirements. As of December 31, 2025, the company reported a net cash position of €6.3 million, with available cash of €32.1 million.
Looking ahead to FY 2026, Ekinops plans to intensify investments under its Bridge strategic plan, focusing on network cybersecurity and data center interconnections. These initiatives are expected to enable a gradual return to growth, although initial profitability may be affected. Ekinops aims to achieve single-digit revenue growth in 2026, aligning with its long-term goal of returning to double-digit growth as its new solutions come to market.
MWN-AI** Analysis
Following Ekinops' FY 2025 financial results, where the company reported €105 million in revenue and a 10% EBITDA margin, several market insights can be drawn. The revenue demonstrates an 11% decline year-over-year, predominantly driven by reduced sales in access equipment and optical transport, which fell 15% and 12% respectively. However, the noteworthy growth of 27% in Software & Services signals a strategic pivot towards higher-margin offerings that could stabilize revenue streams.
The EBITDA margin of 10%, down from 15.3% in the previous year, reflects the pressures from decreased sales and increased operating expenses, further compounding the impact on profitability. Despite this, the company posted a strong gross margin of 57.3%, showcasing resilience and a positive shift towards more profitable services within their product mix.
For investors, this mixed performance suggests caution. The decline in revenues raises questions about demand fluctuations and customer retention, especially in pivotal markets like North America. However, the company's proactive steps to scale operations in cybersecurity and focus on Annual Recurring Revenue (ARR), which has reached €15.8 million, indicate a focus on long-term stability and growth.
Looking ahead, Ekinops' strategic commitments under the Bridge plan – particularly in SASE and DCI segments – represent significant investment potential, albeit with potential short-term profitability trade-offs expected in 2026. As Ekinops rolls out new solutions, coupled with planned recruitment to bolster R&D capabilities, the likelihood of recovering growth becomes plausible.
Investors should monitor the company's market execution and customer uptake in 2026. Given the volatile landscape, a balanced position with gradual investment in Ekinops could yield positive returns as the company seeks to regain momentum in its growth trajectory.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
PARIS, March 11, 2026 /PRNewswire/ -- EKINOPS (Euronext Paris - FR0011466069 - EKI), European leader in optical networking and secured connectivity solutions for service providers, enterprises and public organizations, reports its FY 2025 financial statements (for the period ended 31 December 2025), as approved by the Board of Directors on 11 March 2026. The statutory auditors have finished auditing the consolidated financial statements and the certification report will be issued shortly.
m€ – IFRS | 2024 | 2025 |
Revenue | 117.7 | 105.0 |
Gross margin | 64.5 | 60.2 |
As a % | 54.8 % | 57.3 % |
Operating expenses | 58.1 | 60.2 |
EBITDA1 | 18.0 | 10.5 |
As a % | 15.3 % | 10.0 % |
Current operating income (EBIT) | 6.5 | 0.0 |
Other operating income and expenses | -11.4 | -3.2 |
Operating income | -5.0 | -3.2 |
Consolidated net income (expense) | -7.0 | -7.2 |
1 EBITDA (Earnings before interest, taxes, depreciation, and amortization) |
105.0 m€ in revenue in FY 2025
In FY 2025, Ekinops recorded consolidated revenue of 105.0 m€, down -11% compared to FY 2024 (-14% at constant scope and exchange rates). Olfeo, the French provider of SSE (Secure Service Edge) cybersecurity software acquired on 1 June 2025, contributed 3.7 m€ to annual revenue.
Access equipment sales declined by -15%, impacted by lower activity with the Group's largest customer in France. Excluding the impact of this customer, Access revenue would have remained stable Y-o-Y.
Optical Transport activity decreased by -12% compared to FY 2024, mainly reflecting reduced activity in North America, where two major customers slowed their investments following post-consolidation reorganizations.
FY 2025 was notably marked by strong growth of +27% in Software & Services sales, which accounted for 25% of the Group's total annual revenue, driven by the expansion of service offerings and the contribution from Olfeo.
The Group is now reporting its ARR (Annual Recurring Revenue)[1] in order to monitor the ramp-up of recurring revenue in line with the ambitions of the Bridge strategic plan. As of 31 December 2025, Ekinops' ARR amounted to 15.8 m€.
Strong gross margin of 57.3% in 2025 (vs. 54.8% in 2024)
At the end of FY 2025, gross margin stood at 60.2 m€, compared with 64.5 m€ a year earlier, representing a limited decline of -7%.
The gross margin rate came to 57.3%, compared with 54.8% in 2024, reflecting a favorable shift in the business mix, notably with a growing contribution from Software & Services sales.
EBITDA margin of 10.0% in 2025
In 2025, EBITDA[2] amounted to 10.5 m€ (representing 10.0% of revenue), compared with 18.0 m€
(15.3% of revenue) a year earlier.
Operating cash-flow of +3.5 M€ in 2025
Ekinops generated positive operating cash flow of +3.5 m€ in 2025. This includes an increase in working capital requirements of 2.2 m€ over the year, mainly due to lower purchasing volumes from suppliers.
Overall, the change in cash amounted to -14.2 m€ at the end of 2025.
Net cash position of 6.3 m€ as of 31 December 2025
ASSETS – m€ | 12/31 2024 | 12/31 2025 | LIABILITIES – m€ | 12/31 2024 | 12/31 2025 | |
Non-current assets | 82.0 | 105.8 | Shareholders' equity | 112.1 | 105.9 | |
o/w goodwill | 28.4 | 41.6 | Financial borrowings | 16.9 | 25.8 | |
o/w intangible assets | 13.4 | 23.6 | o/w bank loans | 15.0 | 23.5 | |
o/w right-of-use assets | 11.6 | 10.0 | o/w factoring | 1.9 | 2.3 | |
Current assets | 57.0 | 57.0 | French research tax credit pre-financing | 2.3 | 0.5 | |
o/w inventories | 22.8 | 20.8 | Trade payables | 17.8 | 14.7 | |
o/w trade receivables | 23.7 | 23.3 | Lease liabilities | 12.2 | 10.5 | |
Cash | 46.4 | 32.1 | Other liabilities | 24.1 | 36.9 | |
TOTAL | 185.4 | 194.3 | TOTAL | 185.4 | 194.3 |
The increase in goodwill reflects the integration of Olfeo into Ekinops' accounts since 1 June 2025. As of 31 December 2025, Ekinops finalized the Purchase Price Allocation (PPA) for an amount of 11.2 m€, resulting in an increase in intangible assets to 23.6 m€.
Available cash stood at 32.1 m€ at the end of December 2025, for financial borrowings[3] of 25.8 m€, mainly consisting of bank loans. As a result, net cash[4] amounted to 6.3 m€ at the end of 2025, with shareholders' equity of 105.9 m€.
Strengthened CSR commitment in 2025
In 2025, Ekinops strengthened its Corporate Social Responsibility (CSR) commitment, notably with the publication of its first CSRD report (Corporate Sustainability Reporting Directive), a significant improvement in the transparency of its non-financial information. Full details can be found here.
2026: a year of major investments under the Bridge strategic plan to accelerate in the fastest-growing market segments, SASE and DCI
Ekinops enters 2026 with a clear priority: to invest heavily in new solutions and go-to-market strategy in order to accelerate its development in the most dynamic segments of its markets, in line with the ambitions of the Bridge strategic plan: network cybersecurity (SASE - Secure Access Service Edge) and data center interconnection (DCI).
At the end of 2025, Ekinops had already announced the launch of a new C700HC chassis, the first in a new category of hybrid optical transport equipment combining traditional WDM transport systems functionalities and specific DCI platforms. The Group intends to significantly strengthen its R&D capabilities, particularly in Lannion, with the planned recruitment of around thirty engineers and developers in 2026 to accelerate the deployment of its product roadmap. This major investment in human resources aims to support the development of a new product line called PTM (Photonic Transport Modular), dedicated to the DCI market. The first product in this PTM platform, a very high-performance transponder, is already at an advanced stage of development, with commercialization scheduled for the end of 2026.
The successful integration of Olfeo, since 1 June 2025, fully supports Ekinops' strategy in network cybersecurity, enabling the Group to position itself in the high-growth SSE and SASE segments while creating cross-selling opportunities by complementing its SD-WAN, Firewall and ZTNA offerings. Ekinops therefore aims to accelerate the deployment of sovereign, 100% European digital solutions, aligned with the expectations of the most demanding European customers, particularly in sensitive sectors. The first single-vendor SASE solution will be available by the end of 2026. In addition, since the end of February, Olfeo teams have joined Ekinops' Paris site in Massy.
Ekinops has also been active in the artificial intelligence (AI) field, launching several projects to integrate AI directly into its products and solutions. In cybersecurity, Ekinops is exploring AI-based threat detection mechanisms capable of continuously analyzing network traffic, as well as traffic modeling techniques designed to anticipate and predict potential threats.
Commercially, Ekinops plans to strengthen its sales teams and accelerate its market penetration strategy by combining its direct sales force with an indirect distribution model (integrators and resellers), as well as by establishing strategic alliances to win new customers, particularly among large enterprise accounts, which are now increasingly targeted the Group.
Internationally, Ekinops should benefit from the restart of the BEAD program (Broadband Equity, Access, and Deployment), aimed at deploying fiber networks in rural and underserved areas of the United States.
Outlook: revenue growth targeted in 2026
Ekinops enters 2026 with the ambition of gradually returning to growth.
Supported by the first deliveries of new DCI and SASE solutions expected by year-end, the Group believes it is in a position to achieve single-digit revenue growth for the full year.
The significant investments planned for 2026 (read above) are expected to result in lower profitability (EBITDA margin) over the year.
Over the longer term, Ekinops reaffirms its Bridge plan ambition, to return to double-digit growth.
Financial calendar can be found here
All press releases are published after Euronext Paris market close.
Ekinops contact
Lionel Chmilewsky, CEO
Investors contact
Mathieu Omnes, Investor relation
Tel.: +33 (0)1 53 67 36 92
Media contact
Amaury Dugast, Press relation
Tel.: +33 (0)1 53 67 36 74
[1] ARR (Annual Recurring Revenue) reflects the annualized value of subscriptions and support contracts, excluding non-recurring components (professional services, hardware sales, perpetual software licenses, or any other non-recurring revenue)
[2] EBITDA (Earnings before interest, taxes, depreciation, and amortization) corresponds to current operating income restated for
(i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments (see appendices).
[3] excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities
[4] Net cash = cash and cash equivalents – borrowings (excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities)
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SOURCE Ekinops
FAQ**
How does Ekinops EKNPF plan to address the significant decline in Access equipment sales and what strategies are in place to recover from this dip in revenue?
Given the strong growth of +27% in Software & Services sales, what specific initiatives will Ekinops EKNPF undertake to further capitalize on this trend and enhance recurring revenue streams?
With an EBITDA margin that has decreased to 10.0%, what measures will Ekinops EKNPF implement in 2026 to improve profitability while making significant investments in R&D and new product development?
How does Ekinops EKNPF plan to leverage the integration of Olfeo to enhance its market position in the high-growth cybersecurity segments, particularly SASE and DCI?
**MWN-AI FAQ is based on asking OpenAI questions about Ekinops (OTC: EKNPF).
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