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) corresponds to current operating income restated for (i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments (see appendices).
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 ...
