adesso SE

Sales in 2025 came in at EUR 1.466 billion, up 14% organically versus the prior year. EBITDA was EUR 123.6 million, up 30% from EUR 94.8 million, and the EBITDA margin was 8.4% versus a lower prior-year level. EBIT margin was 3.4% versus 2.1% in 2024, EPS was EUR 3.83, and net working capital increased 28% to EUR 199 million. Operating cash flow was EUR 85.6 million and free cash flow was EUR 1.5 million. For 2026, management guided to revenue of EUR 1.6 billion to EUR 1.7 billion and EBITDA of EUR 130 million to EUR 150 million, with only a slight EBIT margin improvement expected.

Martin Mollmann framed 2025 as another year of extraordinary, fully met growth targets and emphasized that the business is diversified across sectors and customers. He highlighted resilience in a tough macro environment and said the company is entering 2026 with further growth in both sales and earnings expected. His tone was constructive, with confidence in the company’s positioning but acknowledgment that the macro backdrop remains challenging.

Michael Knopp walked through the financials in detail, highlighting sales of EUR 1.466 billion, EBITDA of EUR 123.6 million, EPS of EUR 3.83, and a 52% tax rate. He said gross profit rose 12% while material costs increased due to third-party pass-through work, and personnel costs rose 11% due to headcount growth, inflation-linked salary increases, and a richer mix. He also pointed to higher net working capital at EUR 199 million, free cash flow of EUR 1.5 million, and a dividend proposal of EUR 0.78, or EUR 5 million in total, while saying there should be no further restatement beyond the 2025 reclassification issue.

Analysts focused on working capital, IT Solutions profitability, daily rates, SaaS capitalized development costs, the restatement, AI, and M&A. Management said the working-capital deterioration came from slower customer payments and higher receivables/contract assets, while IT Solutions should still be negative EBITDA in 2026 but improve toward a 2027 breakeven target. On AI, management said it is both an opportunity and a risk: it can expand what projects are feasible, but it may also change pricing, project structure, and hiring needs. They also said there is no M&A on the agenda, and that public tender activity is now picking up in 2026.