Keyrus: Revenue Declines by 6.4%, but Net Income Quadruples
Keyrus announced on Thursday its 2025 results, showing a revenue contraction to 331.7 million euros, down by 6.4% in reported figures (-1.8% in organic growth). The Major Accounts segment, being the primary revenue contributor, fell by 12.2%, while the Mid-Market segment recorded a growth of 9.2%. Despite the revenue decline, both operating income and net income improved to 15.5 million and 3.3 million euros, respectively, boosted by the divestiture of the CRO Life Science activities completed in June 2025.
Revenue Analysis for 2025
The group reported a consolidated revenue of 331.7 million euros for the fiscal year 2025, down from 354.6 million the previous year. This 6.4% decline in reported figures varies across segments. The Major Accounts segment dropped by 12.2% to 228.0 million euros, while the Mid-Market grew by 9.2% to 103.7 million euros. Organically, the revenue decline was limited to 1.8%, with scope and currency effects accounting for a 4.6 percentage point unfavorable impact. Specifically for the Major Accounts, the organic contraction reached 6.1% (-14.9 million euros), driven by slower client decision-making cycles in an unstable macroeconomic and geopolitical environment, particularly in North America, the UK, and Europe for consulting activities. The divestiture of the CRO Life Science activities in June 2025 contributed 11.5 million euros to the 2025 revenue, after generating 22.2 million euros throughout 2024. As a counterbalance, near-shoring activities in Europe, as well as those in Israel, Benelux, and the UK, experienced positive growth rates.
Operational and Financial Performance
The Mid-Market segment, driven by the subsidiary Absys Cyborg, showed an organic growth of 9.2% and is based on a model with more than 60% recurring revenues, which, according to the group, provides high visibility to the activity and contributes to the group's resilience. The group's current operating income was 10.8 million euros compared to 15.0 million in 2024, reflecting the pressure on Major Accounts. However, operating income improved to 15.5 million euros from 8.0 million in 2024, and the group's net income reached 3.3 million euros from 0.8 million previously. This improvement is directly attributed to the capital gain realized on the divestiture of the CRO Life Science activities. Financially, the financial result improved to -5.0 million euros from -7.5 million in 2024, benefiting from a decrease in net debt cost (-4.6 million) thanks to reduced debt levels and more favorable financing rates.
Strategic Focus and Outlook for 2026
In a 2026 marked by reduced visibility and increased pressure on profitability, Keyrus announces a refocusing of technological investments on data and AI, identified as major priorities. The group has structured its development around a 'AI-ready data' + 'Agentic AI' + business transformation positioning, aiming to design and deploy 'enterprise-grade agents' solutions. Targeted investments were made in 2025 to support this strategy, covering the development of proprietary assets, skill enhancement, and the structuring of strategic partnerships. For the Mid-Market segment, Absys Cyborg aims to establish itself as the national leader in the Mid-Market ERP market by capitalizing on the shift towards cloud and SaaS, while accelerating the development of its proprietary assets (Flowwa and the Factory AC) to increase recurring revenues. In terms of cash management, the group maintains a stable net cash position at 46.4 million euros, while net financial debt increased to 38.5 million euros, a rise explained by the resumption of external growth activities and an increase in working capital needs, despite the proceeds from the CRO divestiture. The group shows no financing difficulties and complies with its banking covenants.
