Odyssey Technologies: Stable Revenue, but a Promising Defense Order Book for 2026

Financial Performance in 2025

Odyssey Technologies maintained a consolidated revenue of €20.8 million in 2025, a slight decrease of 0.6% from €20.9 million in 2024. This near-stability, however, masks an improvement in operational performance. The group's EBITDA reached €3.0 million, up by 4.3%, representing 14.0% of operating revenue compared to 13.9% a year earlier. The annual net result for 2025 was €1.5 million, stable compared to the previous year with a net margin rate of 7.1% of operating revenue. These figures reflect the group's efforts in operational management and targeted industrial investments. However, operating income declined by 3.9% to €2.1 million, linked to depreciation and provisions amounting to €0.9 million.

Revenue Stability in 2025

The stability of the 2025 revenue resulted from a balance between two opposing forces. On one side, the activity benefited from the strong performance of the group's key markets: aerospace, defense, space, and industrial component supply. On the other side, cyclical elements hindered growth. The report specifically mentions a decrease in demand in the United States for spare parts for a military transport aircraft, delays in raw material supply, and difficulties in recruiting qualified personnel. Financially, purchases of raw materials decreased by 2.5% to €2.6 million, due to changes in product mix, while personnel expenses increased by 3.5% to €8.8 million, reflecting salary revaluations and increased use of overtime. Concurrently, the group recorded a significant increase in defense sector order intakes, with no immediate impact on 2025 activity due to long production cycles.

Outlook for 2026

Odyssey Technologies reiterates its confidence in achieving growth of around 10% in 2026, backed by an exceptionally high order book as of January 1, 2026. This expected growth will rely on scheduled deliveries and an increase in production capacity, supported by the acquisition of new state-of-the-art machines. The group also plans to commission new production equipment in 2026 and to launch an expansion project at its Premiers-Sapins site (Doubs). Furthermore, the group is exploring targeted external growth projects to strengthen its presence in existing or related strategic markets. Financially, the group's structure remains robust: equity stands at €15.6 million, up by €1.5 million, gross financial debt has decreased by €1.4 million to €6.0 million, and net cash is positive at €0.7 million. It will be proposed at the annual general meeting to distribute no dividends for 2025, as the group prioritizes its development. The challenge for investors lies in the group's ability to realize this projected growth and maintain its operational margins amidst recruitment and supply chain challenges.