Prodways: EBITDA Doubles Despite a 9% Decline in Revenue
On Tuesday, March 24, 2026, Prodways Group released its 2025 results, showing a company at a strategic crossroads. On one hand, there is a clear operational improvement: despite a 9% decline in revenue to €41 million, the group has tightened its margins to achieve a current EBITDA of €2.6 million, representing 6% of revenue, a notable increase of 3 points compared to 2024. On the other hand, the economic reality remains fragile, with an operating result of -€1.3 million and a nearly negative net result. This duality reveals the tensions of an ongoing transformation: the group relies on financial discipline to offset the contraction of its markets, while engaging in a major strategic refocus with the sale of its software business for €35 million.
Revenue Analysis
Prodways' revenue amounted to €40.9 million in 2025, a decrease of €4.1 million or 9% on a comparable basis. This decline affected the two divisions unevenly. The Systems division, which produces printers and materials, showed relative resilience with a revenue of €14.1 million (only a 4% decrease). In contrast, the Products division, focused on on-demand part manufacturing, suffered more significantly with €26.9 million (a 12% or €3.6 million decrease). This division was particularly impacted by a drop in the German market (-€2.4 million) and a 6% decrease in audiology revenues. The contraction in raw materials for dental clients also reflects a downturn in demand among end-users. The uncertain economic environment of 2025, explicitly mentioned in the release, weighs on these dynamics.
EBITDA Margin Improvement
A key highlight of the results is the improvement in the current EBITDA margin: it increased from 3% to 6%, an enhancement of 3 points despite the revenue contraction. The current EBITDA reached €2.6 million compared to €1.3 million in 2024, doubling the result. This progress is attributed to strategic refocusing actions and increased cost discipline, according to the group. The Systems division, in particular, reported a remarkable margin of 16.4% (up from 8% in 2024), an increase of 8 points. The Products division remained stable at a 7.5% margin. However, this operational improvement contrasts with the performance at the net result level, which came out at -€0.1 million, burdened by depreciation of €3.9 million and restructuring costs of €0.7 million. The group generated €5.5 million in self-financing capacity and €5.1 million in operational cash flow (up 16%), demonstrating an effective conversion of results into cash.
Ongoing Transformation and Future Outlook
Prodways continues its profound transformation: the sale of the software business (AvenAo Solution 3D subsidiary) for €35 million is pending approval at the general meeting on April 24, 2026. This operation, classified as a discontinued activity according to IFRS 5, completely redefines the consolidated scope presented in this release. The group plans to redistribute €20 million from the sale proceeds to shareholders in the form of a share buyback offer. For 2026, Prodways has a cautious guidance: to maintain stable or slightly increased revenue within the new scope (excluding software and without the full Systems division, which is also in the process of being sold). The group aims to improve the current EBITDA margin rate. The financial position remains strong with €5.3 million in cash (excluding software) and a net debt of €5.1 million (down from €7.6 million in 2024), lightened by accelerated debt repayment. The major challenge for investors lies in the ability of the streamlined group to generate profitability in its core Products business, facing tense markets.
