Sidetrade: Record EBITDA Up by 22%, Improved Business Dynamics
Sidetrade announces its 2025 results marked by a historic profitability record, with EBITDA increasing by 22% to 13.4 million euros, representing 22% of the revenue. However, this financial performance primarily relies on the leverage from subscriptions (+20%), while the new order base displayed (11.04 million euros in ACV) suggests a more moderate business momentum, in tension with the group's high-end positioning.
Revenue Growth and Enhanced Profitability
Sidetrade's revenue grew by 14% in 2025 to 61.4 million euros at constant exchange rates. This growth is largely supported by the subscription segment, which reached 53.5 million euros, up by 20% at constant exchange rates (+10% organically, excluding acquisitions). It is this growth in recurring revenues that directly fuels profitability. EBITDA crossed the symbolic threshold of 13 million euros for the first time, up by 22%, bringing the margin to 22% of the total revenue, a 2-point gain compared to 2024. On a comparable basis, this margin would reach 26%, an improvement of 5 points. The net result increased by 14% to 9.0 million euros, confirming the operational leverage of the business model. These figures are all the more remarkable as they were achieved in a macroeconomic context described as 'demanding' throughout the fiscal year.
A Nuanced Commercial Dynamics
Despite this exceptional financial performance, commercial indicators suggest a more nuanced dynamic. Annual Contract Value (ACV) orders stood at 11.04 million euros in 2025, including 4.32 million euros of new annualized subscription revenues (New ARR) and 6.71 million euros from service provisions. While the average initial commitment duration of 46.4 months gives the group high and predictable visibility, this indicator reveals a portfolio more anchored in existing long-term contracts than in an acceleration of new signings. This characteristic, positive for the stability of flows, masks a more moderate raw commercial growth. The integration of ezyCollect, acquired for 37.3 million euros in October 2025 and contributing 2.2 million euros to the annual revenue, supports this growth but raises questions about its dilution on consolidated profitability: the gross margin returns to 77% against 78% in 2024, and on a comparable basis, it would increase to 81%.
Geographical Transformation and Strategic Plans
Sidetrade continues its geographical transformation: 71% of subscriptions now come from international markets, with North America becoming its largest region with a growth of 25% and representing 30% of the subscription revenue. The rise in engagement with large accounts is also confirmed, with 54% of Enterprise revenues coming from companies with a turnover exceeding 2.5 billion euros. Financially, the group generated 8.7 million euros in operating cash flow, has a gross cash reserve of 16.3 million euros, and controlled debt of 30.8 million euros. These margins allow the group to continue its investments: 2.2 million euros in additional R&D expenses dedicated to agent-based AI. On April 7, 2026, Sidetrade will unveil its 'O2C Intelligence 2030' strategic plan, eagerly anticipated by investors to clarify the growth trajectory and profitability levers by 2030. The main challenge for shareholders lies in confirming that the record profitability of 2025 can be accompanied by a sustainable acceleration of new orders, beyond the purely organic lever of existing revenues.
