Audacia: Revenue Up 21%, but Net Income Attributable to the Group Halves
Audacia reports a successful strategic transformation year in 2025, with revenue increasing by 21% to €15.8 million on a comparable basis and operating income multiplying by 4.25 to €1.7 million. Its thematic funds, particularly the Capital Innovation branch, now represent two-thirds of its activity. However, net income attributable to the group plummeted to €0.3 million from €0.7 million a year earlier, reflecting the impact of consolidated minority interests.
Revenue Growth Driven by Deep-Tech Innovation Funds
Consolidated revenue for 2025 stood at €15.5 million, up 14.3%. Adjusted for the launch costs of the Expansion fund accounted in 2024 (€0.3 million), it amounts to €15.8 million, marking a 21% increase compared to €13.0 million in 2024. Thematic funds (+40% to €10.3 million) become predominant, representing 67% of revenues compared to 54% a year earlier. Capital Innovation forms the backbone of this growth, with €8.8 million in revenue (+53%), accounting for 57% of the group's revenues. This dynamic benefits from the rebound in fundraising for the second quantum fund (Quantonation II), closed in February 2026 with €220 million collected. The ISF activity decreased by 18% to €5.1 million, in line with its voluntary portfolio reduction trajectory (33% of the mix compared to 46% in 2024). Audacia anticipates that 2025 will be the last year of ISF revenue generation.
Significant Expansion in Operating Income, Consolidated Financial Structure
After taking into account operating income (€5.6 million, almost entirely from reversals of provisions), total income amounts to €21.1 million compared to €16.3 million in 2024 (+29%). Operating expenses increased to €19.5 million (+23%), a controlled rise given the revenue growth. Operating income surged to €1.7 million from €0.4 million in 2024, a 289% increase. The operating margin improved by 7.6 points to 10.7%. Consolidated net income reached €1.5 million (+67%), but net income attributable to the group fell to €0.3 million from €0.7 million in 2024. This contraction reflects the impact of minority interests in consolidated entities. Consolidated equity increased to €15.9 million (€14.1 million in 2024). Gross cash improved to €5.8 million (€4.2 million), with net cash standing at €4.8 million.
NAV Up 16%, Targeting €1 Billion AUM in 2026
The revalued net asset value increased by 16% to €28.6 million, equating to €5.59 per share compared to €4.97 a year earlier (+13% per share despite an increase in the number of shares). This growth stems from the rise of deep-tech, notably the Series C round of Pasqal, France's first quantum unicorn. Capital Innovation accounts for 74% of the NAV compared to 55% in 2024. Assets under management reached €882 million as of December 31, 2025, up from €705 million in 2024 (+25%), with Capital Innovation funds forming 70% of the total. Audacia aims to cross the €1 billion AUM threshold in 2026 to complete its first investment cycle. In February 2026, Audacia raised €8 million through a capital increase at a price of €4.05 per share (1,975,308 shares), funding expansion. The closing price of 2025 (€4.89) showed a discount of 12.5% on the NAV, reflecting liquidity uncertainties specific to the Growth segment of Euronext.
