Coheris: Business Revenue Up 6.9% in 2025, Operating Margin Declines
In 2025, Coheris reports a total revenue of €16.3 million, while its business revenue increases by 6.9% to €14.4 million. However, this commercial progress is accompanied by a contraction in the operating margin, which fell from 22.0% to 17.8%, indicating an increase in expenses primarily due to higher purchases and external services.
Sustained Revenue Growth Amidst Commercial Transition
Coheris's business revenue stands at €14.4 million in 2025, up 6.9% from €13.5 million in 2024. This growth accelerated in the second half of the year, with a 7.2% increase in the second semester compared to 6.5% in the first semester.
Within this dynamic, the Software activity accounts for 69% of the revenues and grew by 2.4% to €9.9 million. Although this growth is moderate, it masks a rebalancing of the economic model: recurring revenues from subscriptions increased by 6.5% to €7.3 million, while perpetual licenses declined by 9.1% to €2.5 million, in line with the ongoing transition to the subscription model.
The Services activity shows stronger performance, growing by 11.6% to €4.5 million, benefiting from the installed base and new contracts. The stock of annualized recurring revenues (ARR) reached €10.7 million, up 4% in a year.
Profitability Declines, Net Result Sees Limited Decrease
The current operating income falls to €2.9 million in 2025, down from €3.3 million in 2024. This 12.1% decrease is accompanied by a contraction in the current operating margin, which dropped from 22.0% to 17.8% of revenue. The release attributes this compression to an increase in purchases and external services, while other components of the cost structure remain broadly stable.
The group's net income reaches €3.1 million, representing a net margin of 18.7% compared to 23.1% in 2024. This contraction accompanies the decline in operational profitability, in a context of increased purchases and external services.
Strong Financial Structure and Dividend Distribution Announced
As of December 31, 2025, Coheris displays a net cash position of €12.8 million, up €3.9 million from the previous year. Equity increased by 12% to €23.3 million. Cash flows generated from operations amount to €5.9 million, up 18% over one year.
The board of directors will propose to the general meeting on June 16, 2026, the payment of a dividend of €0.08 per share for the fiscal year 2025.
