Ekinops Reports an 11% Decline in Revenue in 2025
The telecommunications and cybersecurity solutions specialist recorded a consolidated revenue of 105 million euros for the fiscal year 2025, down from 117.7 million euros a year earlier, according to the press release published today. However, the group showed a recovery in the fourth quarter, with a sequential increase of 15% compared to the previous quarter.
Annual Performance Overview
Throughout 2025, Ekinops achieved a revenue of 105 million euros, representing an 11% decrease compared to 2024, the company indicates. At constant exchange rates and scope, the decline reached 14%. The fourth quarter saw sales of 25.6 million euros, a 14% decrease on an annual basis. The acquisition of Olfeo, a French cybersecurity software publisher, consolidated since June 1, 2025, contributed 3.7 million euros to the annual revenue and 1.6 million euros in the fourth quarter. The Access segment experienced a 15% decrease, impacted by a drop in sales to the group's leading client in France, which fell by 30% for the year after a strong growth of 21% in 2024, the press release specifies. Excluding the impact of this client, Access sales would have remained stable. The Optical Transport segment declined by 12%, mainly affected by the slowdown in investments from two major clients in North America following post-consolidation reorganizations, according to the group.
Software and Services Sales Growth
Revenue from Software and Services sales grew by 27% in 2025, driven by the growth in service offerings and the contribution from Olfeo, according to the press release. This component now represents 25% of the group's revenue, up from 18% a year earlier. Ekinops has introduced a new indicator, the ARR (Annual Recurring Revenue), which reflects the annual value of ongoing subscription and support contracts, excluding non-recurring revenues such as professional services, hardware sales, or perpetual licenses. As of December 31, 2025, the ARR stood at 15.8 million euros, the company indicates. This indicator aims to track the increase in the group's recurring revenues, in line with the ambitions of the strategic Bridge plan.
Geographical Performance
Geographically, France, which accounts for 43% of the 2025 activity, saw an 8% decline in sales after a strong growth year of 18% in 2024, according to the press release. Internationally, revenue declined by 13%. In North America, sales amounted to 19.7 million euros, down by 14% (or 16% in dollars). Europe showed a 10% decline over the year but returned to growth at the end of the fiscal year, with a sequential increase of 21% in the fourth quarter compared to the third quarter. The Rest of the World declined by 20%. The group anticipates a gradual market recovery over the coming quarters, driven by the development of new applications related to artificial intelligence and the Cloud, according to the press release. The arrival of Lionel Chmilewsky in early January 2026 as CEO is part of the strategy to implement new growth levers. Ekinops confirms 2026 as a year of ambitious investments to support the deployment of the strategic Bridge plan and will communicate its financial targets at the annual results announcement scheduled for March 10, 2026.
