MGI Digital Technology: Stable Revenue but Sharply Rising Margins Thanks to Altix
MGI Digital Technology closed 2025 with a nearly stable revenue of €58.1 million (+0.8% excluding exceptional income), amid a slowdown in industrial investments. However, the group significantly improved its margins, with an EBITDA of 20.2% and a net margin of 11.4%, driven by the successful integration of Altix. The challenge for investors: assessing whether this new balance between stable historical activity and growth engine in Industrial Electronics justifies expectations of growth exceeding 20% expected from 2026 in this latter sector.
Financial Performance in 2025
MGI Digital Technology's revenue reached €58.1 million in 2025, a modest increase of 0.8% compared to 2024 (excluding an exceptional income of €10 million for a licensing agreement). This limited growth reflects the international environment marked by a slowdown in industrial investments, trade tensions in the United States, and currency volatility. Gross margin reached €40.0 million, representing 68.9% of revenue, up 11.9% from 2024. EBITDA was €11.7 million, or 20.2% of revenue, compared to 15.3% the previous year, reflecting an improvement of 33.2%. Operating income amounted to €5.2 million (9% of revenue), up 56.5%, while net income attributable to the group was €6.6 million for a net margin of 11.4%.
Strategic Integration of Altix
The full-year integration of Altix marked a decisive turning point for the group. This subsidiary posted revenue of €8.4 million, already representing 14% of the total activity excluding exceptional income. The improvement in EBITDA was particularly significant in the second half, with a margin of 25.3% of revenue, compared to 13.3% in the first half, demonstrating the operational efficiency gained during the integration. This strategic diversification materialized through several advancements: alignment of technology platforms, structuring of dedicated teams, establishment of a testing center, and activation of the first international commercial relays. The share of sales made through Konica Minolta's global network declined to 69% from 82% in 2023, reflecting access to new marketing channels. Despite the integration of Altix over 12 months compared to 6 months in 2024, personnel expenses represented 30.8% of revenue, a limited increase compared to 28.2% the previous year.
Outlook for 2026
MGI Digital Technology anticipates revenue stabilization in 2026 compared to 2025, with growth in Industrial Electronics exceeding 20%. In the Graphic Industries, despite reduced market visibility, the group will rely on an enriched range of new equipment and a continued presence at major professional events. The group plans to maintain high profitability in 2026, without providing specific guidance on margins. The financial structure has strengthened: equity amounted to €145.7 million compared to €139.8 million at the end of 2024, cash reserves reached €40.2 million compared to €35.5 million, and net cash flows from operations were positive at €3.3 million. Financial debt stood at €22.9 million. As a precaution and to preserve its agility in the face of geopolitical uncertainty, the group has secured an additional €15 million in funding, already available if necessary.
