NSE: EBITDA Up by 31% in 2025, But Net Debt Reappears
In 2025, NSE Group recorded sustained growth in its results, with EBITDA increasing by 31% and net income rising by 47%, driven by new acquisitions and the dynamics of the Defense and Aerospace markets. However, this external expansion was accompanied by a reversal in the group's financial status, shifting from a positive net cash position to a net debt of €7.5 million, including €25 million in loans taken for the acquisition of Ametra Integration.
Revenue Growth Driven by Integrations and Improved Margin
NSE recorded a revenue of €109.6 million in 2025, up by 6% compared to 2024, with a significant acceleration in the Integrations branch (+19.1%) thanks to the consolidation from October of NSE Anjou and NSE Butitec, which contributed €5 million over three months. The Services branch remained almost stable after an exceptional year in 2024, with a decline in Defense Services activities offset by the dynamics of MRO Aircraft activities. EBITDA reached a record level of €13.1 million, a 31% increase over the year, corresponding to an EBITDA margin of 12.0% (compared to 9.8% in 2024). The current operating income came in at €9.3 million, up by 36%, while the net income attributable to the group increased by 47% to €5.3 million, bringing the net margin to 4.9% from 3.5% a year earlier.
Massive Recruitment and Financial Statement Overturned by Acquisitions
NSE significantly increased its workforce, growing from 505 to 763 employees as of December 31, 2025, including 204 from the acquisition of Anjou Electronique and Butitec. Personnel expenses increased by 12% during the fiscal year, reflecting the recruitment efforts to support the group's development. On the balance sheet, the group's structure shifted: active cash increased by €9.9 million to reach €24.0 million, while gross financial debt rose from €7.3 million to €31.5 million, an increase of €24.2 million, including €24.7 million in loans contracted to finance the acquisition of Ametra Integration. The group's net debt thus stood at €7.5 million at the close, reversing the positive net cash position of €6.8 million observed at the end of 2024. Excluding acquisition debt, the net cash would remain positive, according to the group.
2026 Outlook Confirmed Despite Macroeconomic Uncertainties
NSE enters 2026 with fundamentals described as solid by management, citing the ongoing integration of Anjou Electronique and Butitec, the maintenance of sustained commercial dynamics, and the favorable orientation of the order book. The group anticipates further growth in its revenue and EBITDA in 2026, relying on the development of the Defense and Aerospace markets, the international deployment of its offerings, and improved operational performance. The main challenge will be the operational integration of the acquired companies and the generation of sufficient free cash flow to gradually reduce a net debt that, although under control, now falls within a significantly expanded scope.
