Prologue: Net Result of €9M from M2i Disposal, Spain Accounts for 91% of the New Scope
In 2025, Prologue recorded a net result of €9M, significantly supported by a capital gain of €12.6M from the disposal of M2i shares. On its refocused and pro forma scope, the group posted an 11.1% increase in revenue and a significant improvement in operating results. This restructuring reshapes the technology group's profile: Spain now represents 91% of the pro forma activity, while Prologue continues actively seeking a buyer for its activities in Latin America and the United States.
Growth in Operational Activity on the New Scope
Based on pro forma data (excluding divested activities), Prologue recorded a revenue of €47.8M in 2025, up 11.1% from 2024. Spain accounts for 91% of this activity, with organic growth of 14.2% to €43.7M.
The pro forma EBITDA reached €4.1M, up 28% year-on-year. The pro forma operating result stood at €3.5M, increasing by 58%. However, the actual consolidated accounts, including notably the effects of divested activities during the year, show a negative operating result of -€2.4M in 2025. The United States and Latin America generated €3.5M in revenue, in line with the previous year (€3.4M).
Enhanced Cash Position through Disposal Operations
The net result of €9M primarily benefits from a capital gain of €12.6M realized on the disposal of M2i shares, which had a cost price of €16.8M. The financial result shows €12.2M thanks to this operation.
Following all the disposals and restructurings carried out in 2025, the group's net cash position strengthened, rising from €0.6M to €12.8M as of December 31, 2025. This improvement reflects the direct impact of the disposal operations carried out during the year.
Growth Prospects on a Refocused Portfolio
Prologue anticipates good growth and profitability prospects, now focused on its most promising businesses and having a solid financial structure. The group continues to actively seek a buyer for its activities in Latin America and the United States.
The revenue for the first quarter of 2026 will be communicated by May 15, 2026, at the latest after the market closes. The challenge for investors lies in the group's ability to maintain the growth momentum observed in 2025 on its core Spanish business, as well as the completion of ongoing disposal operations.
