Safe Group: Revenue Up by 6.4%, but Net Loss of €4.1M
Safe Group announced a year of gradual structuring in 2025: revenue increased by 6.4% to €5.4M, gross margin improved by 14.2 points to 61%, and EBITDA, although still negative, decreased in absolute value by €3.7M. This operational improvement reflects the group's efforts in cost reduction and product mix optimization. However, this momentum masks a tense financial reality: the group remains at a net loss (€4.1M), has only €0.4M in cash, and shows negative equity of €10.2M, revealing the magnitude of the financial challenge despite commercial progress.
Revenue Increasing, Margins Under Control
Safe Group's revenue amounted to €5.4M compared to €5.0M in 2024, marking a 6.4% increase. This growth is driven by the development of ready-to-use devices for spinal surgery in Latin America and North America, confirming the success of the group's commercial deployment initiatives in these regions. The consolidated gross margin stands at €3.3M, representing 61% of the revenue, compared to 46.8% in 2024. This 14.2-point improvement reflects an optimization of the product mix, better valuation of solutions, and increased control over production costs.
EBITDA Significantly Improved Despite Deteriorated Financial Structure
EBITDA stands at negative €3.3M, compared to negative €7.1M in 2024, marking an improvement of €3.7M. This progress is explained by the revenue growth, gross margin improvement, and increased discipline in operating expenses: the group achieved a substantial reduction in fees and general expenses by approximately €2.3M. Operating income (EBIT) improved to negative €3.5M (compared to negative €10.2M in 2024), benefiting from a normalization of provisions after exceptional charges in 2024. However, the consolidated net result remains at a loss of €4.1M.
Tight Cash Flow and Advanced Financing Discussions
Safe Group has a cash reserve of €0.4M as of December 31, 2025, barely higher than the €0.3M at the end of 2024. Gross financial debt reached €12.7M, mainly composed of bond loans (€9.0M). Consolidated equity is negative at €10.2M, reflecting the accumulated losses from a phase of commercial deployment. The group has visibility until the end of 2026 thanks to bond financing tranches received in 2025 (€3.8M) and 2026 (€0.8M). To secure continuity beyond December 2026, Safe Group has engaged in advanced discussions with Abo for structured financing. The group also expects a research tax credit of €250k for 2023. For 2026, the group sets four priorities: accelerate international deployment in Latin America and North America, develop new innovative solutions, break into the interventional radiology market with the Sycamore device, and continue operational improvement.
