Virtualware Aims for Over 30% Organic Growth in 2026 with EBITDA Margins of 20-25%
On Thursday, Virtualware released its financial outlook for 2026, anticipating a significant acceleration in growth following a slight decline in revenue in 2025. The virtual reality specialist for the industry, listed on Euronext Growth Paris, is targeting organic growth exceeding 30% and EBITDA margins between 20% and 25%.
Strategic Growth Targets for 2026
Virtualware is aiming for a return to double-digit organic growth in 2026, with a growth target exceeding 30%. This trajectory is primarily based on the international expansion of its VR-as-a-Service subscription business model, particularly in North America and Europe. The group also aims for EBITDA margins between 20% and 25%, compared to 13.8% in 2025. This guidance follows the publication on February 5 of the preliminary unaudited results for the fiscal year 2025. During this year, Virtualware recorded consolidated revenue of 4.32 million euros, up 2.85% year-on-year. EBITDA was set at 598,509 euros. The VIROO XRaaS line, dedicated to the international marketing of the proprietary VIROO platform, generated 1.95 million euros, up from 1.73 million euros in 2024.
Record Order Book and Financial Milestones
Virtualware closed 2025 with a record order book exceeding 8 million euros, primarily from government and nuclear projects. This is the largest order book in the company's history, founded more than 20 years ago. A payment of 6.22 million euros received on January 10, 2026, from a major client led to a pro forma net cash position of approximately 3.51 million euros. The group highlighted that its current liquidity position is the strongest in its history. Virtualware also completed its listing on Euronext Growth Paris in June 2025, achieved B Corp certification, and launched a new version of its VIROO platform. The integration of Simumatik, the Swedish company acquired in 2024, has progressed, enhancing the group's technological capabilities in digital twins and emulation.
Expanding Influence in the Nuclear Sector
For several years, Virtualware has been building virtual nuclear power plants alongside GE Vernova, a global leader in the sector. The group recently appointed Stephanie Smith, former director of nuclear engineering at CANDU Energy, to its International Advisory Council. The company anticipates increasing demand from the nuclear sector, particularly for simulation, immersive training, and digital twins aimed at the construction and operation of new reactors. The year 2026 represents the final year of the Strategic Plan 2024-2026, designed to drive growth and consolidation of the group. The record order book, recurring subscription revenues, and a strengthened balance sheet are, according to the group, solid foundations to achieve growth targets despite persistent global economic uncertainties.
