adesso SE publishes 2025 consolidated financial statements: Sales increased to EUR 1.47 billion (+14%) / EBITDA improved by 30% to EUR 123.6 million / Earnings per share EUR 2.83

adesso SE publishes 2025 consolidated financial statements: Sales increased to EUR 1.47 billion (+14%) / EBITDA improved by 30% to EUR 123.6 million / Earnings per share EUR 2.83

With the presentation of the consolidated financial statements, adesso SE has confirmed the preliminary figures for 2025 published in February and adjusted the comparative figures for 2024 as part of a restatement (see notes in this release). Despite a challenging general economic condition throughout the year, adesso succeeded in increasing sales by 14% on a purely organic basis to EUR 1,465.8 million (previous year: EUR 1,285.9 million). In doing so, it achieved a 30% improvement in EBITDA to EUR 123.6 million (previous year: EUR 94.8 million). adesso has thus slightly exceeded the 2025 forecast range for sales and achieved an operating result (EBITDA) at the upper end of the forecast range. At EUR 85.7 million (previous year: EUR 67.1 million), a large proportion of the EBITDA was generated in the second half of the year as forecast (first half of 2025: EUR 37.8 million), which is partly attributable to the distribution of available working days across the full year. Profitability, measured by the EBITDA margin, increased further to 8.4% in 2025 (previous year: 7.4%). This resulted from improved utilisation of the company’s own workforce overall, and particularly compared with the first half of 2024. A reduced pace of staff expansion was and remains in place. In the second and fourth quarters of 2025, additional licence sales in the insurance product business contributed to the positive performance. The fourth quarter benefited from this to the tune of a high single-digit million-euro figure. With revenue of EUR 390.3 million in the final quarter, an EBITDA contribution of EUR 45.2 million was achieved. With depreciation and amortisation rising by just 8% to EUR 73.0 million, the Group’s full-year net profit increased very significantly to EUR 17.5 million (previous year: EUR 4.2 million). This results in earnings per share of EUR 2.83, compared with EUR 0.41 in the previous year.

The average number of employees (full-time equivalents/FTEs) continued to rise at a slower rate than revenue in 2025, increasing by 8% or 782 to 10,841 employees. FTEs at the end of the year rose by 9% compared with the previous year to 11,298 employees. 40% of this growth is attributable to overseas operations, and in particular to the SmartShore locations. Personnel costs per FTE rose moderately by a further 3%. In absolute terms, personnel costs also increased at a slower rate than revenue, rising by 11% to EUR 986.5 million (previous year: EUR 888.9 million). Gross profit per FTE increased by 4% to EUR 114 thousand (previous year: EUR 110 thousand). Other operating expenses rose by just 8% to €157.2 million (previous year: €145.8 million), a trend that improved margins.

Demand for adesso’s IT services remains high against the backdrop of companies’ digital transformation. As in the previous year, the ‘Public Administration’ sector is the strongest in terms of revenue and is set to generate 11% growth by 2025. The two established core sectors, ‘Insurance’ and ‘Banks/Financial Services’, show growth rates of 20% and 9% respectively. The strongest growth is recorded in the ‘Healthcare’ sector at 30% and the ‘Utilities’ sector at 24%. The “Public Administration” and “Cross Industries” sectors generated revenue well in excess of EUR 200 million in 2025. The “Insurance”, “Banks/Financial Services”, “Healthcare” and “Utilities” sectors each delivered revenue in excess of EUR 150 million. Revenue from customers in Germany increased by 15%. In Switzerland, however, a decline of 3% was recorded, which contrasts with the overall dynamic revenue growth in the other international markets, particularly in Austria, Italy and the Netherlands. A return to growth is also on the horizon for Switzerland in 2026.

Further key figures and information

Working capital rose significantly by 28% as at the reporting date, outpacing revenue growth to reach EUR 199.2 million (previous year: EUR 155.5 million). Operating cash flow was correspondingly lower at EUR 85.6 million (previous year: EUR 118.0 million). As at 31 December 2025, cash and cash equivalents stood at EUR 84.6 million, slightly below the previous year’s figure of EUR 89.7 million. Net debt increased during the financial year from EUR -46.6 million to EUR -73.7 million, primarily due to higher pre-financing requirements for the operating business. Meanwhile, the return on net working capital (RONWC) improved to 25% (previous year: 18%).

Outlook

The general economic trend will remain subdued in 2026. For the IT services and software sectors, which are particularly relevant to adesso, accelerated industry growth is forecast following a year in which growth was only slightly subdued. Digitalisation continues across all sectors and is essential to enable companies and organisations to adapt to current and future challenges. The increasing integration of AI-related topics is also likely to accelerate this development in the long term. adesso considers itself well-positioned for this. The Management Board therefore anticipates sustained demand for adesso’s comprehensive digitalisation portfolio. The forecast anticipates a further increase in sales to between EUR 1.6 and 1.7 billion. EBITDA is expected to rise to between EUR 130 and 150 million.

For the 2025 financial year, the Management Board and Supervisory Board will propose a dividend payment of EUR 0.78 (previous year: EUR 0.75) per share entitled to dividends at the Annual General Meeting of adesso SE scheduled for 3 June 2026.

Restatement of comparative figures for 2024

In 2025, adesso reclassified two fixed-price projects as the development of Software-as-a-Service (SaaS) platforms. These SaaS platforms are intended to be used by additional customers in the insurance industry in future. From 2025 onwards, and retrospectively in the comparative figures for 2024, they will be recognised under intangible assets in accordance with IAS 8.42. Instead of being treated as fixed-price projects with sales revenues, they are now accounted for at cost. The corresponding portion of operating cash flow is recognised in cash flow from investing activities. The capitalisation of the SaaS platforms as long-term internally generated intangible assets (currently still under development) also affects the measurement of deferred taxes and other key figures. A detailed presentation of the changes resulting from the restatement can be found in the 2025 Annual Report. To improve the transparency of the adjusted comparative figures, we have included a condensed presentation of key figures from this announcement in the tables below:

adesso Group

With about 11,300 employees and annual sales of close to EUR 1.5 billion in 2025, adesso Group is one of the largest German IT service providers with outstanding growth opportunities. At its own locations in Germany, other locations in Europe and the first locations in Asia, as well as at numerous local customers adesso offers consulting and software development services for optimising core business processes. adesso also offers ready-to-use software products for standard applications. The development of an own, industry-specific product portfolio opens up additional growth and earnings opportunities and is another key element of the adesso strategy. adesso was recognised as a Top Employer in 2025 and as the best employer in its size category in Germany across all industries in 2023 and 2020. After having already achieved first place among IT employers in 2016, 2018 and 2020, adesso was ranked first again in 2023.