Adesso SE reported preliminary results for the fourth quarter of 2025 showing quarterly sales of €381.7 million, up 11% from the same period a year earlier, and EBITDA of €45.6 million, a rise of 44% year-over-year. The company said the fourth-quarter EBITDA margin came in at 11.9%.
On a consensus-comparison basis, the revenue figure was 1% below FactSet expectations, while EBITDA outperformed street estimates by 19%. Management noted that additional license income from its insurance product business - described as being in the high single-digit million-euro range - contributed positively to the quarter.
For the full year 2025, Adesso recorded revenue of approximately €1.47 billion, equivalent to 13% organic growth compared with €1.30 billion in 2024. Full-year EBITDA rose by 26% to €123.6 million from €98.3 million the prior year. The company said revenue slightly exceeded its internal forecast and that reported EBITDA landed in the upper end of its guidance range for the year.
Adesso highlighted the seasonal distribution of 2025 earnings, with EBITDA skewed toward the second half. The company reported second-half EBITDA of €86.4 million compared with €70.7 million a year earlier, while first-half EBITDA was €37.2 million. Management attributed part of the half-year weighting to the calendar pattern of working days.
Looking to 2026, Adesso issued guidance calling for sales of between €1.6 billion and €1.7 billion and EBITDA in a range of €130 million to €150 million. The midpoint of that EBITDA range implies an adjusted margin of roughly 8.5%. By comparison, consensus forecasts anticipate sales of €1.6 billion and EBITDA of €142 million; that consensus EBITDA figure sits about 1% above the midpoint of the companys EBITDA guidance.
The board intends to continue the dividend policy applied in recent years and proposes raising the 2025 payout to €0.78 per share, up from €0.75 in the prior year.
Context and implications
The quarter combined modest revenue growth with a substantial improvement in profitability, driven in part by licensing income from the insurance product business. Full-year results showed organic top-line expansion and an EBITDA outcome at the upper end of guidance, while managements 2026 outlook defines both a revenue corridor and a profitability band that market consensus roughly aligns with, particularly on the sales midpoint.