Earnings release
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- 1 - PRESS RELEASE PARIS, January 14, 2026 – 6:00 pm – EKINOPS (Euronext Paris - FR0011466069 - EKI), a leading supplier of optical transport, branch routing and cybersecurity SASE solutions for telecom operators and enterprises, today reports its consolidated revenue for FY 2025, ending on December 31, 2025. m€ - IFRS Unaudited data 2024 2025 Change 12-month revenue 117.7 105.0 -11% Q4 revenue up +15% sequentially (vs. Q3 2025) In Q4 2025, Ekinops reported co nsolidated revenue of 25.6 m€ , down -14% compared to Q4 2024. On a sequential basis, Ekinops’ Q4 revenue increased by +15% compared to Q3 2025, in line with the company’s target set early October. Olfeo, the French provider of SSE (Secure Service Edge) cybersecurity software, consolidated since June 1st 2025, contributed 1.6 m€ to Q4 2025 revenue. Ekinops’ 2025 consolidated revenue amounted to 105.0 m€, down -11% compared to the previous year (-14% at constant scope and exchange rates). Olfeo contributed 3.7 m€ to the annual revenue. Software & Services up +27% in 2025 - ARR of 15.8 m€ at year-end 2025 Software & Services revenue grew s trongly by +27% in 2025, driven notably by the increase in Ekinops’ service offerings and Olfeo’s contribution. This segment now represents 25% of Ekinops’ total revenue, vs. 18% a year earlier. A significant portion of the Software & Services revenue is recurring, which leads the Group to start reporting its ARR (Annual Recurring Revenue) from 2026. This metric reflects the annualized value of subscriptions and support contracts, excluding non -recurring components (professional services, hardware sales, perpetual software licenses, or any other non-recurring revenue). ARR will monitor the ramp-up of the Group’s recurring revenue, in line with the ambitions of the Bridge strategic plan. As of December 31, 2025, Ekinops’ ARR amounted to 15.8 m€. 2025 revenue: 105 m€ ARR of 15.8 m€ as of December 31, 2025
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- 2 - Decline in Access and Optical Transport in 2025 At the end of F Y 2025, Access equipment sales decreased by -15%, impacted by lower sales to the Group’s largest customer in France ( -30% for the year 2025 following a strong +21% growth in 2024). Excluding this customer’s impact, Ekinops’ Access revenue would have remained stable Y-o-Y. The end of the year saw more dynamic activity in the Access segment, with sequential growth of +10% in Q4 2025 compared to Q3. Optical Transport activity declined by -12% compared to 2024. Sales of Optical Transport solutions were mainly affected by reduced activity in North America, as two major customers reduced their investments following post-consolidation reorganizations. On the other hand, Ekinops recorded strong growth in France, partly offsetting the slowdown observed in Europe. Optical Transport activity rebounded strongly towards year-end, with sales up +26% in Q4 compared with Q3 2025. As the situation with the two aforementioned North American customers improved at year -end, Ekinops anticipates a return to normalized activity levels in the coming months. Limited decline of -8% in France, -13% internationally In France (43% of 2025 activity vs. 41% in 2024), Ekinops’ annual sales decreased by -8%, following a strong +18% growth in 2024. Ekinops’ international sales fell by -13% (57% of 2025 activity vs. 59% in 2024). In North America, where sales are mainly driven by Optical Transport, revenue amounted to 19.7 m€, down -14% compared to last year ( -16% in USD). The gradual restart of the BEAD federal program (Broadband Equity, Access, and Deployment), aimed at deploying fiber networks in rural and remote areas of the United States, is expected to unlock investments for several Ekinops customers. In Europe (33% of 2025 activity, identical a year earlier ), sales declined by -10% over the year. Ekinops gradually returned to growth in the region at year -end, with sequential growth of +21% in Q4 compared to Q3. In the Rest of the World (5% of 2025 activity), sales declined by -20% over the year. Outlook A gradual market recovery is expected over the coming quarters, driven particularly by the development of new AI and Cloud-related applications. In R&D, the Group launched new products in 2025 and enhanced existing product lines in both Optical Transport ( new C700HC chassis addressing both operators and DCI, 800G transponders, etc.) and Access (new 5G indoor/outdoor product, advanced SD-WAN features, etc.). The launch of these new solutions is part of the Bridge strategic plan, aimed at positioning Ekinops in high - growth market segments from 2026 onward: cybersecurity (SASE – Secure Access Service Edge) for Access and datacenter interconnect (DCI) for Optical Transport. The development of a fully sovereign SSE and SASE offering, adapted to European market requirements, reflects Ekinops’ ambition to deliver solutions capable of competing with non-European vendors on features and cost. The end of FY 2025 marked a major transition phase for Ekinops, during which the interim management team developed a detailed plan for 2026, confirming the year as one of ambitious investments to support the deployment of the Bridge plan. At the same time, the Group launched an initiative to optimize and structure
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- 3 - its Go-to-Market approach, for both direct and indirect sales, particularly in the new target markets (SASE and DCI). The appointment of Lionel Chmilewsky as CEO of Ekinops in early January 2026 fully aligns with this strategy, aimed at introducing new drivers for sustainable growth and value creation. Ekinops plans to communicate its FY 2026 financial targets with its 2025 annual results. Financial calendar Date Release March 10, 2026 2025 annual results All press releases are published after Euronext Paris market close. EKINOPS Contact contact@ekinops.com Investors Mathieu Omnes Investor relation Tel.: +33 (0)1 53 67 36 92 momnes@actus.fr Press Amaury Dugast Press relation Tel.: +33 (0)1 53 67 36 74 adugast@actus.fr About EKINOPS Ekinops is a leading provider of open, trusted and innovative network connectivity solutions to service providers around the world. Our programmable and highly scalable solutions enable the fast, flexible, and cost -effective deployment of new services for both high-speed, high-capacity optical transport as well as virtualization-enabled managed enterprise services. Our product portfolio consists of three highly complementary product and service sets: EKINOPS360, OneAccess and Compose. • EKINOPS360 provides optical transport solutions for metro, regional and long -distance networks with WDM for high - capacity point-to-point, ring, and optical mesh architectures. • OneAccess offers a wide choice of physical and virtualized deployment options for Layer 2 and Layer 3 access network functions. • Compose supports service providers in making their networks software -defined with a variety of software management tools and services, including the scalable SD-WAN Xpress and SixSq Nuvla Edge-to-Cloud and Olfeo SSE solutions. As service providers embrace SDN and NFV deployment models, Ekinops enables future-proofed deployment today, enabling operators to seamlessly migrate to an open, virtualized delivery model at a time of their choosing. Ekinops (EKI) - a public company traded on the Euronext Paris exchange, operates globally. Name: Ekinops ISIN code: FR0011466069 Ticker: EKI Total number of shares: 27,034,997 For more information, visit http://www.ekinops.com
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- 4 - Appendix Starting in Q2 2025, Ekinops has updated the geographic breakdown of its revenue into the following regions: France, Europe (excluding France), North America, and Rest of the World1. This new geographic structure aims to better reflect the dynamics of its markets and provide a more balanced and relevant view of regional performance, notably by grouping areas with a marginal impact on the Group's business under "Rest of the World". Geographical breakdown of revenue according to the previous segmentation: m€ - IFRS Unaudited data Q4 2025 FY 2025 France 11.0 44.5 North America 4.6 19.7 EMEA 9.6 39.5 Asia-Pacific 0.3 1.3 1 The previous breakdown was France, EMEA (Europe, excluding France, the Middle East & Africa), North America, and Asia -Pacific. The breakdown of consolidated revenue for Q2 and H1 2025, according to the previous structure, is available in the appendix of this press release.