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Press release from the issuing company:
Hybrid Software Group PLC (Euronext: HYSG) has published its annual report and financial statements for the financial year ended 31 December 2025.
Financial highlights for 2025 included:
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Revenue of €54.4 million, up 6% from 2024
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Adjusted operating profit of €8.5 million, up 17% from 2024
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EBITDA of €12.6 million, up 6% from 2024
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Cash balance of €14.5 million at year end, up 52% from 2024
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Net cash of €10.6 million, up 252% from 2024
CEO Mike Rottenborn comments, “I’m pleased with the improvement in revenue and operating profit we delivered in 2025, but the strength of Hybrid Software is also reflected in our cash flow. The company ended the year with €14.5 million in cash, up 52% from 2024, while having completed two strategic acquisitions to broaden our technology offering.
“During the year, Hybrid Software simplified its group structure by rebranding its OEM software business as Hybrid Software Helix and aligning its core software businesses — Labels & Packaging, Brandz, ColorLogic, and Helix — under a unified Hybrid Software brand.
“All business units contributed to growth with significant product innovation. Highlights include:
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CLOUDFLOW Datacenter, high‑performance Linux workflow software for enterprise private clouds;
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Colorspace, an automated colour management platform for labels and packaging;
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Mako Apex, a GPU‑accelerated graphics rendering toolkit;
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Meteor Inkjet’s patented Nozzle Health Technology for detecting failing printheads;
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Xitron’s launch of K2, a next‑generation automated workflow solution for commercial printing.
“Our Brandz unit strengthened its offering by acquiring Artflow, a leading packaging artwork management platform. With the acquisition of Conics, we added extensive project management capabilities as well as the groundbreaking AI‑driven customer-service automation platform “Jaimes” to our product offerings.
“Looking ahead to 2026, the company expects continued organic growth, driven by rising automation needs in developing regions and increasing synergies across business units—from digital press electronics and digital front-ends to artwork management, prepress tools, and automated colour management.”
CEO Mike Rottenborn
Executive Chairman Guido Van der Schueren adds, “I’m pleased to report that 2025 was a record year for Hybrid Software in both revenue and operating profit. Our 2025 results came mainly from organic growth, not
from acquisitions or from any major industry trade show. Labelexpo Europe was a success, as we’ve come to expect every two years, but it was not a game changer for Hybrid Software. No credit is owed to any change in strategy, or to an improvement in business conditions for our customers. High interest rates and geopolitical uncertainty have become the norm, not the exception. But we have learned to operate under those conditions with lean management, fast execution, and continued investment in developing and selling innovative products.”
Hybrid Software financial highlights
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For the year ended 31 December
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In thousands of euros
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2025
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2024
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Continuing operations
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Revenue
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54,372
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51,501
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Operating profit / (loss)
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5,273
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(3,090)
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Profit / (Loss) before tax
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4,355
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(3,361)
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Tax (expense) / credit
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(118)
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653
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Profit / (Loss) from continuing operations
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4,237
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(2,708)
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Loss on sale of discontinued operation, net of tax
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–
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(120)
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Profit / (Loss) for the period
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4,237
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(2,828)
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EBITDA – continuing operations
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12,649
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11,989
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Adjusted operating profit – continuing operations
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8,455
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7,204
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Adjusted net profit – continuing operations
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7,009
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6,952
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Basic earnings per share (euro) – continuing operations
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0.13
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(0.09)
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Adjusted net basic earnings per share (euro) – continuing operations
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0.21
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0.21
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Cash and cash equivalents
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14,460
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9,513
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Loans & borrowings
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(3,862)
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(6,500)
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Net cash
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10,598
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3,013
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The consolidated pre-tax result for continuing operations was a profit of €4.36 million compared with a loss of €3.36 million in 2024. The increase in the profit of €7.72 million is due to:
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an increase in revenue of €2.87 million;
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a decrease in cost of sales of €0.43 million;
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an increase in selling, general and administrative expenses of €1.31 million
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a decrease in the impairment of goodwill of €6.28 million;
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an increase in research and development expenses of €0.50 million;
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a decrease in other operating expenses of €0.07 million;
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an increase in other income of €0.52 million;
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a decrease in net finance expenses of €0.46 million; and
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an increase in foreign exchange losses of €1.10 million.
Gross profit for the period increased to 86% of revenue (2024: 84%), primarily due to the lower mix of printing electronics related sales during the year, which have a lower level of gross margin than software because of their manufacturing costs.
Included in selling, general and administrative expenses is amortisation of €1.00 million (2024: €0.90 million) related to intangible assets recognised as a result of acquisitions.
In 2025 the Group recorded a goodwill impairment charge of €nil million (2024: €6.28 million) in aggregate (see Note 16).
Research and development expenses include the capitalisation and amortisation of internally generated intangible assets and the amortisation of certain intangible assets recognised as a result of acquisitions. During the period there was a net capitalisation of development expenditure of €0.98 million (2024: €0.53 million) and amortisation of acquired intangible assets of €4.30 million (2024: €4.57 million).
The net capitalisation of development expenditure was comprised of €3.30 million (2024: €3.45 million) of capitalised expenditure less €2.32 million (2024: €2.92 million) of amortisation.
Total operating expenses decreased by €5.07 million, or 10.90% compared to the same period in the prior year. When you exclude the goodwill impairment of €6.28 million in the prior year, total operating expenses increased by €1.21 million, or 3.01% compared to the same period in the prior year.
Foreign exchange gains and losses are primarily due to the revaluation of currency balances held at the balance sheet date and the change in exchange rates during the year.
The company presents EBITDA (earnings before interest, tax, depreciation and amortisation) and adjusted profit when reporting its financial results to provide investors with an additional tool to evaluate the Group’s results in a manner that focuses on what the Group believes to be its underlying business operations. The Group’s management believes that the inclusion of adjusted financial results provides consistency and comparability with past reports.
Additional commentary and analysis of the Company’s consolidated results for the year ending 31 December 2025 can be found in the annual report and financial statements.
The full document is available to download from the financial reports section of the Company’s web site at: https://www.hybridsoftware.group/investors/financial-reports.
