AUSTRIACARD HOLDINGS AG (ACAG), the international applied technology group headquartered in Vienna, announces its fiscal year 2025 financial results.
The company reported a net profit of 16.2 million euros (vs. €19.2m in FY2024), as lower net financial costs (-7% vs. FY2024) marginally compensated for the aforesaid reduction to Group EBITDA and the higher depreciation & amortization expenses (+8% vs. FY2024).
Group Revenues of €360.2m (8% reduction vs. FY2024), adversely impacted by the normalization in the Turkish payment card market as well as by the unfavourable base effect from FY2024 of metal card sales to a Fintech client in Europe, both of which had been flagged in the 9M 2025 results. Digital Technologies, Document Lifecycle Management and Identity solutions maintained solid revenue growth trajectory, reaffirming our successful geographic and market share expansion strategy to date. Q4 2025 Group Revenues of €97.7m increased 10% vs. Q4 2024, showcasing the significant improvement achieved in H2 2025 across all of the Group’s segments.
In H2 2025, the Group delivered a return to growth with revenues growing 20% vs. H1 2025, hence largely containing the aforesaid challenges faced in the first half of 2025. Key growth drivers included the accelerated implementation of the contracted Greek public sector digitization projects, implementation of complex digital security printing initiatives for public administrations from African markets, payment solutions in the US and UK markets, planned card renewals in the CEE segment as well as Identity solutions in the MEA segment.
Adjusted EBITDA of €51.8m (7% reduction vs. FY2024, affirming Management guidance communicated in Q2 results), as cost optimization efforts and a favourable revenue mix towards higher-margin services and solutions alleviated the largest part of the aforesaid revenue shortfall, anchoring the adjusted EBITDA margin expansion to 14.4%. The Group delivered in H2 2025 substantial sequential growth (+69% vs. H1 2025) and a meaningful improvement vs. prior year period (+23% vs. H2 2024), confirming the recovery trajectory signaled by the Management during both Q2 and Q3 results. The improvement was driven by the robust contracted pipeline, the ongoing efficiency initiatives and disciplined cost management as well as the progress in enhancing the revenue mix towards higher-margin services and solutions.
2026 Outlook: Management anticipates a return to growth momentum in 2026, despite a fragile macroeconomic and geopolitical environment. Management targets high-single digit Group Revenue growth in FY2026, driven by (a) Digital Technologies, anchored by the remaining contracted, large-scale public sector digitisation projects in Greece as well as by the roll-out of the Card-as-a-Service (CaaS) and the proprietary AI-related GaiaB™ Appliance, (b) Payment & Identity solutions, on the back of continued solid growth in Fintech/neobanks (US and Western Europe) as well as a pipeline of holistic Authentication solutions for Citizens in MEA. Management targets Group EBITDA margin expansion in FY2026, supported by the achieved progress in enhancing the revenue mix towards higher-margin services and solutions as well as by additional efficiency gains.
Manolis Kontos, Chairman of the Management Board and Group CEO, commented: “In 2025, we faced various challenges, but we remained focused in the implementation of our strategy and made significant strides toward the development of solutions that are crucial for our future growth.
The first half of the year was weaker compared to the previous year, primarily due to cyclical and macroeconomic factors affecting the Turkish payment card market. However, our strong performance in the second half of 2025 demonstrated our resilience.
Our strategic focus is to advance our end-to-end AI solutions for businesses, providing complete control over data, whether on-premises or in a hybrid cloud environment. At the same time, we aim to maintain our significant market share in Fintech and neobank payment solutions.
To achieve these objectives, we will invest in technological autonomy and data protection, ensuring that every initiative we undertake is based on a secure and meticulously controlled infrastructure. In 2025, we invested 5% of our revenue, bringing our total capital expenditure to €17m, a level we expect to sustain in the future. Sustainability remains a top priority as the demand for eco-friendly solutions continues to rise. In this regard, we are designing products that integrate security, innovation, and environmental responsibility.
In 2026, we will continue to target markets that align with our strategic vision, driving innovation and growth while advancing our broader artificial intelligence initiatives. This approach will reinforce our identity as an end-to-end provider of applied technology, ensuring security and flexibility in our offerings. We anticipate high single-digit revenue growth driven by our contracted pipeline, along with profit margin expansion due to a favorable product mix, particularly from our Digital Technologies, Card-as-a-Service (CaaS), and our proprietary AI related GaiaB™ Appliance. Inorganic opportunities will also play a role in our purposeful growth strategy to strengthen our capabilities and expand our market reach.
Our ambition to become a future-focused company motivates our organization to build trust through digital growth.”