Kudelski reported FY 2025 revenues and other operating income of USD 371.0 million (-5.6%) and net revenues of USD 366.6 million (-4.5%). FY 2025 EBITDA was -USD 15.6 million, while EBITDA excluding restructuring and one-off expenses was USD 0.9 million. Cash flow from operating activities was USD 29.7 million in H2 2025, and the group ended FY 2025 debt-free with USD 100.4 million of cash and cash equivalents. By segment in FY 2025, Core Digital Security generated USD 229.0 million of net revenues (-1.9%), Cybersecurity USD 98.5 million (-9.2%) and IoT USD 39.1 million (-6.2%). Core Digital Security cited 23% growth in new product lines to USD 52.6 million, including close to 40% revenue growth in Watermarking and Streaming Protection and 37% growth in the OpenTV portfolio; legacy products declined 12% to USD 167.0 million. The group said it unified Kudelski Labs and NAGRAVISION into Core Digital Security and highlighted partnerships including MediaTek and a deal with the English Football League for piracy detection and disruption for the 2025/26 season. In Cybersecurity, gross margin improved to 82.6% from 77.9% as it shifted toward MDR and advisory services, alongside investments in an upgraded MDR platform, AI initiatives and OT security, including integrations with CrowdStrike’s next-generation SIEM capabilities and Google SecOps. In IoT, gross margin declined to 35.3% from 46.1% amid approximately USD 4 million of one-off product-related costs tied to replacing early generations of RecovR devices, while the business continued building distribution partnerships with Ally, Assurant, JM&A and Zurich Insurance North America. For 2026, Kudelski expects a slight increase in revenues and improved EBITDA versus 2025, and announced that board member Patrick Foetisch will not stand for reelection, with Hélène Béguin nominated for election at the April 14, 2026 AGM.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Kudelski SA published the original content used to generate this news brief on February 26, 2026, and is solely responsible for the information contained therein.