Switzerland's Kudelski revenue falls 4.5%, ends year debt-free

Kudelski SA

26/02/2026 06:11

Overview

Switzerland-based digital security leader's 2025 revenue fell 4.5% to USD 371 mln

Core Digital Security revenue declined 1.9%, offset by new product growth

Company turned positive cash flow in H2, ended year debt-free

Outlook

Kudelski expects slight increase in revenues and improved EBITDA for 2026

Company anticipates IoT segment to achieve double-digit revenue growth in 2026

Cybersecurity segment expected to return to growth with improved margins in 2026

Result Drivers

CORE DIGITAL SECURITY - New product lines like Watermarking and Streaming Protection drove growth, offsetting legacy product declines

CYBERSECURITY TRANSITION - Shift towards higher-value MDR and advisory services led to revenue decline but improved margins

IOT DISTRIBUTION SHIFT - Transition to indirect distribution channels and selective dealership terminations impacted revenue

Company press release: ID:nEQ39g4D0a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY EBITDA
-$15.60 mln


Analyst Coverage

The one available analyst rating on the shares is "sell"

The average consensus recommendation for the it services & consulting peer group is "buy."

Wall Street's median 12-month price target for Kudelski SA is CHF1.58, about 35.6% above its February 25 closing price of CHF1.17

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)