Ascom reports solid 2025 full-year results

Ad hoc announcement pursuant to Art. 53 LR
Baar, Switzerland, 9 March 2026

Ascom’s 2025 financial year marked an important step forward. The Company strengthened its operational performance and while challenges remain, the progress underlines that Ascom is moving in the right
direction.

SUMMARY OF THE FINANCIAL RESULTS 2025

• Net revenue: CHF 292.1 million (2024: CHF 286.7 million), growth of 3.8% at constant currencies and 1.9% at actual currencies
• EBITDA: CHF 34.3 million (2024: CHF 21.3 million), EBITDA margin of 11.7% (2024: 7.4%)
• Group profit: CHF 15.1 million (2024: CHF 3.7 million), earnings per share CHF 0.43 (2024: CHF 0.10)
• Net cash position: CHF 29.6 million as of 31 December 2025 (2024: CHF 18.6 million)
• Equity ratio: 40.0% (2024: 39.2%)

Shareholder distribution

• Dividend proposal: CHF 0.20 per share
• Share buyback program: As of 31 December 2025, 1.8 million shares bought back for a total of CHF 6.8 million. The maximum repurchase amount is fixed to CHF 15 million. The remaining 1.2 million shares are expected to be repurchased in 2026 at a potentially higher share price than in 2025, resulting in a cash outflow of up to CHF 8.2 million
• Together with the proposed 2026 dividend payment, return to shareholders amounts to a maximum of CHF 14.9 million, representing up to CHF 0.45 per share

Guidance for fiscal year 2026

• Low to mid-single-digit revenue growth at constant currencies
• EBITDA margin of 10-12%

Leaner organization

Early in 2025, Ascom completed a substantial organizational redesign, consolidating six regions into three: North, South, and USA & Canada. Global functions were aligned to be more synergistic and closer to the regions. These changes enhanced cooperation, improved project execution, and strengthened Ascom’s ability to respond to customer needs with greater clarity and efficiency.

Improved Performance and profitability
Ascom’s 2025 business development demonstrated solid strategic execution. The Company generated net revenue of CHF 292.1 million for fiscal year 2025 (2024: CHF 286.7 million), reflecting growth of 3.8% at constant currencies and 1.9% at actual currencies.
Performance improved across all three regions. Region USA & Canada delivered the strongest growth, with revenue up 7.3% at constant currencies, supported by a major order delivery in December 2025. Region South grew by 4.5% at constant currencies, driven by strong results in Germany, Italy, and Central and Eastern Europe. Region North increased net revenue by 1.5% at constant currencies, with steady demand in Norway and Sweden.
By market segment, the Healthcare sector accounted for 66% of total revenue (2024: 67%). The Enterprise segment represented 28% (2024: 28%), while the OEM business accounted for 6% (2024: 5%) of total revenue. The Service business made up 34% of revenue (2024: 36%), and software business increased to 14% (2024: 13%). Recurring business remained stable at 27%.

In 2025, profitability improved significantly, with gross profit at CHF 140.8 million and a gross margin of 48%. Ascom achieved an EBITDA of CHF 34.3 million (2024: CHF 21.3 million) for fiscal year 2025, leading to an EBITDA margin of 11.7% (2024: 7.4%). EBIT increased to CHF 20.3 million for the fiscal year, and earnings per share rose to CHF 0.43. Operating cash flow climbed to CHF 32.6 million, reflecting improved profitability and efficient working capital management.

Innovation focus across all segments
Innovation remained a core focus. Throughout 2025, Ascom further expanded its software capabilities, enhanced interoperability across its portfolio, and strengthened customer support. Ascom made significant progress integrating its software product lines into a unified platform, simplifying its offering across healthcare and enterprise segments. This platform convergence improves operational efficiency and delivers greater customer value by enhancing user experience and reducing costs.

Strong order backlog
Ascom recorded incoming orders of CHF 311.1 million in 2025 (2024: CHF 307.4 million). Growth of 3.2% at constant currencies and 1.2% at actual currencies confirms healthy market demand.
At the end of 2025, the order backlog stood at CHF 310.7 million (31.12.2024: CHF 301.5 million), providing a good basis for continued growth in 2026.

Ascom continues to have a strong balance sheet
In 2025, Ascom generated positive cash flow from operating activities of CHF 32.6 million (2024: CHF 20.0 million). The net cash position as of 31 December 2025 came to CHF 29.6 million (31.12.2024: CHF 18.6 million). Ascom had no outstanding borrowings as of 31 December 2025. Shareholders’ equity stood at CHF 79.9 million (31.12.2024: CHF 74.4 million), representing an equity ratio of 40.0% (31.12.2024: 39.2%).

Outlook for 2026
While the current macro-economic environment is volatile, the underlying industry trends in the markets Ascom operates in remain positive. With a strong order backlog, improved profitability, and disciplined operational and financial management, Ascom enters 2026 with a solid foundation. Ascom is well-positioned to capture opportunities arising from the digital transformation in healthcare and enterprise markets. The Company’s strategy remains to become the key enabling platform for critical communication and collaboration in healthcare and enterprise, achieving sustainable profitable growth through customer-focused innovation and operational efficiency.
For the fiscal year 2026, Ascom targets low to mid-single-digit revenue growth at constant currencies and an EBITDA margin of 10–12 percent.

Shareholder distribution
The Board of Directors proposes a dividend of CHF 0.20 per share to the Annual General Meeting 2026, representing a payout of about 47% of Group profits (based on weighted average number of outstanding shares per 31.12.2025).

On 28 May 2025, Ascom’s Board of Directors launched a share buyback program to repurchase a maximum of 3 million registered shares for up to CHF 15 million for the purpose of a capital reduction. The buyback trading
commenced on 30 May 2025 and is set to conclude by 30 November 2026. 
As of 31 December 2025:

• 1.8 million shares bought back for a total of CHF 6.8 million
• Together with the 2025 dividend payment, return to shareholders amounted to CHF 10.4 million, representing CHF 0.30 per share

In 2026:

• Ascom expects to repurchase the remaining 1.2 million shares at a potentially higher share price than in 2025, resulting in a cash outflow of up to CHF 8.2 million
• Together with the proposed 2026 dividend payment, return to shareholders amounts to a maximum of CHF 14.9 million, representing up to CHF 0.45 per share

Changes to the Board of Directors and Executive Board
As communicated on 18 September 2025, the Board of Directors nominated Laurent Dubois, Member of the Board since 2020, as new Chairman of the Board to be elected at the Annual General Meeting 2026, following the retirement of Dr. Valentin Chapero Rueda, effective as of the Annual General Meeting 2026. All other Members of the Board of Directors are standing for re-election at the Annual General Meeting 2026.
In December 2025, the Board of Directors appointed David Hale as the new CEO, effective 4 February 2026. David Hale brings more than 25 years of international leadership experience in the medical device and pharmaceutical industries, including senior roles at General Electric and Guerbet Group.
David Hale follows Michael Reitermann, Member of the Board since 2020, and Delegate of the Board of Directors, who acted as CEO ad interim from 29 September 2025 to 3 February 2026.

KEY FIGURES FINANCIAL YEAR 2025

¹ EBITDA, earnings before interest, income tax, depreciation, and amortization, see also definition in the 2025 Annual Report on page 117.
² At the end of the period.

The 2025 Annual Report of the Ascom Group and the 2025 Full-Year Results Presentation are available in English at: https://www.ascom.com/investors/reports-and-presentations/

2025 FULL-YEAR RESULTS CONFERENCE

Monday, 9 March 2026 at 10.00 a.m. CET
Restaurant METROPOL, Fraumünsterstrasse 12, 8001 Zurich

Webcast: A live audio webcast, with synchronized slides of the conference, including Q&A, will be available on Link Webcast.

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