Bilbao, February 12, 2026,-Virtualware (EPA: ALVIR), a leading expert in virtual reality for industry, listed on Euronext Growth Paris, today issued its financial guidance for fiscal year 2026 in a market letter issued by its founder and CEO, Unai Extremo.
The company expects to return to double-digit organic revenue growth, targeting more than 30%, alongside EBITDA margins in the 20–25% range.
The company expects its subscription-based VR-as-a-Service business model to continue to grow significantly, with international expansion in North America and Europe as the primary drivers of growth.
The guidance follows the company’s publication on February 5 of its 2025 preliminary unaudited annual results. In 2025, Virtualware reported consolidated revenues of €4.32 million, a 2.85% increase year-on-year, with EBITDA of €598,509 (13.8% margin).
The company’s VIROO XRaaS line, which includes the international commercialisation of its proprietary VIROO platform, closed at €1.95 million, up from €1.73 million in 2024, reflecting the consolidation of the business model and its alignment with the company’s last two strategic plans.
Virtualware also closed 2025 with record bookings exceeding €8 million, derived primarily from government and nuclear projects. These bookings, the largest in the company’s over 20-year history, will enable it to consolidate its position in the short term.
A €6.22 million payment received on January 10, 2026, from a major client resulted in a pro forma net cash position of approximately €3.51 million, indicating robust financial health.
The company noted that its current liquidity position is the strongest in its history.
“Virtualware is today a resilient company, capable of maintaining stability even in complex and unstable environments, thanks to the business model it implemented in the 2021–2023 Strategic Plan, which we are currently consolidating in the present strategic plan,” explained Unai Extremo, CEO of Virtualware.
2026 is the final year of Virtualware’s 2024–2026 Strategic Plan, designed to drive growth and consolidation. The company views its record backlog, recurring subscription revenues, and strengthened balance sheet as providing a solid foundation to deliver on its growth targets despite ongoing global uncertainty.
In his market letter, Extremo highlighted the growing relevance of the nuclear sector, in which Virtualware operates. Nuclear energy is experiencing a global renaissance, driven by the need for clean and safe energy.
Virtualware has been building virtual nuclear plants for years alongside GE Vernova, a global industry leader, and has recently appointed former CANDU Energy Chief Nuclear Engineer Stephanie Smith to its International Advisory Board. The company expects the nuclear industry to be a key driver of its future growth and anticipates rising demand for simulation, immersive training, and digital twins for the construction and operation of new plants.
In 2025, Virtualware completed its uplisting to Euronext Growth Paris in June, became a certified B Corp, and launched a new version of its VIROO platform incorporating additional functionalities. The company also advanced the integration of Simumatik, the Swedish company acquired in 2024, adding new features to its digital twin and emulation technology.
“We will close this strategic plan with our promise of growth fulfilled. In addition to harvesting the results of our 2025 planting, we will continue investing. Our guiding principle has always been to remain financially sustainable without missing growth opportunities—and that is exactly what we will do in 2026,” said Unai Extremo, CEO of Virtualware, who founded the company in 2004 with CTO Sergio Barrera.
About Virtualware
Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and 3D technologies for industry and education.
Virtualware serves global organizations and institutions including GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense or the Basque Government.
The company’s headquarters are in Bilbao, Spain, with offices in Orlando, US, Toronto, Canada, and Skövde, Sweden.
Press and investors contacts
Press: Aida Otaola: aotaola@virtualwareco.com
Investor Relations: ir@virtualwareco.com
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