par PRODWAYS (EPA:PWG)
2025 annual results: improvement in the current EBITDA margin
March 24, 2025 at 6:30 p.m.
Prodways Group generated revenue of €41 million in 2025, down 9% on a comparable basis, in an uncertain economic environment for the year. Current EBITDA was €2.6 million.
The main change in the presentation of the 2025 financial statements is the classification of the Software business as a discontinued operation following the signing of a sale agreement. In accordance with IFRS 5, the income statement, including 2024 comparative data, has been restated to reflect this new scope. This activity will be sold for €35 million subject to the approval of the Shareholders' Meeting.
In this context, Prodways Group continued to improve its operating profitability, driven by the strategic refocusing actions undertaken and by increased cost discipline, leading to a clear increase in current EBITDA margin (+3 pts) and cash flows from operations (+16%).
2025 Consolidated income statement
The company's financial statements presented below were approved by the company's Board of Directors, which met on March 24, 2026. The financial statements have been reviewed by the Statutory Auditors and their reports are in the process of being issued.
| (in millions of euros) | FY 2025 | FY 2024 restated[1] | Variation M€ | Variation % |
| Revenues | 40,9 | 45,1 | -4,1 | -9% |
| Current EBITDA[2] | 2,6 | 1,3 | +1,3 | +100% |
| Current EBITDA margin | 6% | 3% | +3.4 pts | - |
| Income from ordinary activities2 | -1,3 | -1,5 | +0,1 | -9% |
| Other items in the operating income | -0,7 | -0,7 | +0,0 | -7% |
| Operating income | -2,0 | -2,2 | +0,2 | -8% |
| Financial result | -0,5 | -0,2 | -0,3 | - |
| Taxes | 0,0 | 0,3 | -0,3 | - |
| Net income from discontinued operations | 2,4 | 2,7 | -0,4 | - |
| Consolidated net income | -0,1 | 0,6 | -0,7 | - |
The full financial statements are available as an appendix to this press release.
Revenues and operating income by division[3]
| (in millions of euros) | FY 2025 | FY 2024 restated | Variation M€ | Variation % | |
| Systems | Revenues | 14,1 | 14,6 | -0,5 | -4% |
| Current EBITDA2 | 2,3 | 1,2 | 1,1 | 97% | |
| Current EBITDA margin (%) | 16,4% | 8,0% | +8 pts | - | |
| Income from ordinary activities2 | 0,9 | 1,2 | -0,2 | -20% | |
| Products | Revenues | 26,9 | 30,5 | -3,6 | -12% |
| Current EBITDA2 | 2,0 | 2,2 | -0,2 | -7% | |
| Current EBITDA margin (%) | 7,5% | 7,1% | +0 pts | - | |
| Income from ordinary activities2 | -0,6 | -0,7 | 0,1 | -18% | |
2025 revenue: €41 million in revenue
Division Systems
The Systems division generated €14 million in revenue in 2025, down 4%. This decrease is mainly due to the sale of materials due to a reduction in consumption by customers in the dental sector. The lack of new sales of printers dedicated to this application and increased international competition are putting pressure on this business.
Printer sales are mainly made up of ceramic MovingLight models in 2025. Although the increase in revenues in 2025 is encouraging, it does not yet generate significant cash flow. For now, the potential for additional sales of ceramic printers is significant and diverse with some customers considering moving from R&D to production, but it remains uncertain as to when it will materialize into orders.
Division Products
The Products division generated sales of €27 million, a decrease of €3.6 million compared to the previous year.
The Digital Manufacturing activity remains strongly impacted by the decline in sales on the German market (-€2.4 million). Revenue in France was down slightly in 2025 but recovered slightly at the end of the year.
Audiology-related revenues are down by around 6% in 2025. The reorganization of the sales teams began to produce positive effects in the 4th quarter, however certain internal production issues continued to slow down activity in this year.
An increase in current EBITDA margin
Prodways Group achieved a current EBITDA of €2.6 million in 2025, representing a margin of 6%, a significant increase compared to 2024 restated (+3 pts). This improvement, despite the decline in revenue, demonstrates the Group's ability to adapt its operating model and maintain rigorous financial discipline.
The increase was particularly notable in the Systems division (+8 pts), while the Products division remained around 7% of current EBITDA margin.
Compared to the 2024 financial statements published, the margin was down due to the classification of the Software business as "discontinued operations", which contributed €3.9 million to current EBITDA.
Operating profit of -€1.3 million
Depreciation and amortization represent €3.9 million in 2025, compared to €2.8 million last year. This change is explained by a positive impact last year linked to a reversal of provisions. As a result, operating income was -€1.3 million.
Other operating income, for -€0.7, includes restructuring charges related to the reduction of structural costs and costs related to the disposal of the Software business.
Financial expenses are up slightly compared to 2024 due to the positive impacts last year related to exchange rate fluctuations.
Net income was thus -€0.1 million.
Positive operating cash generation and a healthy financial position
Prodways Group effectively transformed its result into cash and generated cash flow of €5.5 million in 2025. Working capital improved by €0.7 million in continuing operations and increased in the Software business.
The cash flow from operations has therefore increased. It stands at €5.1 million, compared to €4.4 million in 2024. The amount of capex remained relatively stable at €1.4 million (compared to €1.3 million last year).
As a result, the group's financial position remains solid, with €5.3 million in available cash (excluding the Software business) and net debt of €5.1 million (compared to €7.6 million in 2024 on a restated basis). The available cash that was held within the Software business will be sold and this amount is taken into account in the sale price of the shares.
Sale of the Software business
Prodways Group has signed an agreement for the sale of its Software business, led by its subsidiary AvenAo Solution 3D. This transaction is subject to the approval of the Annual General Meeting of Shareholders convened on April 24, 2026 (read the dedicated press release).
In accordance with IFRS 5, the Software business is classified as discontinued operations in the 2025 financial statements, and the comparative financial statements have been restated accordingly.
In the event of approval of this sale, the Board of Directors has decided to propose the redistribution to shareholders of a significant part of the proceeds of the sale, for an amount of €20 million, in the form of a public share buyback offer, subject to obtaining the necessary regulatory approvals.
Prodways Group will communicate in due course on the timetable and the next steps of this structuring operation.
Outlook and objectives for 2026
Prodways is continuing to implement the strategy announced in 2025, aimed at the disposal of the assets of the Systems division and the continued recovery of the activities of the Products division. At the beginning of 2026, the Group took a first major step with the sale of the Software business, the main contributor to the value of the Systems division.
In 2025, the group focused on improving the profitability of each business rather than on revenue growth. For 2026, Prodways Group remains a priority and therefore aims to maintain stable or slightly increased revenue in its new scope. The group is also aiming for an improvement in the current EBITDA margin rate.
About Prodways Group
Prodways Group is a specialist in industrial and professional 3D printing with a unique positioning as an integrated European player. The Group has developed across the entire 3D printing value chain (software, printers, materials, parts & services) with an industrial solution with high technological added value. Prodways Group offers a range of 3D printing systems and premium composite materials (SYSTEMS division). The Group also manufactures and markets 3D printed parts, prototypes and small series in plastic and metal (PRODUCTS division). Prodways Group addresses a large number of sectors, particularly in the medical field.
Prodways Group is listed on Euronext Growth (FR0012613610 - ALPWG).
More information about https://www.prodways-group.com
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Contacts
INVESTOR CONTACTS
Hugo Soussan
Investor Relations
Tel: +33 (0)1 44 77 94 86 / h.soussan@prodways.com
Anne-Pauline Petureaux
Shareholder relations
Tel: +33 (0)1 53 67 36 72 / apetrureaux@actus.fr
PRESS CONTACTS
Manon Clairet
Financial press relations
Tel: +33 (0)1 53 67 36 73 / mclairet@actus.fr
Appendices
Definition of alternative performance indicators
- Current EBITDA: Operating income before "net depreciation, amortization and provisions", "other operating income" and "share in the results of associates"
- Operating income: Operating income before "other operating income" and "share of associates' earnings".
- Debt / Net cash: Net debt / Net cash including treasury shares, excluding IFRS 16 lease debt
- Cash flow from operations: Cash flow generated from operations before changes in working capital requirements and after neutralization of the cost of net financial debt and taxes.
Consolidated Financial Statements
Classification of AS3D and its subsidiaries as discontinued operations
A process for the sale of AS3D and its subsidiaries was announced in July 2025. In accordance with IFRS 5, the analysis of the various items concluded that the items were classified as discontinued operations. Thus, as of 31/12/2025, the companies are classified as discontinued operations. The contribution of these companies to the income statement and the cash flow statement has therefore been reclassified on a separate line and retrospectively to the 2024 financial year. All assets and liabilities as of December 31, 2025 are also reclassified to a specific line of discontinued activities on the balance sheet.
Consolidated income statement
| (in thousands of euros) | 2025 | 2024 restated | 2024 Published |
| Turnover | 40 943 | 45 054 | 58 669 |
| Capitalized production | 500 | 427 | 427 |
| Production stockée | (630) | 201 | 201 |
| Other products of the activity | 399 | 627 | 649 |
| Purchases consumed | (19 698) | (24 418) | (27 022) |
| Personnel expenses | (18 835) | (20 366) | (27 080) |
| Taxes | (371) | (323) | (448) |
| Depreciation, amortization and provisions net of reversals | (3 905) | (2 751) | (3 096) |
| Other net operating expenses of revenues | 266 | 83 | (160) |
| INCOME FROM ORDINARY ACTIVITIES | (1 331) | (1 466) | 2 138 |
| Other operating income | (684) | (732) | (870) |
| Share of earnings of associates | - | - | - |
| OPERATING RESULT | (2 015) | (2 198) | 1 268 |
| Financial interest on gross debt | (437) | (473) | (495) |
| Cash-related financial income and cash equivalents | 2 | (79) | (79) |
| Cost of net financial debt (a) | (435) | (552) | (574) |
| Other financial income (b) | 315 | 397 | 400 |
| Other financial expenses (c) | (337) | (22) | (25) |
| Financial income and expenses (d=a+b+c) | (456) | (177) | (199) |
| Income tax | 8 | 270 | (457) |
| After-tax income from continuing operations | (2 464) | (2 104) | 613 |
| Net income from discontinued operations | 2 353 | 2 717 | - |
| CONSOLIDATED NET INCOME | (111) | 613 | 613 |
| EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT | (218) | 545 | 545 |
| RESULT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 105 | 68 | 68 |
| Average number of actions | 50 554 306 | 51 576 200 | 51 576 200 |
Cash flow statement
| (in thousands of euros) | 2025 | 2024 restated |
| NET INCOME FROM CONTINUING OPERATIONS | (2 464) | (2 104) |
| NET INCOME FROM DISCONTINUED OPERATIONS | 2 353 | 2 717 |
| CONSOLIDATED NET INCOME | (111) | 613 |
| Calculated expenses and income | 3 583 | 1 769 |
| Elim. divestment results and dilution gains and losses | 201 | 822 |
| Elim. the result of the equity accounts | - | - |
| Elim. results of disposal and dilution gains and losses and expenses and income from discontinued operations | 611 | 405 |
| Cash flow from operations (before neutralization of the cost of net financial debt and taxes) | 4 282 | 3 609 |
| Of which continuing operations | 1 320 | 487 |
| Elim. of expense related to the cost of net financial debt | 436 | 552 |
| Elim. of the tax expense (revenue) | (8) | (270) |
| Elimination of the expense of taxes and financial interest paid related to discontinued operations | 747 | 750 |
| Cash flow from operations (after neutralizing the cost of net financial debt and taxes) | 5 457 | 4 641 |
| Of which continuing operations | 1 748 | 769 |
| Taxes paid | (61) | (88) |
| Change in working capital requirement | 689 | 198 |
| Taxes and financial interest paid and change in working capital related to discontinued operations | (1 025) | (388) |
| Net cash flow generated by activity (a) | 5 060 | 4 362 |
| Of which continuing operations | 2 381 | 879 |
| Investment operations | ||
| Acquisition of intangible assets | (764) | (860) |
| Acquisition of tangible capital assets | (656) | (454) |
| Sale of intangible and tangible assets | 104 | 10 |
| Acquisition of financial assets | (79) | (3) |
| Disposal of financial assets | 39 | 40 |
| Net cash acquisition/disposal of subsidiaries | - | 192 |
| Investment transactions from discontinued operations | (258) | (127) |
| Net cash flow from investment operations (B) | (1 614) | (1 202) |
| Of which continuing operations | (1 356) | (1 075) |
| Financing operations | ||
| Capital increase | - | - |
| Dividends paid to group shareholders | - | - |
| Dividends paid to minority shareholders | (51) | - |
| Other capital transactions | (22) | (560) |
| Issuance of bonds | 266 | - |
| Repayment of loans and rent debts | (5 907) | (6 003) |
| Cost of net financial debt disbursed/disbursed | (408) | (569) |
| Financing of discontinued operations | (387) | (353) |
| Net cash flow from financing operations (C) | (6 509) | (7 485) |
| Of which continuing operations | (6 122) | (7 132) |
| Cash flow from continuing operations (D= A+B+C) | (5 097) | (7 328) |
| Cash flow from discontinued operations | 2 031 | 3 061 |
| Variation of Yield | (3 063) | (4 269) |
| Impact of exchange rate changes | (2) | 10 |
| CASH AT THE BEGINING OF THE PERIOD | 11 957 | 16 216 |
| Of which cash and cash equivalents net from continuing operations | 7 043 | 11 710 |
| Of which cash and cash equivalents net of discontinued operations | 4 914 | 4 506 |
| CASH AT THE END OF THE PERIOD | 8 893 | 11 957 |
| Of which cash and cash equivalents net from continuing operations | 5 250 | 7 043 |
| Of which cash and cash equivalents net of discontinued operations | 3 643 | 4 914 |
Consolidated balance sheet - assets
| (in thousands of euros) | 31/12/2025 | 31/12/2024 |
| Non-current assets | 41 917 | 59 267 |
| Goodwill | 24 494 | 39 056 |
| Other intangible assets | 2 950 | 5 697 |
| Tangible capital assets | 6 811 | 7 646 |
| Rights of use | 6 252 | 5 602 |
| Investments in associates | - | - |
| Other financial assets | 356 | 832 |
| Deferred tax assets | 1 054 | 434 |
| Current assets | 20 355 | 39 322 |
| Stocks nets | 4 393 | 5 251 |
| Net trade receivables | 5 258 | 13 902 |
| Contract assets | 541 | - |
| Other current assets | 4 428 | 7 604 |
| Current tax assets | 425 | 510 |
| Cash and other equivalents | 5 310 | 12 055 |
| Assets held for sale | 35 124 | - |
| Asset totals | 97 396 | 98 589 |
Consolidated balance sheet - liabilities
| (in thousands of euros) | 31/12/2025 | 31/12/2024 |
| SHAREHOLDERS' EQUITY, GROUP SHARE | 53 338 | 53 466 |
| Share capital | 25 875 | 25 812 |
| Premium | 86 369 | 86 303 |
| Consolidated reserves and earnings | (58 906) | (58 649) |
| INTEREST ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 214 | 160 |
| NON-CURRENT LIABILITIES | 12 420 | 15 221 |
| Long-term provisions | 474 | 692 |
| Long-term financial debts - share of more than one year | 6 565 | 10 227 |
| Rent debts - share with more than one year | 5 291 | 4 201 |
| Deferred tax liabilities | 90 | 101 |
| CURRENT LIABILITIES | 14 486 | 29 742 |
| Short-term provisions | 639 | 623 |
| Long-term financial liabilities - less than one year share | 3 879 | 4 462 |
| Rent debts - share with less than one year | 1 322 | 1 546 |
| Accounts payable to operating suppliers | 3 212 | 9 812 |
| Contract liabilities | 393 | 432 |
| Other current liabilities | 5 038 | 12 816 |
| Current tax liabilities | 3 | 52 |
| LIABILITIES HELD FOR SALE | 16 938 | - |
| Liability totals | 97 396 | 98 589 |
[1] The 2024 income statement has been restated in accordance with IFRS 5 following the sale agreement for the Software business.
[2] See the Glossary in the appendix for a definition of alternative performance indicators
[3] The sum of the aggregates of the two divisions must be completed by the intra-group eliminations and the structure, representing a charge of -€1.7 million in operating income, to obtain the consolidated result presented above.