Sword Group: Q3 2025 Results
Q3 2025 Results
Consolidated Revenue: €91.2 m
Organic Growth (i): +13.2%
EBITDA Margin: 12.1%
(i) on a like-for-like basis
KEY FIGURES
Consolidated revenue for Q3 2025 amounts to €91.2 m, representing a +13.2% increase on a like-for-like basis compared to Q3 2024. The EBITDA margin stands at 12.1 %, representing €11.0 m.
As of 30 September 2025, consolidated revenue amounts to €267.0 m, an increase of +12.4% on a like-for-like basis compared to 30 September 2024. The EBITDA margin is 12.0%, representing €32.0 m.
These figures reflect the deconsolidation of Tipik, a Belgian subsidiary, as of 1 August 2025, reclassified as an asset held for sale, and the acquisition of Full On Net, a Spanish company specialising in data science and artificial intelligence.
Q3 2025 ACCOUNTS
| Q3 | unaudited figures | |||
| €m | 2025 | 2024 | Organic Growth (i) |
| Revenue | 91.2 | 81.7 | +13.2% |
| EBITDA | 11.0 | 9.8 | - |
| EBITDA Margin | 12.1 % | 12.0% | - |
ACCOUNTS AS AT SEPTEMBER 30, 2025
| YTD | unaudited figures | |||
| €m | 2025 | 2024 | Organic Growth (i) |
| Revenue | 267.0 | 238.6 | +12.4% |
| EBITDA | 32.0 | 28.7 | - |
| EBITDA Margin | 12.0% | 12.0% | - |
(i) on a like-for-like basis
ANALYSIS
Q3 results are in line with budget expectations, illustrating the resilience of Sword’s business model and the quality of its sector positioning.
The strength of the backlog and the recurring nature of our service activities continue to ensure good visibility in the markets we target.
EVENT OF THE QUARTER
Bubble Go joined the Group in Q3 2025. This acquisition strengthens our nearshore offerings for Swiss and European clients and expands our expertise in high-value sectors such as private banking and luxury goods.
Sword also acquired Full On Net, a Spanish company specialising in data science, artificial intelligence, and social network analytics. Consolidated as of 1 July 2025, this company will contribute approximately €15m to Sword’s 2026 revenue, with an EBITDA margin of about 11.5%.
As of 1 August 2025, Tipik, a communications agency serving European institutions, was reclassified as an asset held for sale and therefore deconsolidated. This transaction is part of the Group’s active portfolio management, consistent with its
strategy to refocus on core IT & Digital expertise.
OUTLOOK
The Group’s business plan remains unchanged.
The 2026 budget anticipates double-digit organic growth.
A larger-scale acquisition strategy will be implemented starting in 2026.
Calendar
22/01/26: 2025 Fourth Quarter Revenue
11/03/26 : 2025 Annual Revenue
Sword Group
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