reports
- Thomas Couvreur
Hybrid Software Group Record year with further growth into 2026 expect...
Revenues for the year come in below expectations, mainly due to the subdued start to the year. Bottom-line numbers also below expectations, but to a significant extend explained by negative FX impact, which should largely normalize going forward. While overall 2025 was a record year for HYSG, we expect solid growth into 2026 with potentially some further upside from M&A when the large cash balance is put to work. We reiterate our Buy recommendation and the €5.5 TP.
- BC-bc user
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Thomas Couvreur
Hybrid Software Group Stronger pipeline & cost efficiencies triggering...
As of 2Q25-3Q25 HYSG saw a significantly improved environment, resulting in an uptick of organic growth. Expecting solid 4Q25 results and a positive short term pipeline, we increased our FY26 expected revenues by 6%, with continued growth going forward. Operational leverage is increasingly evident, with cost efficiencies driving broadbased EBITDA strength and supporting sustainable margins above 25%, trending toward 28% longer term. Limited macro risks, a selective bolton M&A strategy backed by ...
- Thomas Couvreur
Hybrid Software Group Strong 3Q update; record sales in Enterprise Sof...
Hybrid Software Group published their limited 3Q trading update. After a tough 1H25, the company has turned the page with a significant uptick in sales and, more importantly, very strong margins. At these levels HYSG is well on track to beat our FY operating & net result estimates. We keep our TP on €5.0 for now and comfortably reiterate our Buy recommendation.
- Thomas Couvreur
Hybrid Software Group Tough comps continue, but positive outlook for 2...
1H25 is seeing tough comps from a large Printing Software contract signing in 1Q24 and the uptick in business in 2Q24 triggered by the Drupa trading fair. The gap to our estimates seen in 1Q25 continues in todays half-year results. Management is confident on the sales pipeline going forward, with comps significantly more benign in 2H25. We expect the second half of the year to be much stronger for Hybrid Software Group, reiterating out Buy recommendation.
- Thomas Couvreur
Hybrid Software Group 1Q25 trading update: Weak Printing Software reve...
Printing Software saw a tough reference period with a large 5-year contract signed in 1Q24. However a 55% revenue decline is significantly worse than we expected. Printing Software revenues are lumpy, so potential for a catch up in the remainder of the year. In the other segments strong Printhead Solutions compensates for slightly weaker Enterprise Software. Management remains positive on 2025, highlighting healthy sales funnels across all segments.
- Thomas Couvreur
Hybrid Software Group Goodwill impairments offset profitability improv...
HYSG reported top-line growth for FY24, but below our expectations. 6.2m of goodwill impairments, mainly on the Labels & Packaging business, results in a net loss for the year. HYSG has made profitability improvements, which will continue into FY25. Although our gross profit expectations going forward seem too ambitious, increased profitability could compensate. HYSG now also has a 3m net cash position that could be leveraged further to generation additional value, beyond the ongoing 1m SBB. We...
- Thomas Couvreur
- Thomas Couvreur
Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet...
Hybrid Software Group's 3Q24 results are weaker than expected both in top & bottom line. Coming from a strong 1H24 combined with an expected order uptick from the Drupa exhibition, flat revenues YoY are a surprise. We maintain our recommendation and TP for now, though do see some additional downside risk to our case.
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Vincent Koppmair
(Sponsored) Hybrid Software Group - FY23 results - Promising outlook
Hybrid Software Group published its FY23 results and here are the main highlights:Sales in 2023 lands at EUR 48.0m (+2.8% YoY)EBITDA slightly down (-4% excluding one-off), but profit from continuing operations is up 18% YoYCEO guides for operating profit to double in 2024More details in our Note published this morning
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Couvreur
Hybrid Software Group Drupa exhibition as key growth accelerator in 20...
We expect the Drupa exhibition to be a key catalyst for Hybrid Software Group this year. Although we do expect a sales lag leading up to the event, this should be more than compensated by a strong boost to sales over 2H24. This will put HYSG solidly on track for their €100m revenue target at 35% margin and will return some confidence in the stock after a more subdued 2023. We lower our TP slightly to €5.0 from €5.3, mainly from shifting that €100m target to the later end of the guided range. How...
Hybrid Software Group PLC: Financial reporting calendar 2024
Hybrid Software Group PLC: Financial reporting calendar 2024 PRESS RELEASE Financial reporting calendar 2024 Cambridge (UK) 13 December 2023 (08.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) plans to publish the following financial information before market opening on the following dates: DatePublication22 March 2024Annual report and accounts for the year ending 31 December 20232 May 2024Quarterly trading update for the quarter ending 31 March 202425 July 2024Condensed consolidated financial statements for the six months ending 30 June 202424 October 2024Quarterly trading update ...
Hybrid Software Group PLC: Notification of transactions in shares by p...
Hybrid Software Group PLC: Notification of transactions in shares by persons discharging managerial responsibility PRESS RELEASE – REGULATED INFORMATION Notification of transactions in shares by persons discharging managerial responsibility ("PDMRs") Cambridge (UK) 7 November 2023: The Company makes the following announcement and notification in respect of the EU Market Abuse Regulation. 1Details of the person discharging managerial responsibilities / person closely associateda)NameGuido Van der Schueren2Reason for the notificationa)Position/statusChairmanb)Initial notification/AmendmentI...
Hybrid Software Group PLC:
Hybrid Software Group PLC: PRESS RELEASE – REGULATED INFORMATION Notification of transactions in shares by persons discharging managerial responsibility ("PDMRs") Cambridge (UK) 30 October 2023: The Company makes the following announcement and notification in respect of the EU Market Abuse Regulation. 1Details of the person discharging managerial responsibilities / person closely associateda)NameMichael Rottenborn2Reason for the notificationa)Position/statusCEOb)Initial notification/AmendmentInitial notification3Details of the issuer, emission allowance market participant, auction platfor...
Hybrid Software Group releases Q3 results
Hybrid Software Group releases Q3 results PRESS RELEASE - REGULATED INFORMATION HYBRID SOFTWARE GROUP RELEASES Q3 RESULTS Cambridge (UK) 26 October 2023 (08.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the nine months ended 30 September 2023. CEO Mike Rottenborn comments, “The third quarter of 2023 was marked by overall consistent performance compared to the same period of 2022, with consolidated revenues up 3% and yielding a 19% EBITDA margin. Last year’s third quarter EBITDA was very favourably impacted by the one-time sale of an unused asset (ap...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Hybrid Software Group releases Q3 results
Hybrid Software Group releases Q3 results PRESS RELEASE - REGULATED INFORMATION HYBRID SOFTWARE GROUP RELEASES Q3 RESULTS Cambridge (UK) 26 October 2023 (08.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the nine months ended 30 September 2023. CEO Mike Rottenborn comments, “The third quarter of 2023 was marked by overall consistent performance compared to the same period of 2022, with consolidated revenues up 3% and yielding a 19% EBITDA margin. Last year’s third quarter EBITDA was very favourably impacted by the one-time sale of an unused asset (ap...
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