Groenlo, the Netherlands, 24 February 2026, 07:00 CET.
1 / 7 Annual Figures 2025 press release Total revenue up 11%, revenue key markets up 18% Operating profit up 33% Key pointsRevenue for 2025 amounted to €279.8 million, up 11% (in 2024: €251.6 million).
Recurring revenue rose by 11% and made up 40% of revenue (in 2024: 40% of revenue).
Added value as a percentage of revenue increased to 73% (in 2024: 71%).
Operating profit came in at €31.7 million, up 33% (in 2024: €23.9 million), with an operating margin of 11.3% (in 2024: 9.5%).
Dividend for the 2025 financial year has been set at €3.70 (in 2024: €3.20).
CEO Ruben Wegman: "In 2025, Nedap delivered solid results. Our focus on four key markets, combined with the effective deployment of Nedap-wide capabilities, resulted in total revenue growth of 11% compared with 2024. Growth in the key markets came in at 18%, with all four contributing to this development.
We continued to execute our Create & Scale growth strategy, accelerating product development and delivering successful product launches across all key markets. As in recent years, we made continuous investments by further strengthening our sales and support organization. Even as our solutions become increasingly digital, a physical presence in our key markets remains essential to building and expanding leading positions.
The annual report for 2025 marks the 25th I have had the privilege of contributing to, 18 of them as CEO. During my tenure Nedap has transformed from an electronics manufacturer largely producing for third parties into a leading Digital Twin Technology company with strong market positions in four key markets.
As the time has come for me to take a step down, I would like to sincerely thank our employees, customers, shareholders and all other stakeholders for their dedication, trust and continued support. It has been an honor to contribute to the growth and development of Nedap. With the intended appointment of Rob Schuurman as the new CEO, I look to the future of Nedap with great confidence."
Key figures In € x 1M or as a percentage | 2025 | 2024 | Growth |
Revenue | 279.8 | 251.6 | 11% |
Recurring revenue | 111.5 | 100.2 | 11% |
Added value as % of revenue | 73.2% | 71.5% | |
Operating profit | 31.7 | 23.9 | 33% |
Operating margin1 | 11.3% | 9.5% | |
Profit for the financial year | 24.6 | 18.5 | 33% |
Earnings per share (€ x 1) | 3.72 | 2.82 | 32% |
Dividend per share (€ x 1) | 3.70 | 3.20 | |
31/12/2025 | 31/12/2024 | ||
Net debt-to-EBITDA | -0.1 | 0.3 | |
Solvency | 66% | 61% | |
ROIC2 | 37% | 26% |
We continued to execute our Create & Scale growth strategy. The guiding principles and structured approach established for the Create phase resulted in an improved decision-making process and accelerated product development. This led to successful product launches across all key markets during the year. Customer willingness to invest remained broadly solid across our markets, though geopolitical dynamics require close monitoring. While impact has been limited so far, we stand ready to adapt should more fundamental market shifts emerge.
With 40% of our revenue derived from recurring software services, our commercial strategy increasingly extends beyond the initial sale to long-term customer success. This approach not only promotes customer loyalty and reduces churn, but also drives the adoption of additional services, increasing customer lifetime value. During 2025, this way of working was rolled out across all four key markets, supporting consistency, scalability, and impact.
Over the past financial year, we made good progress in preparing the transition to a next-generation, cloud-based ERP solution. In parallel, we are standardizing ways of working across business units based on best practices applied consistently across Nedap. This strengthens organizational focus, supports a more scalable operating model, and improves collaboration and overall effectiveness, while laying the foundation for further automation and efficiency gains.
1 Defined as operating profit expressed as a percentage of revenue.
2 ROIC represents operating profit divided by invested capital (fixed assets + net working capital).
Financial affairsRevenue
Revenue for 2025 amounted to €279.8 million, which was 11% ahead of 2024 (€251.6 million). Revenue in our key markets increased by 18%.
All key markets showed revenue growth. Healthcare saw continued high demand for its solutions. Livestock recovered well from slow market conditions in 2024. Retail scaled its RFID solutions, notably in Europe and the US. Security saw robust growth in demand for its access control solutions.
Recurring revenue rose by 11% to €111.5 million (in 2024: €100.2 million), comprising 40% of revenue (in 2024: 40% of revenue). This growth was supported by improved market conditions and a relevant offering in all key markets.
Added value was up from €179.9 million in 2024 (71% of revenue) to €204.7 million in 2025 (73% of revenue, an increase of 170 basis points). This was driven by higher revenue, reflecting our focus on value-adding solutions. Added value per FTE increased from €181 thousand per FTE in 2024 to €201 thousand per FTE in 2025. As we continue transitioning to SaaS business models, this metric may decline in the midterm, reflecting the longer value realization timeline inherent in the financial model.
Operating costs
Total operating costs grew by 11%, from €156.0 million in 2024 to €173.0 million in 2025.
This resulted largely from an increase in personnel costs from €114.8 million in 2024 to €127.9 million in 2025. In line with our long-term objectives, we invested in people to support our Create & Scale strategy in our key markets. The number of FTEs increased from 999 at the end of 2024 to 1,032 at the end of 2025. In addition, overall personnel costs per FTE have increased by around 9%. This stems from annual wage increases under collective agreements, as well as annual appraisals and role progression. Additionally, there was an increase in both employee settlements and profit sharing.
Other operating costs went up from €30.5 million in 2024 to €32.8 million in 2025, mainly as a result of decreased capitalization of development costs. Marketing and sales costs were broadly in line with 2024.
Foreign exchange differences amounted to a loss of €0.4 million in 2025, compared to a gain of €0.1 million in 2024.
Depreciation increased from €9.9 million in 2024 to €10.2 million in 2025. Amortization amounted to
€1.6 million (in 2024: €0.6 million), driven primarily by the start of amortization on MediKIT. Additionally, we recognized an impairment of €0.6 million, up from 2024 (€0.3 million), due to the write-down of legacy technology used in internal administrative processes.
Investments in research and development totaled €55.8 million, representing 20% of revenue, whereby €1.5 million was capitalized (€50.2 million in 2024, i.e., 20% of revenue, with €3.4 million capitalized). We continue to invest in our capability in digital twin solutions.
Operating profit
Operating profit (EBIT) for 2025 came in at €31.7 million, compared to €23.9 million in 2024. The operating margin, i.e., the operating profit expressed as a percentage of revenue, amounted to 11.3% in 2025 (in 2024: 9.5%). This growth of 180 base points reflects the increase in added value margin.
Financing costs
Net financing costs decreased to €0.6 million in 2025 (in 2024: €0.9 million) as a result of a flexible refinancing arrangement with a more optimized cost structure.
Taxation
Taxation over 2025 totaled €6.5 million (in 2024: €4.4 million). The effective tax rate increased to 21.0% (in 2024: 19.0%), mainly reflecting higher non-deductible expenses, lower deferred taxation, and a prior-year tax adjustment, partly offset by increased benefits from tax incentive schemes.
Profit for the financial year
Profit posted for the 2025 financial year came in at €24.6 million, compared to €18.5 million posted in 2024.
Earnings per share and dividend
Earnings per share increased from €2.82 in 2024 to €3.72 in 2025. The average number of outstanding shares in 2025 was 6,605,616 (in 2024: 6,581,074). This increase is the result of the delivery of shares held by the company itself to cover employee participation plans.
A dividend of €3.70 will be paid for 2025 (in 2024: €3.20).
Financial position
The balance sheet total decreased from €137.4 million as of 31 December 2024 to €136.4 million as of 31 December 2025.
Trade and other receivables increased in line with revenue, while days sales outstanding remained flat at 6.2 weeks compared to 2024.
Inventories continued to decrease, from €32.0 million in 2024 to €30.0 million in 2025, as actions initiated to reduce inventory in 2024 continued to show results in 2025.
Overall liabilities decreased from €53.7 million in 2024 to €46.9 million in 2025. The financing agreement with the bank for the standby roll-over loan, set to expire on 1 April 2026, was repaid in the financial year and a multi-purpose credit facility has been established. This was partly offset by an increase in trade and other payables (from €30.5 million in 2024 to €32.3 million in 2025) and an increase in our lease liability (from €1.7 million in 2024 to €4.4 million in 2025). This increase reflects the leasing of new premises in the US for a five-year term and the leasing of vehicles in the Netherlands as part of the electrification of our fleet.
The net debt position is now negative at -€3.4 million as of 31 December 2025, compared to €9.6 million as of 31 December 2024. Cash and cash equivalents decreased from €4.4 million as of 31 December 2024 to €3.4 million as of 31 December 2025, with repayment of the borrowings being largely compensated by the improved operational cash flow.
Net debt-to-EBITDA stood at -0.1 as of 31 December 2025 (0.3 as of 31 December 2024). Solvency stood at
66% as of 31 December 2025 (61% as of 31 December 2024).
There are no drawings on the credit facilities as of 31 December 2025 (€14 million as of 31 December 2024).
Cash flow
Net working capital as of 31 December 2025 amounted to €26.5 million, lower than in 2024 (€35.0 million). This was driven by reduced inventory levels and increases in employee-related payables, tax and lease liability. The increases in trade and other receivables and trade and other payables are roughly equivalent. Operating cash flow amounted to €44.5 million in 2025, against €28.9 million in 2024.
Return on invested capital
Return on invested capital (ROIC) increased to 37% in 2025 (in 2024: 26%), driven by higher operating profit and lower net working capital.
Key market developmentsNedap in Healthcare
In Healthcare, Nedap develops and markets SaaS solutions and care technology products that support healthcare institutions in the Netherlands in planning, registering, and administering care processes.
Nedap maintains a leading position in elderly care, disabled care, mental healthcare, and domestic help in the Netherlands. In 2025, we strengthened our market position and entered the youth care sector. This aligns with our strategic focus on facilitating an interconnected healthcare system known as network care.
The revenue increase in 2025 was driven by an expanded service offering to existing customers, alongside agreed indexation of monthly subscription fees and the successful onboarding of new care organizations.
The scaling of MediKIT and Luna were also factors in our revenue growth. The adoption of MediKIT by large general practitioner organizations shows confidence in our solution and better positions us to drive the transition to network care forward. Luna, an electronic day calendar that helps people with cognitive disabilities manage activities of daily life, experienced rapid growth.
There is also an urgent need for solutions that relieve pressure on healthcare professionals. AI can support this by automating administrative tasks and optimizing workflows.
Nedap in Livestock
In Livestock, Nedap develops technological solutions for the dairy farming industry worldwide.
In 2025 dairy farmers experienced higher milk prices and relatively lower costs, positively impacting investment appetite. This pattern was largely consistent across the world, with the exception of China.
Revenue increased in 2025 driven by these favorable market conditions, improved investment appetite, and a portfolio that meets the needs of dairy farmers globally.
With global milk demand expected to increase, the dairy industry needs to increase milk production while simultaneously navigating labor shortages, sustainability pressures, animal welfare, and compliance. This drives the accelerated adoption of cow monitoring, unlocking the potential of Digital Twin Technology to address dairy farmers' biggest challenges.
The new and fully automated SmartTags production facility located at our Nedap Campus in the Netherlands was installed. The facility will enable us to scale and speed up production as demand for our SmartTags grows.
We made significant investments in the capabilities of the Nedap Cow Monitoring Platform, establishing an integrated, modular platform that connects our sensors, insights, and automation tools and offers valuable solutions for real-world challenges in the dairy industry.
The introduction of SmartSight locomotion monitoring marked an important milestone in 2025. This is an AI-driven service that uses computer vision to deliver actionable insights on cow health. At the end of 2025, SmartSight was monitoring more than 50,000 dairy cows daily. The integration of vision technology into our cow monitoring platform unlocks new valuable functionality for farmers.
Nedap in Retail
In Retail, Nedap develops innovative inventory management solutions and serves retailers globally. Our Digital Twin Technology turns real-time data from across the retail chain into operational insights.
The global retail market developed positively in 2025, marked by increasing investment appetite across all our regions, particularly the US. Both overall and recurring revenue grew in 2025 compared with 2024. We closed new enterprise contracts with leading retailers, including Abercrombie & Fitch, Aritzia, Capri Group, and Hema, and we renewed contracts with Celio, lululemon, Mountain Warehouse and Under Armour.
We have integrated fixed RFID (radio frequency identification) overhead solutions for continuous automated inventory tracking into our RFID platform. The ability of the overhead solution to drive sales, lower costs, and improve the experience of customers and staff makes scaling this solution a strategic priority. Additionally, our point-of-sales and self-checkout RFID solutions, iD POS Pro and iD SCO Pro, went live in 2025.
Nedap in Security
In Security, Nedap develops access management solutions used by leading organizations to secure people, buildings, and assets.
The security market remained stable in 2025, with large organizations continuing to rely on Nedap for their access management needs. At the same time, we continue guiding customers through the transition from traditional on-premises systems to cloud-native platforms.
Revenue increased in 2025 compared with 2024. Our on-premises access control system AEOS maintained its leading position in the critical infrastructure security market. The integration of the Nedap Reader portfolio has strengthened our commercial capabilities and provided new avenues for growth.
We continue to invest in our Digital Twin Technology for security management, leading to growth in recurring revenue. Following the successful launch of Mobile Access on Apple Wallet in 2024, we expanded Mobile Access with Google Wallet in 2025, creating a more attractive solution for a larger customer base and accelerating adoption.
OutlookFor 2026, we expect revenue growth across all four key markets, supported by our continued investments under the Create & Scale growth strategy. While geopolitical and macroeconomic developments may influence market dynamics, our strategic focus, strong recurring revenue base and disciplined execution provide confidence in our direction. We reiterate our Step Up! financial ambitions, including an EBIT margin progressing toward the mid-teens over time.
Annual report publication and AGMThe 2025 annual report, together with this press release, is published on the Nedap website. The annual general meeting will take place at 10:30 CEST on Wednesday 8 April. The company will post notifications regarding the AGM at https://www.nedap.com/en/investors/shareholder-meetings/.
Key dates relating to dividend payout
10 April 2026 − ex-dividend date
13 April 2026 − record date
20 April 2026 − dividend payable date
About Nedap N.V.Nedap is a leader in Digital Twin Technology, bridging the physical and digital worlds in Healthcare, Livestock, Retail and Security. Through our Technology for Life philosophy, we create sustainable, forward-thinking solutions that help people and organizations succeed in an ever-changing world.
Nedap has a workforce of over 1,000 employees and operates on a global scale. The company was founded in 1929 and has been listed on Euronext Amsterdam since 1947. Its headquarters is located in Groenlo, the Netherlands.
For more information, please contact:Rianne Jans CFO
+31 (0)544 47 11 11
ir@nedap.com nedap.com
DisclaimerThis press release contains the Board of Directors' forward-looking statements and expectations based on current insights and assumptions, which are subject to known and unknown risks and uncertainties. The actual results or events could differ from these expectations due to changes in the economic climate, developments on specific markets, orders from individual customers and/or other developments.
Nedap cannot be required to update the forward-looking statements contained in this document or held responsible for doing so, regardless of whether they are related to new information, future events or suchlike, unless Nedap is required to do so by law.
Consolidated financial statements
Consolidated balance sheet as at 31 December (€ x 1,000)Assets | 2025 | 2024 |
Fixed assets Intangible fixed assets | 13,687 | 13,706 |
Tangible fixed assets | 45,801 | 43,845 |
Deferred tax assets | 139 | 839 |
59,627 | 58,390 | |
Current assets Inventories | 29,966 | 32,038 |
Income tax receivable | 46 | 1,974 |
Trade and other receivables | 43,363 | 40,623 |
Cash and cash equivalents | 3,376 | 4,357 |
76,751 | 78,992 | |
136,378 | 137,382 | |
Liabilities Group equity Shareholders' equity | 89,515 | 83,703 |
Non-current liabilities Borrowings | - | 14,000 |
Lease liabilities | 2,933 | 756 |
Employee benefits | 1,043 | 1,061 |
Provisions | 557 | 464 |
Deferred tax liabilities | 614 | 457 |
Current liabilities | 5,147 | 16,738 |
Lease liabilities | 1,489 | 988 |
Employee benefits | 82 | 59 |
Provisions | 638 | 878 |
Bank overdrafts | - | - |
Income tax payable | 1,098 | 161 |
Taxation and social security contributions | 6,084 | 4,358 |
Trade and other payables | 32,325 | 30,497 |
41,716 | 36,941 | |
Total liabilities | 46,863 | 53,679 |
136,378 | 137,382 |
2025 | 2024 | |
Revenue | 279,813 | 251,606 |
Cost of materials and outsourced work | -76,736 | -64,418 |
Inventory movements of finished goods and work in progress | 1,627 | -7,290 |
-75,109 | -71,708 | |
Added value | 204,704 | 179,898 |
Personnel costs | -127,873 | -114,802 |
Amortization | -1,576 | -570 |
Depreciation | -10,181 | -9,896 |
Impairment of assets | -566 | -278 |
Other operating costs | -32,763 | -30,463 |
Operating costs | -172,959 | -156,009 |
Operating result | 31,745 | 23,889 |
Financing income | 28 | 89 |
Financing costs | -639 | -1,033 |
Net financing costs | -611 | -944 |
Result before taxation | 31,134 | 22,945 |
Taxation | -6,548 | -4,418 |
Result for the financial year | 24,586 | 18,527 |
Result attributable to shareholders of Nedap N.V. | 24,586 | 18,527 |
Average number of outstanding shares | 6,605,616 | 6,581,074 |
Earnings per ordinary share (€ x 1) | 3.72 | 2.82 |
Diluted earnings per ordinary share (€ x 1) | 3.72 | 2.82 |
2025 | 2024 | |
Result for the financial year | 24,586 | 18,527 |
Unrealized result | ||
Items that will (or may) be reclassified to profit or loss after initial recognition: | ||
Currency translation differences | -1,150 | 518 |
Unrealized result for the financial year, after taxation | -1,150 | 518 |
Total realized and unrealized result for the financial year | 23,436 | 19,045 |
Total realized and unrealized result for the financial year attributable to: | ||
Nedap N.V. shareholders | 23,436 | 19,045 |
2025 | 2024 | |
Cash flow from operating activities | ||
Result for the financial year | 24,586 | 18,527 |
Adjustments for: | ||
Depreciation and amortization including impairment | 12,323 | 10,744 |
Book result on sale of tangible fixed assets | -174 | -154 |
Net financing costs | 611 | 944 |
Share-based remuneration | 2,610 | -1,806 |
Income taxes | 6,548 | 4,418 |
21,918 | 14,146 | |
Movements in trade and other receivables | -3,260 | -3,875 |
Movements in inventories | 1,519 | 7,203 |
Movements in taxation and social security contributions | 1,733 | 305 |
Movements in trade and other payables | 1,631 | -505 |
Movements in employee benefits | 4 | 34 |
Movements in provisions | -147 | -350 |
1,480 | 2,812 | |
Interest paid | -658 | -950 |
Interest received | 28 | 89 |
Income tax paid | -2,838 | -5,753 |
-3,468 | -6,614 | |
Cash flow from operating activities | 44,516 | 28,871 |
Cash flow from investing activities | ||
Investments in tangible fixed assets | -7,961 | -10,897 |
Investments in intangible fixed assets | -2,122 | -4,175 |
Proceeds from sale of tangible fixed assets | 534 | 367 |
Cash flow from investing activities | -9,549 | -14,705 |
2025 | 2024 | |
Cash flow from financing activities | ||
Repayments on long-term borrowings and derivatives | -14,000 | - |
Lease payments | -1,485 | -1,211 |
Dividend paid to shareholders of Nedap N.V. | -21,154 | -21,083 |
Sale of own shares | 920 | 2,216 |
Cash flow from financing activities | -35,719 | -20,078 |
Movements in cash and cash equivalents and bank overdrafts | -752 | -5,912 |
Cash and cash equivalents and bank overdrafts as of 1 January | 4,357 | 10,156 |
Exchange differences for cash and cash equivalents and bank overdrafts | -229 | 113 |
Cash and cash equivalents and bank overdrafts as of 31 December | 3,376 | 4,357 |
Share capital | Legal and statutory reserves | Other reserves | Result attributable to shareholders | Total shareholders' equity | |||||
Balance as of 1/1/2024 | 669 | 2,093 | 60,928 | 21,641 | 85,331 | ||||
Realized result for financial year | - | - | - | 18,527 | 18,527 | ||||
Unrealized result for financial year | - | 518 | - | - | 518 | ||||
Result for financial year | - | 518 | - | 18,527 | 19,045 | ||||
Dividend | - | - | -21,083 | - | -21,083 | ||||
Appropriation of result for previous financial year | - | 2,485 | 19,156 | -21,641 | - | ||||
Movement in share-based remuneration | - | - | -1,806 | - | -1,806 | ||||
Movement in own shares | - | - | 2,216 | - | 2,216 | ||||
Balance as of 31/12/2024 | 669 | 5,096 | 59,411 | 18,527 | 83,703 | ||||
Realized result for financial year | - | - | - | 24,586 | 24,586 | ||||
Unrealized result for financial year | - | -1,150 | - | - | -1,150 | ||||
Result for financial year | - | -1,150 | - | 24,586 | 23,436 | ||||
Dividend | - | - | -21,154 | - | -21,154 | ||||
Appropriation of result for previous financial year | - | 339 | 18,188 | -18,527 | - | ||||
Movement in share-based remuneration | - | - | 2,086 | - | 2,086 | ||||
Movement in own shares | - | - | 1,444 | - | 1,444 | ||||
Balance as of 31/12/2025 | 669 | 4,285 | 59,975 | 24,586 | 89,515 |
Movement in own shares concerns the sale of shares held by the company itself to cover employee participation plans, plus or minus changes in shareholders' equity relating to the recognition of liabilities under IFRS 2 regarding these employee participation plans.
Consolidated statement of changes in shareholders' equity (€ x 1,000)Share-based remuneration reserve1 | 2025 | 2024 |
Bonus depositary receipts | 603 | 627 |
10% purchase discount | 145 | 139 |
LTI Board of Directors | 146 | - |
NAPP reserve | 1,958 | - |
Total | 2,852 | 766 |
1The share-based remuneration reserve is part of 'other reserves' in the shareholders' equity.
Legal and statutory reserves | 2025 | 2024 |
Capitalized development costs | 5,174 | 4,804 |
Exchange differences | -901 | 280 |
Result from participations not freely distributable | 12 | 12 |
Total | 4,285 | 5,096 |
Dividend per share (€ x 1) for the 2025 financial year has been set at €3.70 (in 2024: €3.20).