CY4GATE S.p.A.
CY4GATE develops cybersecurity, training and intelligence software for governments and businesses.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 results
Investment Thesis
Government contracts are turning growth into operating profit
European Tech Equities analysis ·
A better business if delivery becomes repeatable
CY4GATE S.p.A. can grow by supplying specialised intelligence, investigation and cyber-defence systems to institutions that need more than off-the-shelf software. Its opportunity is to reuse products and expertise across contracts, so additional projects contribute more profit. The latest results support that argument, but large government orders make the business less predictable than a uniform subscription service.
September’s results change the starting point
H1 2026 operating revenue rose to €64.2 million from €39.5 million, while EBIT improved to €2.1 million from a €7.3 million loss. Foreign customers accounted for 60% of revenue. The €120 million June backlog provides work to deliver, although its recognition depends on contract schedules. Management raised its 2026 production-value target to €115–120 million; that measure includes more than sales.
Security commitments create a procurement opportunity
NATO’s 2035 commitment includes at least 3.5% of GDP for core defence and up to 1.5% for related security and resilience. It supports a longer-term spending backdrop across European and North American allies. CY4GATE’s reported international contracts are a more direct indication of access to customers than that headline pledge. The route to growth runs through specific intelligence and security tenders, their funding and the company’s ability to win them.
Advance payments help, but bring delivery obligations
The company’s net financial debt measure fell to €6.9 million at June-end, helped by customer advances on foreign contracts. Those payments fund work that still has to be performed. Net income remained negative despite the return to EBIT profitability. The next test is whether contract margins survive implementation and whether cash generation remains healthy as advance-funded projects progress.
Price the contract economics, not just adjusted EBITDA
Adjusted EBITDA of €11.7 million is well above EBIT of €2.1 million, so the earnings measure chosen changes the impression substantially. A defensible valuation needs sustainable profit after development and acquisition-related costs, with a realistic allowance for uneven contract timing. Repeated profitable deliveries would strengthen the case more than applying a cybersecurity software multiple to every euro of group revenue.
What would weaken the case
- Large international orders prove unusually profitable and are not replaced on comparable terms.
- Customer advances are consumed by delivery overruns, reversing the improvement in financial debt.
- Integration work and recurring development costs prevent higher sales becoming durable net profit.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Net debt
- EUR 6.9mJun 30, 2026
- Adjusted EBITDA
- EUR 11.7m
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · FY 2025 results, pp. 7–9
FY 2025 · FY 2025 results, pp. 7–9
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 results, pp. 7–9. Revenue excludes other income. Debt includes financial and lease liabilities. Net profit includes non-controlling interests; EPS belongs to parent shareholders.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · FY 2025 results, pp. 7–9
FY 2025 · FY 2025 results, pp. 7–9
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 results, pp. 7–9. Revenue excludes other income. Debt includes financial and lease liabilities. Net profit includes non-controlling interests; EPS belongs to parent shareholders.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 results, pp. 7–9. Revenue excludes other income. Debt includes financial and lease liabilities. Net profit includes non-controlling interests; EPS belongs to parent shareholders.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
CY4GATE and Easynet Group: strategic partnership to strengthen cybersecurity for critical infrastructure and protect industrial environments
First-half 2026 results
CY4GATE Group was named a “Representative Vendor” in 2026 in Gartner’s report in the area of Technological Sovereignty
CY4GATE GROUP MENTIONED AS A “REPRESENTATIVE VENDOR” IN GARTNER’S REPORT
CY4GATE GROUP MENTIONED IN GARTNER’S REPORT
Interviews
Interviews are coming soon
No interviews with CY4GATE S.p.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Sep 10, 2026 · Checked Oct 23, 2026
FY 2025 · Published Mar 12, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14