secunet Security Networks AG
secunet develops cybersecurity products and services that help public authorities and businesses protect sensitive data, computers and network connections.
Overview
IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry
A quantum computer uses the behaviour of matter at very small scales to process information in a different way. Researchers are developing these machines to tackle certain problems that today’s computers struggle to solve.
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
Public-sector demand needs a strong second-half delivery
European Tech Equities analysis ·
Trusted infrastructure can capture more security spending
secunet Security Networks AG supplies secure communications and IT systems to customers with demanding security requirements. Its established public-sector position gives it a route into spending on protected workplaces, government networks and cloud infrastructure. The case depends on converting that position into profitable deliveries, while new products expand the business beyond individual hardware procurement cycles.
Orders provide a clearer signal than sector enthusiasm
H1 revenue rose to €204.7 million and operating profit reached €8.7 million. Orders increased 78.7% to €287.4 million, with Public Authorities contributing half of the intake. Backlog reached €360.8 million. Management now expects revenue near the upper end of its €460–500 million annual range, while retaining a €53–58 million operating-profit target. The order book supports the forecast, but much of the required profit still lies in H2.
Broad cyber budgets reach secunet through specific procurement
Gartner forecasts $244 billion of worldwide information-security spending in 2026. In Europe, ENISA’s latest investment survey shows organisations increasing their emphasis on security technology and external services. secunet’s immediate opportunity is more concentrated in German government and other customers needing approved secure systems. The cloud offering can extend that role, but global spending growth reaches secunet only when it wins relevant tenders or service contracts.
Seasonality makes delivery and collection decisive
Operating activities used €60.1 million in H1, leaving €6.9 million of cash at June. This is a business with pronounced seasonal payment and delivery patterns, so doubling the half-year cash outflow would be misleading. Equally, the full-year profit target needs substantially more earnings in H2. A convincing result would show the large order book turning into completed, paid-for projects while development spending remains controlled.
Judge the full cycle, then test the service opportunity
A valuation anchored to a weak first half could understate ordinary annual earnings, while one based on an unusually strong year-end could overstate them. The useful base is profit and cash across complete procurement cycles. Recurring cloud and service revenue could make that base more predictable, but a higher valuation needs evidence of adoption and attractive margins after the investment needed to support customers.
What would weaken the case
- Public-sector orders slip into later periods, leaving the annual earnings target out of reach.
- New products and organisational expansion consume more cash before they generate repeat revenue.
- Competition or changes in procurement reduce the advantage of the established government customer base.
Sources
- SINA · product and deployment FAQ
- secunet cloud · infrastructure and operating services
- BSI · history of SINA
- secunet Security Networks AG · H1 business update, August 2026
- H1 2026 · segments and orders
- Gartner · Worldwide information-security spending forecast, February 2026
- ENISA · NIS Investments 2025, European organisation survey
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- EBITDA
- EUR 19.2m
- Order intake
- EUR 287.4m
- Order book
- EUR 360.8mJun 30, 2026
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.
H1 2025 · PDF pp. 10–13; non-current loans per FY note 10
H1 2026 · PDF pp. 10–13; non-current loans per FY note 10
FY 2025 · PDF pp. 140–143, 166; debt includes lender liabilities
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.
IFRS. Debt includes bank borrowings, other lender liabilities and leases; pensions are shown separately in the valuation bridge. First-half cash flow is seasonal and is not multiplied by two. Missing comparative balance-sheet figures are left blank.
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 · PDF pp. 140–143, 166; debt includes lender liabilities
FY 2025 · PDF pp. 140–143, 166; debt includes lender liabilities
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.
IFRS. Debt includes bank borrowings, other lender liabilities and leases; pensions are shown separately in the valuation bridge. First-half cash flow is seasonal and is not multiplied by two. Missing comparative balance-sheet figures are left blank.
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.
H1 2025 · PDF pp. 10–13; non-current loans per FY note 10
H1 2026 · PDF pp. 10–13; non-current loans per FY note 10
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.
IFRS. Debt includes bank borrowings, other lender liabilities and leases; pensions are shown separately in the valuation bridge. First-half cash flow is seasonal and is not multiplied by two. Missing comparative balance-sheet figures are left blank.
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
IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry
A quantum computer uses the behaviour of matter at very small scales to process information in a different way. Researchers are developing these machines to tackle certain problems that today’s computers struggle to solve.
Volle Kontrolle statt Blindflug im Datenaustausch: FTAPI und secunet cloud starten ihr gemeinsames Lighthouse-Projekt
Meilenstein für digitale Souveränität: secunet, Red Hat und deepset stellen KI-Angebot für Verschlusssachen auf Basis von NVIDIA Technologien vor
secunet plans to bring ServiceNow to organisations with stricter security needs
A German-operated cloud could help sensitive organisations automate their work. The partners expect availability in 2027.
secunet startet SINA Cloud als Service: Verschlusssachen bis VS-NfD in der Cloud verarbeiten, ohne eigenes Rechenzentrum
secunet und ServiceNow: Digitale Workflows aus einer souveränen Partner Cloud
Interviews
Interviews are coming soon
No interviews with secunet Security Networks AG 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 Aug 13, 2026 · Checked Sep 9, 2026
H1 2026 · Published Aug 13, 2026 · Checked Sep 9, 2026
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