Tree Technology SA (Treelogic)
Applied AI, cybersecurity and healthcare software alongside technology services.
Overview
Latest results
Jan–Dec 2025
Latest financial publication
FY2025 results
Investment Thesis
A small software business must prove repeatable demand
ETE analysis ·
Turning development into products people keep buying
Treelogic offers exposure to applied AI and digital health at a small company scale. The investment case depends on converting technical work into products and services customers buy repeatedly. A long list of projects would add little value if each needs another round of bespoke development.
There is a business, but the scale is modest
FY2025 turnover was €7.24 million and net profit €0.303 million. AI and cybersecurity formed the largest business line, with healthcare and IT services providing the rest. These are real activities, but the small profit base leaves limited room for unsuccessful product investment.
Funding a project is different from buying a product
Lighthouse’s research of 26 May 2026 identified INCIBE contracts due to finish in June that represented half of 2025 sales. Replacing that work is therefore a near-term test. European research funding can support development, but hospitals and other customers must still pay to deploy the resulting products.
Cash needs to last through commercialisation
Year-end cash was €1.48 million, following an equity strengthening during 2025. Product development can consume cash before sales arrive, while capitalisation moves part of that cost outside current profit. Investors should track cash spending and customer receipts alongside reported earnings.
A small market value does not make the risks small
The valuation needs to reflect concentrated projects, limited scale and the cost of bringing products to market. Repeat contracts and cash-backed earnings would provide better support than valuing each development idea as a separate growth business. Thin trading can also make entry and exit more difficult.
What would weaken the case
- Important projects end before replacement contracts arrive.
- Development and commercialisation require more funding than planned.
Sources
Financials
The business in numbers
Annual
Income statement
| For the periodEUR million | FY2025 |
|---|---|
| Revenue | 7.24 |
| Net income | 0.30 |
Balance sheet
| At period endEUR million | FY2025 |
|---|---|
| Cash & cash equivalents | 1.48 |
| Total equity | 3.35 |
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.
EUR millions under Spanish reporting. Revenue is turnover of €7.24 million, not the €8.60 million total-income headline. Cash and net income are reported amounts. Gross debt is omitted because the announcement uses a narrower net-debt definition than the sum of all financial liabilities.
Performance
How the business is doing
Jan–Dec 2025
Research & updates
Research notes & company updates
Short ETE analysis and dated announcements from official company sources.
Treelogic Awarded the Maintenance and Support Contract for the University of La Laguna’s Research Management System
FY2025 results
Treelogic Implements the Triage System at Clínica Imbanaco in Cali, QuirónSalud’s Leading Healthcare Institution in Colombia
Treelogic Joins the CIRTEXCAM Consortium to Develop Textile Waste Sorting Systems Using Artificial Intelligence
TREELOGIC BEGINS TRADING ON BME
ETE research
No research published yet
Request researchCompany publications
FY2025 results, 29 April 2026
Interviews
Interviews are coming soon
No interviews with Tree Technology SA (Treelogic) 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.
FY2025 · Published Apr 29, 2026 · Checked Sep 22, 2026
Checked 2026-09-22
Checked 2026-09-22
Checked 2026-09-22
Checked 2026-09-22
Checked 2026-09-22
