NFON AG: A Stable Path Amidst Challenges

NFON AG has released preliminary fiscal year 2025 figures, showing a slight exceedance of their guidance. The company's Q4 sales were almost flat year-on-year at €23.1 million. The growth was buoyed by contributions from botario and initial AI project sales, although the core cloud PBX sector faced challenges. Despite these headwinds, the average revenue per user (ARPU) recorded a minor improvement, highlighting a better service mix.

Adjusted EBITDA for Q4 was in line with the previous year at €3.1 million, reflecting ongoing efficiency gains even in a challenging macroeconomic environment. Looking forward to 2026, NFON targets sales growth in the low to mid-single digits and aims for an adjusted EBITDA exceeding €12 million.

The company's strategic direction includes positioning itself as a European AI-enabled communications provider, which could unlock new opportunities in higher-value segments. While a significant growth surge is not yet visible, NFON remains operationally resilient and strategically focused.