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secunet Security Networks AG
Interim / Quarterly Report • Aug 12, 2025
386_rns_2025-08-12_ca69c7d2-1133-4039-84c1-e4264454d339.pdf
Interim / Quarterly Report
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secunet – protecting digital infrastructures
secunet is Germany's leading cybersecurity company. In an increasingly connected world, the Company's combination of products and consulting assures resilient digital infrastructures and the utmost protection for data, applications and digital identities. secunet specialises in areas with particular security requirements – such as eGovernment, eHealth as well as IIoT and cloud computing. With security solutions from secunet, companies can maintain the highest security standards in digitalisation projects and thus expedite their digital transformation.
Public Sector
Digital sovereignty for state and society
A holistic IT security concept is essential for public authorities and armed forces. secunet's Public Sector supports the digital transformation of administrations, authorities and armed forces in Germany and abroad. Trustworthy security solutions assure resilient digital infrastructures and the utmost protection for data, applications and digital identities. Consulting, security analyses and training round out secunet's cybersecurity portfolio. This enables public organisations to leverage the latest technologies while retaining their digital sovereignty.
Business Sector
Secure digitalisation in industry and healthcare
The digital transformation is spawning new business models, accelerating communication and creating more efficient processes in existing value chains. However, increased networking and new technologies simultaneously amplify the risk of cyberattacks, malware, data misuse and espionage. secunet's Business Sector supports companies and the healthcare sector in safeguarding information and communication technologies. The core competence lies in consulting as well as in the development and production of trustworthy security solutions that integrate seamlessly into existing IT landscapes and protect them effectively.
Key Figures
secunet Group at a glance
according to IFRS, in million euros
| Key operating figures | H1/2025 | H1/2024 | Change |
|---|---|---|---|
| Sales revenue | 171.7 | 144.3 | 19 % |
| Earnings before interest and income taxes (EBIT) | 7.2 | 1.4 | +407 % |
| EBIT margin | 4.2 % | 1.0 % | 3.2 p.p. |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 16.7 | 9.6 | +74 % |
| Earnings before taxes (EBT) | 7.4 | 1.5 | +399 % |
| Group profit for the period | 5.0 | 1.0 | +395 % |
| Earnings per share (in euros) | 0.77 | 0.16 | +381 % |
| Key cash flow figures | H1/2025 | H1/2024 | Change |
|---|---|---|---|
| Cash flow from operating activities | -9.0 | 3.7 | -343 % |
| Cash flow from investing activities | -2.3 | -5.6 | -59 % |
| Cash flow from financing activities | -21.0 | -18.3 | +15 % |
| Key balance sheet figures | 30 June 2025 | 31 Dec 2024 | Change |
|---|---|---|---|
| Balance sheet total | 342.5 | 359.6 | -5 % |
| Equity (including non-controlling interests) | 138.0 | 150.8 | -9 % |
| Equity ratio | 40.3 % | 41.9 % | 1.6 p.p. |
| Cash and cash equivalents | 25.3 | 57.7 | -56 % |
| Liabilities | 204.5 | 208.8 | -2 % |
| Liabilities to banks | 0.0 | 0.0 | 0 % |
| Order book | 192.5 | 205.3 | -6 % |
| Permanent employees | 1,115 | 1,059 | +5 % |
| Key share figures | 30 June 2025 | 31 Dec 2024 | Change |
|---|---|---|---|
| Shares outstanding | 6,469,502 | 6,469,502 | – % |
| Closing price (Xetra, in euros) | 228.5 | 116.4 | 96 % |
| Market capitalisation (in billion euros) | 1.5 | 0.8 | 96 % |
Quarterly overview
| Q1/2024 | Q2/2024 | Q3/2024 | Q4/2024 | Q1/2025 | Q2/2025 | |
|---|---|---|---|---|---|---|
| Sales revenue | 57.6 | 86.7 | 110.5 | 151.6 | 78.3 | 93.4 |
| Earnings before interest and taxes (EBIT) | -5.6 | 7.0 | 16.1 | 25.0 | 1.8 | 5.4 |
Contents
Half-Year Financial Report 2025
Interim Group Management Report for the First Half-Year 2025
- 8 Results of operations
- 10 Assets and financial position
- 11 Investments
- 11 Employees
- 12 Outlook, risks and opportunities
- 12 Forward-looking statements
Condensed Consolidated Interim Financial Statements
- 14 Consolidated balance sheet
- 16 Consolidated income statement
- 16 Consolidated statement of comprehensive income
Service
Interim Group Management Report
for the First Half-Year 2025
| 8 | Results of operations |
|---|---|
| --- | ----------------------- |
- 10 Assets and financial position
- 11 Investments
- 11 Employees
- 12 Outlook, risks and opportunities
- 12 Forward-looking statements
The Interim Group Management Report for the period from 1 January 2025 to 30 June 2025 has been prepared in accordance with Section 115 (1) of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG).
Results of operations
Sales revenue performance
secunet Group increased sales revenue by 19% to 171.7 million euros in the first half of 2025 compared with 144.3 million euros in the same period of the previous year. The significant increase in sales revenue is largely due to a very strong first quarter of 2025, in which orders from the end of 2024 were delivered.
Earnings performance
Earnings before interest, income taxes, depreciation and amortisation of tangible assets (EBITDA) rose from 9.6 million euros in the first half of 2024 to 16.7 million euros in the expired reporting period.
At the same time, secunet increased EBIT by 5.8 million euros from 1.4 million euros in the previous year to 7.2 million euros in the first half of 2025. Accordingly, the EBIT margin rose from 1.0% to 4.2%.
This was partly due to a change in the product mix in the first half of 2025 compared to the previous year. In addition, the use of external services was lower. As a result, cost of sales increased significantly less than revenue.
The cost of sales increased by 17% to 135.5 million euros compared to the previous year (115.6 million euros). Selling expenses rose in the reporting period by 15% to 15.3 million euros after 13.3 million euros in the same period last year. General administrative costs fell by 6% from 6.4 million euros to 6.0 million euros. Research and development costs were up slightly by 2% from 7.5 million euros in the previous year to 7.7 million euros.
Interest income of 0.5 million euros (H1/2024: 0.5 million euros) exceeded interest expenses of 0.3 million euros (H1/2024: 0.4 million euros). EBT (earnings before taxes) thus totalled 7.4 million euros (H1/2024: 1.4 million euros).
Tax expenses amounted to 2.4 million euros (H1/2024: 0.5 million euros). This corresponds to a tax ratio of 32.5% (H1/2024: 32%).
Net income for the period amounted to 5.0 million euros (H1/2024: 1.0 million euros). Earnings per share are reported at 0.77 euros (H1/2024: 0.16 euros).
Segment reporting
secunet Group is segmented into two business units according to target groups:
Public Sector
secunet Group's business activities continue to focus on the public sector, which includes national and international governments, ministries, public authorities and governmentrelated institutions. This target group accounted for 87% of Group sales revenue in the first half of 2025 (H1/2024: 88%). The Public Sector segment, which com-prises these activities, generated sales of 148.9 million euros in the reporting period (H1/2024: 127.5 million euros).
Essentially due to changes in the product mix, cost of sales rose by 14% from €101.9 million to €115.7 million, increasing at a slower rate than sales revenue. At 12.5 million euros, selling expenses were above the previous year's level (10.1 million euros). General administrative costs fell to 5.3 million euros (H1/2024: 5.6 million euros). Research and development costs amounted to 5.7 million euros (H1/2024: 4.9 million euros).
Public Sector EBIT increased to 9.8 million euros in the first half-year 2025 (H1/2024: 2.9 million euros).
Business Sector
The Business Sector segment addresses two markets in the private sector: healthcare and industry. With sales of 22.8 million euros (H1/2024: 16.8 million euros), the segment generated 13% of Group sales (H1/2024: 12%).
Costs developed as follows: the cost of sales rose from 11.7 million euros in the first half of 2024 to 19.9 million euros in the reporting period. This is due, on the one hand, to the fact that higher sales revenue also resulted in higher expenditure for trade goods and other pur-chased services. On the other hand, significantly greater expenses incurred in the context of product development were capitalised in the previous year. Selling expenses decreased to 2.8 million euros (H1/2024: 3.2 million euros). General administrative costs remained virtually unchanged at 0.7 million euros (H1/2024: 0.8 million euros). Research and development costs fell to 2.0 million euros (H1/2024: 2.6 million euros).
Business SectorEBITamountedto -2.6 million euros, after -1.5 million euros in the previous year.
Order situation
At 192.5 million euros, the order book as at 30 June 2025 remains at a high level (previous year: 205.3 million euros).
Assets and financial position
Capital structure
The balance sheet total of secunet Group amounted to 342.5 million euros at the reporting date of 30 June 2025 compared with 359.6 million euros as at 31 December 2024. On the liabilities side, equity accounted for 137.9 million euros (31 December 2024: 150.7 million euros). The equity ratio fell to 40.3% (31 December 2024: 41.9%). The remaining 204.5 million euros was attributable to debt capital (31 December 2024: 208.8 million euros).
Assets
Current assets totalled 199.3 million euros as at the reporting date of 30 June 2025 after 207.8 million euros as at 31 December 2024. The following balance sheet items show a significant change compared with the figures as at 31 December 2024:
Trade receivables decreased to 62.2 million euros (31 December 2024: 84.8 million euros). As the fourth quarter represents secunet's seasonal sales focus, there is a high level of receivables at the end of the year, which are typically reduced in the first few months of the current financial year.
Inventories increased from 53.9 million euros as at 31 December 2024 to 85.9 million euros. This increase of 32.1 million euros is mainly due to procurements for upcoming orders in the second half of the year.
Cash and cash equivalents decreased to 25.3 million euros (31 December 2024: 57.7 million euros), due primarily to the dividend payment of 17.7 million euros made in May 2025.
Non-current assets totalled 143.1 million euros as at 30 June 2025 after 151.9 million euros as at 31 December 2024. There were no significant changes to the relevant balance sheet items.
Debt and equity
Current liabilities decreased as at the reporting date of 30 June 2025 to 115.5 million euros after 115.8 million euros as at 31 December 2024.
Current liabilities decreased slightly to 31.4 million euros (31 December 2024: 33.1 million euros). They include transactions where secunet generates cash inflow in advance due to multiple-year maintenance and support contracts and extended warranties or receives advance payments for later supplies or services.
Trade payables totalled 55.4 million euros (31 December 2024: 41.6 million euros). As with the trade receivables, this is due to the usual seasonal nature of the business.
Current provisions fell from 25.3 million euros to 19.1 million euros.
Non-current liabilities totalled 89.0 million euros as at the balance sheet date (31 December 2024: 93.0 million euros), with no significant changes in the relevant items.
secunet Group's equity at 30 June 2025 amounted to 137.9 million euros (31 December 2024: 150.7 million euros).
Cash flow and liquidity
In the first half of 2025, secunet Group generated cash flow from operating activities of -9.0 million euros, a deterioration compared to the previous year (3.7 million euros). Due to the procurement measures that led to the increase in inventories, there was a cash outflow of around 32 million euros. The decrease of 22.6 million euros in trade receivables had an offsetting effect.
As in the previous year (-5.6 million euros), cash flow from investing activities totalling -2.3 million euros comprised primarily purchase of intangible assets and of property, plant and equipment.
The cash flow from financing activities totalled -21.0 million euros after -18.3 million euros in the previous year. This essentially reflects the dividend payment of 17.7 million euros (previous year: 15.3 million euros) and repayments of lease liabilities in the amount of 3.4 million euros (previous year: 2.8 million euros). Furthermore, at 0.2 million euros, proceeds from short-term and long-term loans were significantly lower in the current reporting period than in the same period of the previous year (0.8 million euros).
After the end of the first half of 2025, there was an overall outflow of cash and cash equivalents totalling 32.3 million euros (previous year: cash outflow of 20.2 million euros). Available funds thus totalled 25.3 million euros as at 30 June 2025.
Investments
Investments in intangible and tangible fixed assets totalled 2.4 million euros in the first half of 2025. These were primarily expenditures for the new acquisition and replacement of hardware, software and other operating equipment and investments in internally generated software. In the previous year, 5.6 million euros were spent on this.
Employees
As at the reporting date of 30 June 2025, secunet Group had a total of 1,115 permanent employees. Compared to the previous year's reporting date (1,059 permanent employees), the number of employees increased by 56 people or 5%. In addition, secunet Group employed 114 temporary staff as at the reporting date (30 June 2024: 122 temporary staff). This means that a total of 1,229 people (30 June 2024: 1,165 people) were working for secunet Group. The increase in the number of employees is exclusively attributable to organic growth.
Outlook, risks and opportunities
The fundamental assessment of the opportunities and risks for secunet Group has not changed since the publication of the 2024 Annual Report in March 2025. The information contained in the Annual Report therefore continues to apply unchanged. Risks that jeopardise the continued existence of the company are currently not discernible.
The assessment of expected business development in 2025 also remains unchanged. The forecast published in the 2024 Annual Report is confirmed. Sales revenue for the full financial year is expected to be around 425 million euros (2024: 406 million euros). The EBIT margin is forecast to be between 9.5 and 11.5% and the EBITDA margin between 14.5 and 16.5%.
The fourth quarter is traditionally the high point in secunet's annual business performance. This is due to the fact that public sector customers award more contracts during this period. This pattern is also expected for the current year, meaning that the final quarter is once again likely to make a major contribution to annual sales revenue and earnings.
Forward-looking statements
This financial report contains statements regarding the future performance of secunet Group, as well as economic and political developments. These statements are opinions that we have formed based on the information currently available to us. Should the assumptions on which these statements are based not be applicable or should further risks arise, the actual results may deviate from the results currently expected. We cannot therefore offer any guarantee as to the accuracy of these statements.
Condensed Consolidated Interim Financial Statements
for the period from 1 January to 30 June 2025
- 14 Consolidated balance sheet
- 16 Consolidated income statement
- 16 Consolidated statement of comprehensive income
- 17 Consolidated cash flow statement
- 18 Consolidated statement of changes in equity
- 20 Selected consolidated explanatory notes
- 31 Responsibility statement
- 32 Review report
Consolidated balance sheet
as at 30 June 2025
Assets
| in euros | 30 June 2025 | 31 Dec 2024 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 25,345,837.27 | 57,682,113.94 |
| Trade receivables | 62,184,582.74 | 84,807,157.94 |
| Intercompany financial assets | 59,522.61 | 42,680.84 |
| Contract assets | 5,850,161.04 | 3,286,668.57 |
| Inventories | 85,917,352.90 | 53,852,840.96 |
| Income tax receivables | 6,403,711.41 | 1,337,152.14 |
| Other current assets | 13,556,813.72 | 6,742,352.92 |
| Total current assets | 199,317,981.69 | 207,750,967.31 |
| Non-current assets | ||
| Property, plant and equipment | 12,045,339.00 | 13,353,481.00 |
| Right-of-use assets | 20,010,974.05 | 22,263,140.52 |
| Intangible assets | 34,105,592.98 | 36,694,810.65 |
| Goodwill | 47,627,601.69 | 47,627,601.69 |
| Non-current financial assets | 6,270,732.38 | 6,306,820.30 |
| Deferred taxes | 5,953,643.00 | 5,852,002.00 |
| Other non-current assets | 17,119,875.53 | 19,800,609.62 |
| Total non-current assets | 143,133,758.63 | 151,898,465.78 |
| Total assets | 342,451,740.32 | 359,649,433.09 |
|---|---|---|
Liabilities
| in euros | 30 June 2025 | 31 Dec 2024 |
|---|---|---|
| Current liabilities | ||
| Trade accounts payable | 55,422,408.44 | 41,611,809.36 |
| Intercompany payables | 135,094.40 | 151,549.96 |
| Lease liabilities | 6,254,587.50 | 6,299,664.89 |
| Short-term loans and current portion of long-term loans | 1,314,572.96 | 1,289,258.41 |
| Other provisions | 19,057,021.27 | 25,331,506.94 |
| Income tax liabilities | 590,226.62 | 760,642.62 |
| Contract liabilities | 31,364,437.30 | 33,124,992.52 |
| Other current liabilities | 1,318,603.99 | 7,274,804.30 |
| Total current liabilities | 115,456,952.48 | 115,844,229.00 |
| Non-current liabilities | ||
| Lease liabilities | 14,269,752.73 | 16,576,462.14 |
| Other non-current liabilities | 2,381,954.60 | 2,870,595.94 |
| Deferred taxes | 10,526,820.12 | 11,229,546.92 |
| Provisions for pensions | 6,762,816.64 | 6,360,121.00 |
| Other provisions | 2,708,493.08 | 2,708,865.09 |
| Contract liabilities | 52,382,516.07 | 53,226,350.08 |
| Total non-current liabilities | 89,032,353.24 | 92,971,941.17 |
| Equity | ||
| Subscribed capital | 6,500,000.00 | 6,500,000.00 |
| Capital reserves | 21,922,005.80 | 21,922,005.80 |
| Other reserves | -599,880.11 | -383,196.11 |
| Revenue reserves | 110,057,008.72 | 122,710,681.16 |
| Equity attributable to parent company shareholders | 137,879,134.41 | 150,749,490.85 |
| Non-controlling interests | 83,300.19 | 83,772.07 |
| Total equity | 137,962,434.60 | 150,833,262.92 |
| Total liabilities | 342,451,740.32 | 359,649,433.09 |
Consolidated income statement
for the period from 1 January to 30 June 2025
| in euros | 1 Jan – 30 Jun 2025 |
1 Jan – 30 Jun 2024 |
|---|---|---|
| Sales revenue | 171,709,022.09 | 144,261,660.90 |
| Cost of sales | -135,535,403.51 | -115,627,154.54 |
| Gross profit on sales | 36,173,618.58 | 28,634,506.36 |
| Selling expenses | -15,298,667.70 | -13,313,022.82 |
| Research and development costs | -7,686,135.68 | -7,544,989.74 |
| General administrative costs | -5,991,472.17 | -6,355,866.30 |
| Other operating income | 2,208.50 | 5,289.80 |
| Other operating expenses | -6,174.25 | -7,248.81 |
| Earnings before interest and taxes (EBIT) | 7,193,377.28 | 1,418,668.49 |
| Interest income | 511,918.45 | 478,295.92 |
| Interest expenses | -288,614.41 | -411,278.11 |
| Earnings before taxes (EBT) | 7,416,681.32 | 1,485,686.30 |
| Income taxes | -2,409,085.18 | -473,973.54 |
| Group profit for the period | 5,007,596.14 | 1,011,712.76 |
| of which attributable to shareholders of secunet AG | 5,008,068.02 | 1,012,781.58 |
| of which attributable to minority interests | -471.88 | -1,068.82 |
| Earnings per share (diluted/undiluted) | 0.77 | 0.16 |
| Average number of shares outstanding (diluted/undiluted, units) | 6,469,502 | 6,469,502 |
Consolidated statement of comprehensive income
for the period from 1 January to 30 June 2025
| in euros | 1 Jan – 30 Jun 2025 |
1 Jan – 30 Jun 2024 |
|---|---|---|
| Group profit for the period | 5,007,596.14 | 1,011,712.76 |
| Items not reclassified to the income statement | ||
| Revaluation of defined benefit pension plans | -318,325.00 | 450,188.00 |
| Income tax attributable to components of the other comprehensive income/loss |
101,641.00 | -143,745.00 |
| Other comprehensive income/loss | -216,684.00 | 306,443.00 |
| Consolidated comprehensive income/loss | 4,790,912.14 | 1,318,155.76 |
| of which attributable to shareholders of secunet AG | 4,791,384.02 | 1,319,224.58 |
| of which attributable to minority interests | -471.88 | -1,068.82 |
Consolidated cash flow statement
for the period from 1 January to 30 June 2025
| in euros | 1 Jan – 30 Jun 2025 |
1 Jan – 30 Jun 2024 |
|---|---|---|
| Cash flow from operating activities | ||
| Earnings before taxes (EBT) | 7,416,681.32 | 1,485,686.30 |
| Depreciation and amortisation of tangible and intangible fixed assets |
9,464,956.57 | 8,174,885.12 |
| Change in provisions | -6,292,841.04 | -6,216,644.85 |
| Book losses on the sale of intangible assets and of property, plant and equipment |
4,344.00 | 1,959.01 |
| Interest result | -223,304.04 | -67,017.81 |
| Change in receivables, contract assets, inventories and other assets |
-16,155,997.69 | 18,290,971.99 |
| Change in liabilities and contract liabilities | 5,102,116.53 | -11,586,609.27 |
| Tax paid | -8,348,787.25 | -6,345,889.37 |
| Cash outflow/inflow from operating activities | -9,032,831.60 | 3,737,341.12 |
| Cash flow from investing activities | ||
| Purchase of intangible assets and of property, plant and equipment |
-2,362,113.99 | -5,625,910.93 |
| Proceeds from the sale of intangible assets and of property, plant and equipment |
65,412.00 | 66,053.40 |
| Purchase of financial assets | -30,128.68 | -60,257.42 |
| Proceeds from financial assets | 66,216.60 | 52,877.17 |
| Cash outflow from investing activities | -2,260,614.07 | -5,567,237.78 |
| Cash flow from financing activities | ||
| Proceeds from short-term or long-term loans | 191,500.00 | 814,921.24 |
| Dividend payment | -17,661,740.46 | -15,268,024.72 |
| Repayment portion of lease payments | -3,374,859.24 | -2,774,236.07 |
| Interest received | 511,918.45 | 478,295.92 |
| Interest paid | -186,260.41 | -308,838.11 |
| Loan repayments | -523,389.34 | -1,284,043.03 |
| Cash outflow from financing activities | -21,042,831.00 | -18,341,924.77 |
| Change in cash and cash equivalents | -32,336,276.67 | -20,171,821.43 |
| Cash and cash equivalents at the beginning of the period | 57,682,113.94 | 41,269,674.54 |
| Cash and cash equivalents at the end of the period | 25,345,837.27 | 21,097,853.11 |
Consolidated statement of changes in equity
for the period from 1 January to 30 June 2025
Other reserves Other reserves
Income taxes allocated to components of the other comprehensive income / loss
| in euros | Subscribed capital |
Capital reserves | Reserve for treasury shares |
Revaluation of defined benefit pension plans |
|---|---|---|---|---|
| Equity as at 31 Dec 2023 / 1 Jan 2024 | 6,500,000.00 | 21,922,005.80 | -103,739.83 | -911,609.20 |
| Group profit for the period 1 Jan – 30 Jun 2024 | 0.00 | 0.00 | ||
| Other comprehensive income/loss 1 Jan – 30 Jun 2024 | 0.00 | 450,188.00 | ||
| Consolidated comprehensive income 1 Jan – 30 Jun 2024 |
0.00 | 450,188.00 | ||
| Dividend payment | 0.00 | 0.00 | ||
| Equity as at 30 Jun 2024 | 6,500,000.00 | 21,922,005.80 | -103,739.83 | -461,421.20 |
| Group profit for the period 1 Jul – 31 Dec 2024 | 0.00 | 0.00 | ||
| Other comprehensive income/loss 1 Jul – 31 Dec 2024 | 0.00 | 17,119.00 | ||
| Consolidated comprehensive income 1 Jul – 31 Dec 2024 |
0.00 | 17,119.00 | ||
| Equity as at 31 Dec 2024 / 1 Jan 2025 | 6,500,000.00 | 21,922,005.80 | -103,739.83 | -444,302.20 |
| Group profit for the period 1 Jan – 30 Jun 2025 | 0.00 | 0.00 | ||
| Other comprehensive income/loss 1 Jan – 30 Jun 2025 | 0.00 | -318,325.00 | ||
| Consolidated comprehensive income 1 Jan – 30 Jun 2025 |
0.00 | -318,325.00 | ||
| Dividend payment | 0.00 | 0.00 | ||
| Equity as at 30 Jun 2025 | 6,500,000.00 | 21,922,005.80 | -103,739.83 | -762,627.20 |
| Other reserves | ||||
|---|---|---|---|---|
| Non-controlling interests |
Equity of secunet AG shareholders |
Retained earnings |
Total other reserves |
Income taxes allocated to components of the other comprehensive income / loss |
| 96,179.91 | 137,747,092.02 | 110,026,191.28 | -701,105.06 | 314,243.97 |
| -1,068.82 | 1,012,781.58 | 1,012,781.58 | 0.00 | 0.00 |
| 0.00 | 306,443.00 | 0.00 | 306,443.00 | -143,745.00 |
| -1,068.82 | 1,319,224.58 | 1,012,781.58 | 306,443.00 | -143,745.00 |
| 0.00 | -15,268,024.72 | -15,268,024.72 | 0.00 | 0.00 |
| 95,111.09 | 123,798,291.88 | 95,770,948.14 | -394,662.06 | 170,498.97 |
| -11,339.02 | 26,939,733.02 | 26,939,733.02 | 0.00 | 0.00 |
| 0.00 | 11,465.95 | 0.00 | 11,465.95 | -5,653.05 |
| -11,339.02 | 26,951,198.97 | 26,939,733.02 | 11,465.95 | -5,653.05 |
| 83,772.07 | 150,749,490.85 | 122,710,681.16 | -383,196.11 | 164,845.92 |
| -471.88 | 5,008,068.02 | 5,008,068.02 | 0.00 | 0.00 |
| 0.00 | -216,684.00 | 0.00 | -216,684.00 | 101,641.00 |
| -471.88 | 4,791,384.02 | 5,008,068.02 | -216,684.00 | 101,641.00 |
| 0.00 | -17,661,740.46 | -17,661,740.46 | 0.00 | 0.00 |
| 83,300.19 | 137,879,134.41 | 110,057,008.72 | -599,880.11 | 266,486.92 |
Consolidated statement of changes in equity
for the period from 1 January to 30 June 2025
Selected consolidated explanatory notes
These Consolidated Interim Financial Statements as at 30 June 2025 have been prepared in compliance with the provisions of International Accounting Standard (IAS) 34 "Interim Financial Reporting", which governs interim financial statements in accordance with International Financial Reporting Standards (IFRS). They are Condensed Consolidated Interim Financial Statements in accordance with IAS 34 as adopted by the EU, which means they do not include all the information required by IFRS for consolidated financial statements at the end of a financial year. The Consolidated Interim Financial Statements must therefore be read in conjunction with the IFRS consolidated financial statements as at 31 December 2024 (Consolidated Financial Statements). These Consolidated Interim Financial Statements have not been audited, but have been reviewed by an auditor together with the Interim Group Management Report pursuant to Section 115 of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG). The Condensed Consolidated Interim Financial Statements and the Interim Group Management Report for the first half-year 2025 were approved by the Management Board of secunet Security Networks AG on 11 August 2025 in order to fulfil the obligations pursuant to Section 115 WpHG.
Accounting principles
The consolidation principles and the method of currency translation correspond to those used for the Consolidated Annual Financial Statements for the 2024 financial year. The accounting and valuation methods were retained. The Consolidated Financial Statements of secunet Security Networks AG as at 31 December 2024 were prepared on the basis of Articles 315 and 315e (1) of the German Commercial Code (Handelsgesetzbuch, HGB) and in accordance with the International Financial Reporting Standards as they are to be applied in the European Union.
The values shown in the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income, consolidated cash flow statement and consolidated statement of changes in equity correspond to the normal course of business of secunet Group and do not include any extraordinary items.
The calculation of income taxes is based on a tax rate of 31.97%.
The preparation of the Consolidated Interim Financial Statements requires a series of assumptions and estimates on the part of management. As a result, it is possible that the figures reported in the Consolidated Interim Financial Statements may deviate from the actual future figures. The main assumptions and estimates are fundamentally unchanged compared to the Consolidated Financial Statements as at 31 December 2024. The current geopolitical and economic upheavals have no direct impact on business activities, as was also the case in the 2024 Annual Financial Statements, and the assets, liabilities, financial position and financial performance of secunet Group are therefore not significantly affected.
New accounting rules
The following amendments to standards were to be applied for the first time in the 2025 financial year:
| Standard / Interpretation | Content of the amendment |
|---|---|
| Amendments to IAS 1 | Lack of exchangeability of currencies |
The amended standards and interpretations applied, which came into force on 1 January 2025 have no significant effect on secunet Group.
Consolidated group
In addition to secunet Security Networks AG, the Condensed Consolidated Interim Financial Statements include all associate companies that are controlled by secunet Security Networks AG. Control is considered to be in place if secunet has the power of disposition over the associate company, has a right to variable returns from the investment and has the opportunity to use the power of disposition over the associate company in a way that can influence the variable returns. There were no changes to the scope of consolidation during the reporting period.
Non-controlling interests (minority shareholders) exist as a result of the consolidation of secustack GmbH i. L., Dresden.
Stock of treasury shares
As at 30 June 2025, the Company held 30,498 treasury shares, unchanged from 31 December 2024; this corresponds to 0.5% of the share capital.
Dividend
From the balance sheet profit of 17,661,740.46 euros reported for the 2024 financial year in the Annual Financial Statements of secunet AG under commercial law, dividends of 2.73 euros per dividend-bearing share (amounting to a total of 17,661,740.46 euros) were distributed in accordance with the resolution of the Annual General Meeting on 28 May 2025.
Recognition of actuarial gains and losses in equity ("other comprehensive income") from the revaluation of defined benefit pension plans
In the first six months of the financial year 2025, a total of 0.3 million euros from the revaluation of the defined benefit pension plans as at 30 June 2025 was recognised in the other comprehensive income of secunet Group, with no effect on profit or loss, which decreased equity. The revaluation includes the effects of the increase in the actuarial interest rate from 3.45% as at 31 December 2024 to 3.80% as at 30 June 2025. In this connection, an effect from deferred taxes totalling 0.1 million euros had an opposite effect on equity.
Segment reporting
secunet Group is split into two divisions: the Public Sector division and the Business Sector division. Both divisions are shown separately for the purposes of segment reporting, as they meet at least one of the quantitative thresholds defined in IFRS 8.13.
The Public Sector division offers its customers the SINA product family, i. e. solutions (software, hardware and management) for highly secure, cryptographic processing, transmission and storage of classified information with varying levels of confidentiality. Further solutions from the Public Sector division include products for electronic passports, automated (biometric) border controls and the ELSTER electronic tax declaration. Furthermore, a wide range of IT security products and services for public customers, ranging from IT security consulting and training to the equipment of large infrastructures with high-security technology and public key infrastructures, are also offered.
The Business Sector division provides IT security consulting and solutions for companies in the private and healthcare sectors. The product portfolio includes, for example, the secunet konnektor for healthcare telematics (in different variants depending on the size of the infrastructure to be served) and secunet edge, which enables Internet-supported production facilities to be secured.
Segment report H1/2025
| in thousand euros | Public Sector | Business Sector | secunet H1/2025 |
|---|---|---|---|
| Segment revenue | 148,916 | 22,793 | 171,709 |
| Cost of sales | -115,662 | -19,874 | -135,536 |
| Selling expenses | -12,474 | -2,824 | -15,298 |
| Research and development costs | -5,654 | -2,032 | -7,686 |
| General administrative costs | -5,345 | -650 | -5,995 |
| Segment result (EBIT) | 9,781 | -2,587 | 7,194 |
| Interest result | 223 | ||
| Segment earnings before tax | 7,417 | ||
| Goodwill | 46,328 | 1,300 | 47,628 |
Segment report H1/2024
| in thousand euros | Public Sector | Business Sector | secunet H1/2024 |
|---|---|---|---|
| Segment revenue | 127,479 | 16,783 | 144,262 |
| Cost of sales | -103,884 | -11,743 | -115,627 |
| Selling expenses | -10,137 | -3,176 | -13,313 |
| Research and development costs | -4,928 | -2,617 | -7,545 |
| General administrative costs | -5,583 | -777 | -6,360 |
| Segment result (EBIT) | 2,948 | -1,530 | 1,418 |
| Interest result | 67 | ||
| Segment earnings before tax | 1,485 | ||
| Goodwill | 46,328 | 1,300 | 47,628 |
The accounting principles for the segments are identical to those used for the Consolidated Interim Financial Statements. Using apportionments, expenses (e. g. overhead costs) that are not directly allocable to the reportable segments are allocated to the reportable segments. A revenue-based allocation table is used for most cost items.
The segments are managed on the basis of the segment results. With the exception of non-essential components, the segments' assets are focused on the domestic market.
The significant increase in revenue is largely attributable to a very strong first quarter of 2025, in which orders from the end of 2024 were delivered.
Cost of sales increased at a lower rate than revenue. This was partly due to a change in the product mix in the first half of 2025 compared to the previous year. In addition, the use of external services was lower. As a result, cost of sales rose significantly less than revenue.
Accordingly, gross profit increased sharply compared to the same period of the previous year, leading to a significant improvement in consolidated net income.
Sales revenue
secunet Group realises its sales revenue entirely within the framework of contracts with customers.
The following overview breaks down sales by geographical characteristics, main revenue streams and revenue recognition.
| Public Sector | Business Sector | Group | ||||
|---|---|---|---|---|---|---|
| in thousand euros | H1/2025 | H1/2024 | H1/2025 | H1/2024 | H1/2025 | H1/2024 |
| Geographical allocation | ||||||
| Domestic | 130,393.9 | 114,723.8 | 23,069.5 | 16,575.0 | 153,463.4 | 131,298.8 |
| Abroad | 18,522.1 | 12,755.2 | -276.5 | 208.0 | 18,245.6 | 12,963.2 |
| Total | 148,916.0 | 127,479.0 | 22,793.0 | 16,783.0 | 171,709.0 | 144,262.0 |
| Revenue generation | ||||||
| Consultancy business | 20,472.0 | 23,379.7 | 3,305.0 | 3,174.4 | 23,777.0 | 26,554.1 |
| Product business | 128,444.0 | 104,099.3 | 19,488.0 | 13,608.6 | 147,932.0 | 117,707.9 |
| Total | 148,916.0 | 127,479.0 | 22,793.0 | 16,783.0 | 171,709.0 | 144,262.0 |
| Recognition of sales revenue | ||||||
| Over time | 47,296.1 | 43,050.6 | 10,337.5 | 10,889.1 | 57,633.5 | 53,939.7 |
| At a point in time | 101,619.9 | 84,428.4 | 12,455.5 | 5,893.9 | 114,075.5 | 90,322.3 |
| Total | 148,916.0 | 127,479.0 | 22,793.0 | 16,783.0 | 171,709.0 | 144,262.0 |
Additional notes on financial instruments
The carrying amounts and fair values of the financial instruments reported in the balance sheet are as follows:
| 30 June 2025 | Carrying amounts | ||||
|---|---|---|---|---|---|
| in euros | Financial assets mandatory as FVTPL |
At amortised cost |
Not allocated to any IFRS 9 category |
Financial liabilities at amortised cost |
|
| Financial assets measured at fair value | |||||
| Non-current financial assets | 0.00 | 0.00 | 6,270,732.38 | 0.00 | |
| Financial assets not measured at fair value | |||||
| Cash and cash equivalents | 0.00 | 25,345,837.27 | 0.00 | 0.00 | |
| Trade receivables | 0.00 | 62,184,582.74 | 0.00 | 0.00 | |
| Intercompany financial assets | 0.00 | 59,522.61 | 0.00 | 0.00 | |
| Other current and non-current assets | 0.00 | 311,444.80 | 0.00 | 0.00 | |
| 0.00 | 87,901,387.42 | 0.00 | 0.00 | ||
| Financial liabilities not measured at fair value | |||||
| Trade accounts payable | 0.00 | 0.00 | 0.00 | 55,422,408.44 | |
| Intercompany payables | 0.00 | 0.00 | 0.00 | 135,094.40 | |
| Current and non-current liabilities from loans | 0.00 | 0.00 | 0.00 | 3,696,527.56 | |
| 0.00 | 0.00 | 0.00 | 59,254,030.40 |
Carrying
| Fair value | Carrying amounts |
|||
|---|---|---|---|---|
| Total fair values |
Level 3 | Level 2 | Level 1 | Total carrying amounts |
| 6,270,732.38 | 0.00 | 6,270,732.38 | 0.00 | 6,270,732.38 |
| 0.00 | 0.00 | 0.00 | 0.00 | 25,345,837.27 |
| 0.00 | 0.00 | 0.00 | 0.00 | 62,184,582.74 |
| 0.00 | 0.00 | 0.00 | 0.00 | 59,522.61 |
| 0.00 | 0.00 | 0.00 | 0.00 | 311,444.80 |
| 0.00 | 0.00 | 0.00 | 0.00 | 87,901,387.42 |
| 0.00 | 0.00 | 0.00 | 0.00 | 55,422,408.44 |
| 0.00 | 0.00 | 0.00 | 0.00 | 135,094.40 |
| 3,696,527.56 | 0.00 | 3,696,527.56 | 0.00 | 3,696,527.56 |
| 3,696,527.56 | 0.00 | 3,696,527.56 | 0.00 | 59,254,030.40 |
Additional notes on financial instruments
The carrying amounts and fair values of the financial instruments reported in the balance sheet are as follows:
| 31 December 2024 | Carrying amounts | ||||
|---|---|---|---|---|---|
| in euros | Financial assets mandatory as FVTPL |
At amortised cost |
Not allocated to any IFRS 9 category |
Financial liabilities at amortised cost |
|
| Financial assets measured at fair value | |||||
| Non-current financial assets | 0.00 | 0.00 | 6,306,820.30 | 0.00 | |
| Financial assets not measured at fair value | |||||
| Cash and cash equivalents | 0.00 | 57,682,113.94 | 0.00 | 0.00 | |
| Trade receivables | 0.00 | 84,807,157.94 | 0.00 | 0.00 | |
| Intercompany financial assets | 0.00 | 42,680.84 | 0.00 | 0.00 | |
| Other current and non-current assets | 0.00 | 1,333,501.85 | 0.00 | 0.00 | |
| 0.00 | 143,865,454.57 | 0.00 | 0.00 | ||
| Financial liabilities not measured at fair value | |||||
| Trade accounts payable | 0.00 | 0.00 | 0.00 | 41,611,809.36 | |
| Intercompany payables | 0.00 | 0.00 | 0.00 | 151,549.96 | |
| Current and non-current liabilities from loans | 0.00 | 0.00 | 0.00 | 4,159,854.35 | |
| 0.00 | 0.00 | 0.00 | 45,923,213.67 | ||
Carrying
| Fair value | Carrying amounts |
|||
|---|---|---|---|---|
| Total fair values |
Level 3 | Level 2 | Level 1 | Total carrying amounts |
| 6,306,820.30 | 0.00 | 6,306,820.30 | 0.00 | 6,306,820.30 |
| 0.00 | 0.00 | 0.00 | 0.00 | 57,682,113.94 |
| 0.00 | 0.00 | 0.00 | 0.00 | 84,807,157.94 |
| 0.00 | 0.00 | 0.00 | 0.00 | 42,680.84 |
| 0.00 | 0.00 | 0.00 | 0.00 | 1,333,501.85 |
| 0.00 | 0.00 | 0.00 | 0.00 | 143,865,454.57 |
| 0.00 | 0.00 | 0.00 | 0.00 | 41,611,809.36 |
| 0.00 | 0.00 | 0.00 | 0.00 | 151,549.96 |
| 4,159,854.35 | 0.00 | 4,159,854.35 | 0.00 | 4,159,854.35 |
| 4,159,854.35 | 0.00 | 4,159,854.35 | 0.00 | 45,923,213.67 |
Related party disclosures
Mr Marc-Julian Siewert has been appointed as the new CEO of secunet AG with effect from 1 July 2025. He succeeds Mr Axel Deininger, who left the company with effect from 19 May 2025.
The consolidated companies of secunet Group have dealings with the main shareholder Giesecke + Devrient GmbH, Munich, and its affiliated companies in the course of their normal business activities. In addition, services are occasionally purchased as part of Service Level Agreements. All transactions are conducted in accordance with standard market terms.
In the first six months of the 2025 financial year, no members of the Management Board were promised or granted any benefits by a third party with regard to their activities as members of the Management Board. In the first six months of the 2025 financial year, the members of the Supervisory Board did not receive any further remuneration for services provided personally, in particular consulting and agency services, beyond the remuneration of the Supervisory Board regulated in the Articles of Association of secunet Security Networks AG. The employee representatives on the Supervisory Board receive remuneration at a normal market rate for their work. Neither the members of the Management Board nor the members of the Supervisory Board receive any loans from the Company.
Events after the end of the interim reporting period
There were no significant events after the balance sheet date.
Essen, 11 August 2025
Marc-Julian Siewert Torsten Henn
Dr Kai Martius Jessica Nospers
Responsibility statement
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the Consolidated Interim Financial Statements give a true and fair view of the assets, liabilities, financial position and results of operations of the Group, and the Interim Group Management Report includes a true and fair presentation of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remainder of the financial year."
Essen, 11 August 2025
Marc-Julian Siewert Torsten Henn
Dr Kai Martius Jessica Nospers
Review report
To secunet Security Networks Aktiengesellschaft, Essen
We have reviewed the Condensed Consolidated Interim Financial Statements – comprising the consolidated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement, the consolidated statement of changes in equity and selected explanatory notes – and the Interim Group Management Report of secunet Security Networks Aktiengesellschaft, Essen, for the period from 1 January 2025 to 30 June 2025, which are integral parts of the Half-Year Report pursuant to Article 115 of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG). The preparation of the Condensed Consolidated Interim Financial Statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the Interim Group Management Report in accordance with the requirements of the German Securities Trading Act (WpHG) applicable to interim group management reports is the responsibility of the Company's executive directors. Our responsibility is to issue a review report on the Condensed Consolidated Interim Financial Statements and the Interim Group Management Report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German Generally Accepted Standards for Financial Statement Audits as promulgated by the Institut der Wirtschaftsprüfer (IDW). These standards require that we plan and perform the review in such a way that we can preclude, through critical appraisal and with reasonable assurance, that the Condensed Consolidated Interim Financial Statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, and that the Interim Group Management Report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act (WpHG) applicable to interim group management reports. A review is essentially limited to the questioning of Company personnel and analytical assessments and therefore does not provide the same assurance as is attainable in a financial statement audit. Since, in accordance with our mandate, we have not performed an audit of the financial statements, we cannot issue an auditor's report.
Based on our review, no matters have come to our attention that cause us to presume that the Condensed Consolidated Interim Financial Statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU or that the Interim Group Management Report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act (WpHG) applicable to interim group management reports.
Essen, 11 August 2025
BDO AG Wirtschaftsprüfungsgesellschaft
signed Marc Fritz signed Dr Marcus Falk Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
Service
Locations
Headquarters Essen
secunet Security Networks AG Kurfürstenstraße 58 45138 Essen Phone: + 49 201 54 54 - 0 Fax: + 49 201 54 54 - 1000
Berlin
secunet Security Networks AG Alt-Moabit 96 10559 Berlin
Berlin SysEleven GmbH Boxhagener Straße 80 10245 Berlin
Bonn
secunet Security Networks AG Dreizehnmorgenweg 6 53175 Bonn
Dresden
secunet Security Networks AG Ammonstraße 74 01067 Dresden
Frankfurt
secunet Security Networks AG Mergenthalerallee 77 65760 Eschborn
Hamburg
secunet Security Networks AG Osterbekstraße 90 b 22083 Hamburg
Hanover
stashcat GmbH Schiffgraben 47 30175 Hanover
Ilmenau
secunet Security Networks AG Werner-von-Siemens-Straße 6 98693 Ilmenau
Munich
secunet Security Networks AG Konrad-Zuse-Platz 2 - 12 81829 Munich
Paderborn
secunet Security Networks AG Hauptstraße 35 33178 Borchen
Siegen
secunet Security Networks AG Weidenauer Straße 223 - 225 57076 Siegen
Stuttgart
secunet Security Networks AG Neue Brücke 3 70173 Stuttgart
Training Centre Dresden
secunet Security Networks AG Ammonstraße 74 01067 Dresden
Financial Calendar 2025
12 August 2025 Half-Year Financial Report 2025
12 November 2025 Group Quarterly Statement as at 30 September 2025
Imprint
Issued by secunet Security Networks AG
Kurfürstenstraße 58 45138 Essen
Phone: + 49 201 54 54 - 0 e-mail: [email protected] www.secunet.com
Investor relations Phone: + 49 201 54 54 - 1221
e-mail: [email protected]
Press
Phone: + 49 201 54 54 - 1234 e-mail: [email protected]
Concept, design and setting sam waikiki GbR, Hamburg www.samwaikiki.de
Text
secunet Security Networks AG
Information
This financial report contains statements regarding the future performance of secunet Group, as well as economic and political developments. These statements are opinions that we have formed based on the information currently available to us. Should the assumptions on which these statements are based not be applicable or should further risks arise, the actual results may deviate from the results currently expected. We cannot therefore offer any guarantee as to the accuracy of these statements.
Due to rounding, it is possible that individual figures in this financial report may not add up precisely to the totals provided and percentages presented may not accurately reflect the absolute values to which they relate.
For better readability, we use only the grammatically masculine form in this financial report. References to persons always apply to all genders involved: male, female, diverse.
All the brand and trade names or product names mentioned in this financial report are the property of the corresponding holder. This applies in particular for DAX, MDAX, SDAX, TecDAX and Xetra as registered trademarks and property of Deutsche Börse AG.
This financial report was published on 12 August 2025. It is available in German and English. Both versions are available for download at www.secunet.com. The German version is legally binding in cases of doubt.
secunet Security Networks AG Kurfürstenstraße 58 45138 Essen
Phone: + 49 201 54 54 - 0 Fax: + 49 201 54 54 - 1000
e-mail: [email protected] Internet: www.secunet.com
