Telnet Holding Releases Q4 2025 Financial Results
Telnet Holding has published its financial results for the fourth quarter of 2025, marking the beginning of the period's activity indicators. The company's operating revenues for the quarter showed a decline of 2.2%, totaling 19.127 billion Tunisian dinars (Mtnd). However, over the entire year, a 17.0% year-over-year increase was recorded, reaching 81.134 Mtnd.
Key Highlights
- Representing 79.5% of operating revenues, the Research and Development in Engineering division experienced a 6.3% growth, despite a global economic context characterized by a slowdown in European partners' activities.
- The company expects more significant growth starting from 2026, driven by the launch of a new major project with a new client.
- Although contributing less to operating revenues (13.2%), the PLM Services and Network Integration division signed a rapid growth of 23.4% compared to the previous year.
Operating Expenses
- Operating expenses totaled 68.948 Mtnd, accelerating by 24.2% over the year.
- Personnel expenses were established at 51.886 Mtnd.
- The company chose to absorb the effects of the revision of the personal income tax schedule, as provided for by the new provisions of the 2025 finance law.
- This measure is justified by the desire to preserve the group's human capital to ensure historical partnerships and face new challenges, following the entry of the new activity with the new client.
- Additionally, there was a salary increase in 2025, with a average rate lower than that granted in 2024, but close to the country's inflation rate, as well as a 5% increase in the group's workforce compared to the previous year.
Investment Products
- Investment products decreased by 50.3% to 0.103 Mtnd, due to the engagement of treasury funds in the second half of 2024 to settle a customs penalty of 7.400 Mtnd.
- This led to a reduction in available treasury generating products in 2025.
Ebitda
- The group's Ebitda stands at 12.186 Mtnd, down 11.7% year-over-year.
- These figures are generally good, but it is evident that the company needs to increase its revenues more quickly than its expenses.
- Telnet Holding remains profitable, and there are no risks to this year's dividend, served by the parent company.
