GFT Technologies (ETR:GFT) reported preliminary 2025 results that management said slightly exceeded the company’s guidance, supported by improved profitability in the second half of the year and continued execution of its AI-centric strategy. On the earnings call, Global CEO Marco Santos and CFO/Deputy CEO Dr. Jochen Ruetz highlighted revenue growth in constant currencies, ongoing restructuring progress in the U.K. and Software Solutions, and expanding commercial traction for the company’s Wynxx agentic AI platform.
2025 performance and profitability trends
Santos said 2025 was marked by “disciplined execution” following an outlook adjustment earlier in the year, with a focus on stabilizing performance and improving earnings quality amid currency volatility and structural change in the technology industry.
Ruetz noted adjusted EBIT was down 14% year-over-year, mainly due to the strategic realignment in the U.K. and Software Solutions. He said those two areas burdened adjusted EBIT by EUR 14.8 million, while all other units improved adjusted EBIT by EUR 4.2 million, including a EUR -1 million foreign exchange effect.
GFT’s order backlog was down 2% year-over-year, but up 1% in constant currencies. Ruetz attributed the comparison partly to long-term U.S. contracts that supported the order book a year earlier, while Santos later described the slight decline as “more statistical delta than it really is,” adding that the pipeline was “rich enough” to support 2026 guidance.
Growth by market, sector, and client tiers
Management pointed to strong momentum in several growth markets. Santos said Brazil grew 28%, Colombia 19%, the U.S. 17%, and APAC 17% year-over-year. Ruetz provided additional regional detail, citing Latin America growth of 22%, North America growth of 8% (with the U.S. up 17% and Canada up 3%), Europe down 4%, and the U.K. down 29%.
By sector, Ruetz said “industry and others” grew 14% in 2025 and represented 12% of group revenue, while insurance grew 15% and represented 17% of revenue. Banking declined 2% and accounted for 71% of revenue, which Ruetz attributed mainly to the shrinking U.K. business focused on banking clients.
On customer concentration, GFT expanded its largest client group. Ruetz said clients with more than EUR 25 million in annual revenue (Tier one) increased by two and represented 29% of group business, supported by the expansion of two Latin American clients into that category. Santos also said that during the fourth quarter, two additional Tier one clients exceeded EUR 25 million in annual revenue.
Wynxx and AI modernization: commercial traction and platform expansion
Santos centered much of the call on GFT’s AI strategy and the evolution of its Wynxx agentic AI platform. He said the company began integrating generative AI into its engineering services in 2023 with development of “GFT AI Impact,” later rebranded as Wynxx following an architectural evolution toward an agentic AI platform.
In 2025, Santos said Wynxx scaled to eight countries and was active with 92 clients, representing more than 250% growth in clients year-over-year. He also cited a total influenced contract value of EUR 70 million, which he said represented more than 700% year-over-year growth. In the Q&A, management clarified that “influenced” refers to the total value of projects or services where Wynxx was embedded, rather than implying the platform alone was responsible for winning contracts.
Santos highlighted Bradesco Seguros as an example, saying adoption of Wynxx expanded 22% quarter-over-quarter, the AI-native team increased from 180 to 220 engineers, and productivity improved by 40% across software development and legacy modernization. He said the company is also developing an agentic platform for credit risk management at a Tier one bank in Europe and an orchestration platform for manufacturing, engineering, and field services for an automotive client in the U.S.
GFT also described its approach to implementation flexibility. In response to an analyst question about projects that do not use Wynxx, Santos said some global clients already have agreements and governance built around tools such as GitHub Copilot. In those cases, he said GFT aims to be the “best AI native engineering partner” using the client’s chosen tools, with the option of introducing Wynxx later as an add-on given its integrations with multiple models and tools.
Cash flow, restructuring, dividend, and 2026 guidance
Ruetz said operating cash flow was EUR 43 million, lower than 2024 due to lower profitability and less favorable working capital timing compared with the prior year. Free cash flow adjusted was about EUR 28 million versus a milestone target of EUR 35 million, which Ruetz attributed to profitability and working capital dynamics. He added that some cash receipts came in January, which he said should support 2026.
GFT ended the year with net debt at 0.8x EBITDA, which Ruetz said was “spot on” versus the company’s milestone. Full-time equivalents were 11,772, up 2% year-over-year, and attrition was 12.2%, slightly down from Q3’s 12.7%.
On capital returns, Santos said the company will propose a dividend of EUR 0.50 per share, unchanged.
For 2026, management guided to:
- Revenue growth of more than 5%, to approximately EUR 930 million (constant currencies)
- Adjusted EBT margin of 7.6%, about EUR 71 million (constant currencies)
- EBT margin of 6%, about EUR 56 million (constant currencies)
Ruetz said free cash flow is expected to be EUR 40 million in 2026, reflecting higher profitability and “more or less stable working capital,” adding that the estimate could prove conservative. He also said net debt could fall to 0.2x EBITDA if the company does not pursue further acquisitions.
Management also addressed restructuring. In Q&A, Ruetz said restructuring in the U.K. and Software Solutions was “done, finished,” and that 2026 restructuring spend should be “roughly half” of 2025’s EUR 13 million, at about EUR 6 million to EUR 6.5 million. He also gave a specific U.K. revenue outlook, saying U.K. revenue was about EUR 80 million in 2025 and is expected to be about EUR 70 million in 2026, with a turnaround expected “somewhere mid-2026.”
Looking further out, Santos reaffirmed the company’s midterm 2029 targets of approximately EUR 1.5 billion in revenue and an adjusted EBT margin of about 9.5%, alongside a service mix with at least 50% in high value-added services and AI-native delivery.
About GFT Technologies (ETR:GFT)
GFT Technologies SE, together with its subsidiaries, provides digital transformation services. The company operates in two segments in the Americas, the UK & APAC; and Continental Europe. It offers consulting on the development and implementation of IT strategies; development of bespoke IT solutions; implementation of sector-specific software; and maintenance and development of business-critical IT solutions. The company serves clients in investment and retail banking, insurance, and industrial sectors.
