EVS delivered a resilient QQ4 2025 performance, underpinned by sustained revenue growth and a robust order book, while continuing to execute on a strategic portfolio evolution toward an ecosystem approach. For full-year 2025, EVS reported revenue of EUR 208.1 million, up 5.1% year over year, and a fifth consecutive year of record revenue, with a divergent year characterized by a strong North American contribution and disciplined cost management. The company closed the year with an order book of EUR 182 million (up 11.3% YoY), and a long-term backlog exceeding EUR 81 million, signaling substantial visibility into 2027 and beyond. Net cash position stood at EUR 58.4 million at year-end, aided by positive operating cash flow (EUR 31.46 million) and a healthy free cash flow of EUR 26.19 million. EPS diluted was EUR 2.73 for FY2025, with an EBIT margin of 20.8% on EUR 43.3 million EBIT, and a gross margin of 70.8%, reflecting tariff pass-through and recent acquisitions. EVS also disclosed a 2026 revenue guidance range of EUR 220–240 million (midpoint EUR 230 million) and reiterated a Big Event Rental contribution of roughly EUR 15 million, signaling a measured but constructive growth trajectory. Management reaffirmed the strategic objective to become the leading live video ecosystem provider by 2030 (the BHAG of EUR 350 million in revenue) and underscored ongoing investments in North America, cross-solution ecosystem expansion, and channel partnerships. The 2025 results are supported by accretive acquisitions Telemetrics (US) and XD Motion (France), the expansion of AI capabilities via XtraMotion, VIA-MAP, and an enhanced services framework (SLA, Move Up, Move IO), and a continued emphasis on ESG and supply-chain resilience. The external environment remains nuanced with U.S. tariffs mitigated and currency volatility monitored, but EVS maintains pricing power to offset incremental cost pressures as needed. Investors should monitor pipeline-to-order conversion, cross-solution adoption, T-Motion integration, and the cadence of 2026 bookings as primary catalysts of the next phase.