FY2025 Full Year Results
ABS results for the 12 months to 30th September 2025
SUMMARY OF KEY RESULTS
ABS Group1 reports solid performance for the twelve months ended 30 September 2025.
Financial Highlights
- Revenues of $62 million, down 6% YoY with more intense market conditions, and economic headwinds.
- Adjusted EBITDA2 of $31.7 million at 51% margin
- Free cashflow3 at $17.1m, enabling further investment
- Net debt of $29.6m, equating to a net debt leverage ratio of 0.9x
Operating highlights during the financial year
- ABS redomiciliation to the Dubai Development Authority completed, creating new international headquarters in a strategically crucial area.
- Secured major contract wins with British Forces Broadcasting Service, Intelsat, and SES Government, plus expanded managed services partnerships.
- Significant orders from government, broadcast, oil & gas, and cellular backhaul sectors positon ABS well against LEO industry disruption.
Mark Rigolle, CEO, said: “Despite the year-over-year revenue decline, we delivered robust adjusted EBITDA and margins, highlighting our operational efficiency and strict cost discipline, with cost of goods sold and services also trending downward. The results also demonstrate our ability to navigate a competitive landscape while laying strong foundations for the future.
We generated free cash flow at a strong 28% margin, giving us the capital capability to develop high-return strategic projects across our partner ecosystem, and launch new managed services. With debt and operating costs remaining low, we retain the strategic flexibility to deliver our strategy with the agility that defines us here at ABS.
Building on this, our broader results demonstrate real discipline in capital allocation, allowing us to make selected investments, while preserving a healthy balance sheet. This positions the business well for further targeted investments that will create value for both partners and shareholders in the year ahead.
The completion of our redomiciliation to the Dubai Development Authority establishes a new ABS as a proudly Emirati business. This isn’t just a new HQ office: it marks a major strategic milestone in our journey, aligning the company with the UAE’s leading ecosystem of innovation, where global enterprises and talent meet world-class infrastructure to enable both growth and innovation.
Alongside this, several high quality management hires have been made in Dubai to consolidate our presence here. Our commercial organisation has been reorganised with accomplished industry veterans added to the team to bring us even closer to our customers and their needs. ”
Summary Statement of Comprehensive Income (US$m)
| Year Ended 30 September 2025 | ||
| 2025 | 2024 | |
| Revenue | 62 | 66.3 |
| Cost of Goods and Services | (35.1) | (35.9) |
| Administrative Expenses | (19.2) | (17.9) |
| Add back: Depreciation & Amortisation | 22.9 | 22.7 |
| Other Items & Adjustments | 1.1 | 0.7 |
| Adjusted EBITDA | 31.7 | 35.9 |
Summary Statement of Financial Position (US$m)
| As at 30 September 2025 | ||
| 2025 | 2024 | |
| Property, Plant & Equipment | 206.2 | 226.2 |
| Other Non-Current Assets | 11.5 | 14.4 |
| Total Non-Current Assets: | 217.7 | 240.6 |
| Non-Cash Current Assets | 26.7 | 17.6 |
| Cash and Cash Equivalents | 13.5 | 11.5 |
| Total Current Assets | 40.2 | 29.1 |
| Less: Current Liabilities | (32.2) | (26.1) |
| Net Current Assets | 8.0 | 3.0 |
| Long Term Loans | (43.1) | (43.1) |
| Other Non-Current Liabilities | (36.9) | (47.4) |
| Net Assets | 145.7 | 153.1 |
Summary Statement of Cash Flows (US$m)
| Year Ended 30 September 2025 | ||
| 2025 | 2024 | |
| Net Cash Generated from Operating Activities | 17.8 | 20.5 |
| Net Cash Used in Investing Activities | (0.7) | (1.4) |
| Dividends Paid | (10.0) | (19.9) |
| Other Financing Cash Flows | (5.0) | (4.6) |
| Net (Increase) / Decrease in Cash & Cash Equivalents | (2.1) | (5.4) |
| Cash and Cash Equivalents at beginning of the year | 11.5 | 17.0 |
| Effect of Foreign Exchange Rate Changes | (0.1) | (0.1) |
| Cash and Cash Equivalents at end of the year | 13.5 | 11.5 |
Footnotes
- The results reported herein are the consolidated financials for ABS Midco Limited, the principal holding company for the ABS Group
- Excludes one-off non-recurring items and foreign exchange gains and losses
- Net cash generated from operating activities less net cash used in investing activities
