Accsys is on track in executing its Focus strategy, which it set out at its investor day in January 2025. Phase 1 of 3 is already yielding results, with a lean and mean organisation focused on accelerating volume growth and significantly improving adjusted EBITDA margins. The FY25 results were slightly better than we had expected, and the company had a good start to FY26. We have made small adjustments to our estimates but due to the roll-over of our discounted cash flow model by one year, the potential value per share is now €1.15 (up from €1.00).

Accsys Technologies has reported its FY25 results (to 31 March), which are in line with its trading update of 7 May at the revenue and volume level but slightly exceed consensus at the adjusted EBITDA level. Including the volumes from the new plant in the US, total volumes were up a solid 13% y-o-y, with strong growth of 16% y-o-y in North America. Adjusted EBITDA strongly recovered from €4.8m in FY24 to €10.8m (consensus was €10.5m). The first phase of its Focus strategy is yielding results and Accsys is positive about FY26, expecting sales growth and margin progression after a positive start to the year.