Revenue of €999 million (+2.8%) represents 6.1% constant currency growth; gross profit was €321 million (+8.6%); Adjusted EBITDA margin of 13.8% is within forecast range
2026 revenue expected between €1,000 and €1,060 million at current FX rates, gross margin near 32%, Adjusted EBITDA margin between 14.5% and 15.5%
Independent investigation finds no evidence of fraud or misconduct; prior allegations unsubstantiated
MUNICH, March 24, 2026 /CNW/ — Based on preliminary figures for the 2025 financial year, Nagarro’s revenue grew to €999.3 million in 2025, up from €972.0 million in 2024, representing YoY growth of 2.8%. The constant currency growth in annual revenue was 6.1%. Gross profit in 2025 grew to €321.3 million (32.2% gross margin), up from €295.8 million (30.4% gross margin) in 2024. Adjusted EBITDA declined to €138.2 million in 2025 from €147.5 million in 2024. Adjusted EBITDA margin was 13.8% in 2025, thus within the revised guidance of 13.5% to 14.5%, and declined from 15.2% in 2024. EBITDA was €118.7 million in 2025, down from €134.0 million in 2024.
2025 EBITDA was impacted by unrealized foreign exchange loss of €15.5 million on intra-group loans within Nagarro group; this amount was not adjusted. One-off items incorporated in the adjustment to EBITDA include a one-time expense of €12.4 million related to the implementation of the New Labour Codes in India, which have increased the defined benefit obligations from past service costs.
2025 EBIT was €83.0 million, down from €96.7 million in 2024. Nagarro’s cash balance at the end of 2025 was €124.6 million as against €192.6 million at the end of 2024. The company repurchased 919,421 shares during FY2025 for a total of €67.8 million. The company reported 18,003 professionals as of December 31, 2025.
Manas Human, co-founder and CEO, said, “Taking into account the impact of the US dollar against the Euro, our underlying performance remains aligned with our expectations. Using the exchange rates prevailing at the time of our initial 2025 guidance, full year revenue would be approximately at the midpoint of our €1,020 and €1,080 million range. Adjusted EBITDA, excluding the €15.5 million unrealized foreign exchange impact on intra-group loans, would be approximately €153.7 million, placing us towards the higher end of our guided Adjusted EBITDA margin range of 14.5%-15.5%. The company continues to perform well despite a challenging demand environment.”
“As we move into 2026, we are redefining the company around Fluidic Intelligence: a new operating paradigm that unites human and AI collaboration at the team level, fluid knowledge at the technology level, and seamless information flow across the enterprises we serve. We are excited to be building the framework in which the next generations of intelligent organizations will operate over the years to come.”
Nagarro plans to publish its audited annual …