Frequentis Overview
Three-year employee trend (avg FTE): FY2023 2,217 → FY2024 2,422 (+9.2%) → FY2025 2,634 (+8.7%) → H1 2026 2,895 (+13.6% vs H1 2025's 2,548). Around 1,226 FTEs (c. 47%) were employed in Austria in FY2025 (AR2025), and around 1,300 (c. 45%) in H1 2026 (HY2026).
Frequentis is a Vienna-based, family-controlled specialist in communication, information and control-centre solutions for safety-critical operations. Its heritage and largest franchise is voice communication systems (VCS) for air traffic control, where it describes itself as the world leader; around that core it has built adjacent positions in aeronautical information management, arrival/departure management, remote digital towers, drone (UTM) management, military command-and-control voice, police/fire/ambulance dispatch, railway dispatcher communications and coastguard/port systems. More than 90% of its customers are public authorities, giving it unusually defensive, budget-driven demand, long contract tails and high entry barriers, at the cost of lumpy project execution and modest structural margins (EBIT margin 6–9% across FY2021–FY2025). In FY2025 it produced EUR 580.1m revenue and EUR 46.8m EBIT with a record EUR 794.9m order backlog, and is now pivoting toward software-centric, standards-based platforms (MCX/5G, FRMCS, cloud ATM) while benefiting from rising European defence and US air traffic control modernisation spending.
Company's own description (AR2025)
Frequentis describes itself as a provider of applications, solutions and systems for the safety-critical sector, whose mission is "for a safer world." Its solutions are used in customers' command and control centres by air traffic controllers, dispatchers and operators. The company states that it is the global market leader in high-tech systems for air traffic management and that it serves more than 550 customers in some 150 countries through a network of companies and local representatives in more than 50 countries (AR2025, "The Company").
The company frames every control centre as comprising four interacting components: (1) tactical situation tools showing operators the current picture; (2) planning and management tools to support fast, safe decisions; (3) voice and data communication systems to talk to traffic participants, emergency crews or security forces; and (4) safety-critical networks guaranteeing operational continuity. Voice and data communication — where Frequentis claims world leadership — is positioned as the natural entry point from which fully integrated control-centre solutions are sold (AR2025).
Its long-term vision is to be the global number one in solutions for control centres in the safety-critical sector. As a systems integrator integrating its own software (and in part its own hardware) into customers' landscapes, management expects long-run profitability in project business "on the level of established IT systems integrators," and states that the transformation to a software-centric business is under way but will take several years given the customer structure (AR2025 Preface).
Business model and revenue model
| Revenue category (EUR Mn) | H1 2025 | H1 2026 | Comment |
|---|---|---|---|
| New products and/or new customer business | 99.4 | 191.5 | Driven by large Americas project (HY2026 Note 4) |
| Installed base business (IBB) | 128.6 | 143.3 | Upgrades, extensions, maintenance on existing systems |
| Other revenues | 8.7 | 8.0 | — |
| Total | 236.8 | 342.9 | — |
Frequentis operates a project-plus-lifecycle model: large, multi-year system deliveries (often tendered by national air navigation service providers, defence ministries, interior ministries, railway infrastructure managers and coastguards) followed by long maintenance, upgrade and extension streams on the installed base. The company discloses revenue by category rather than by product/service/licence:
IBB represented c. 54% of revenue in H1 2025 and c. 42% in H1 2026 (derived), illustrating that a substantial recurring/semi-recurring layer underpins the project business. Most revenue is recognised over time (percentage-of-completion on customer contracts and straight-line on maintenance); point-in-time revenue (short services, spare parts, certain hardware deliveries) jumped to EUR 60.3m in H1 2026 from EUR 15.2m in H1 2025, mainly because of a major Americas project (HY2026 Note 4).
A precise product vs. service vs. subscription vs. licensing split is not publicly disclosed. A secondary source (Under-Followed-Stocks, FY2024 review) cites roughly 20% of revenue from software products; the company itself confirms that its hardware-to-software conversion is ongoing and that new business models such as software-as-a-service and cloud are a focus area (AR2025). Subscription/SaaS revenue is not separately reported.
Customers and end-markets
Customer type: over 90% public authorities or government-related entities (AR2025). Typically one to two ATM customers per country (civil ANSP plus military), which the company says implies relatively high entry barriers (HY2026 Note 3).
Concentration: in H1 2026 one customer accounted for more than 10% of group revenue — EUR 110.0m, in the ATM segment (HY2026 Note 3). The customer is not named; given the disclosed scale of FAA programmes (APCS / BNATCS-VoICE modernisation) and the Americas revenue surge, this is very likely the US Federal Aviation Administration, but that attribution is an analyst inference, not a company disclosure. In H1 2025 no customer exceeded 10%.
End-markets: civil air traffic control (incl. AIM); military air traffic control and air defence (c. 20% of group revenue in FY2024 per AR2024); police, fire and emergency rescue; railways and local public transport; coastguards and port authorities.
Value-chain position
Frequentis sits between component/radio/IT-hardware suppliers (it sources radios from partners such as Rohde & Schwarz, servers and electronic components from the IT market) and the end operator. It owns the application software layer (VCS, CAD, AIM, AMAN/DMAN, MCX client/server via Nemergent, UTM), performs systems integration, and provides lifecycle services. Its own value chain centres on product development and production, domain sales, key accounts, and product and project management (AR2025, ESRS 2 SBM-1). Production is mainly assembly/integration of safety-critical systems; inventories of finished assemblies are built up for large programmes (EUR 64.5m inventories at 30 June 2026).
Independent characterisation
Frequentis is best understood as a niche, mission-critical systems integrator with a dominant ATM voice-communications franchise and a portfolio of bolt-on software assets. Three features define the investment case: (i) quasi-infrastructure demand — control centres must operate regardless of traffic or incident volumes, so investment is sticky through cycles; (ii) structural tailwinds from airspace modernisation (IP-based voice, cloud-native ATM, digital towers), drone integration, the GSM-R-to-FRMCS migration in rail, the TETRA-to-MCX (5G) migration in public safety, and European re-armament; and (iii) margin structure constrained by fixed-price project risk, high personnel intensity (personnel expenses were EUR 292.1m, or c. 50% of FY2025 revenue) and the hardware component of deliveries. The ATM segment generates c. 70% of revenue but historically lower margins than PST, a pattern that reversed in H1 2026 on timing effects.
Strategy
Stated strategy themes (AR2025)
Vision: global number one in solutions for control centres in the safety-critical sector.
Sustainable growth with controlled risk: first exploit the potential of existing products and solutions before investing in significant new solutions; focused regional growth driven by Regional Sales Units; equity investments to extend the portfolio.
Megatrends: mobility, safety & security, and technological change.
Positioning: global and broad across safety-critical industries (versus local/regional rivals) yet focused solely on control centres (versus diversified majors).
"Safe – Secure – Sustainability": added as a strategic focus motto.
Software-centric transformation: under way, multi-year; R&D aligned to it; SaaS and cloud deployment models.
Open standards and interoperability: "We are not passengers: our place is in the cockpit" — active roles in ETSI, EUROCAE (a Frequentis director was elected EUROCAE President in 2026), SESAR and EU programmes.
Three named growth topics (AR2025)
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Mission-critical services (MCX) on 5G networks replacing TETRA and GSM-R; flagship reference is the UK rollout for c. 300,000 emergency responders. Reinforced by the Nemergent majority (July 2026) and the Lyfo partnership.
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Drone traffic management / low-altitude airspace, citing an estimate that Europe's drone ecosystem will exceed EUR 10bn by 2030; references include LFV Sweden and Bundeswehr UTM.
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Remote digital tower for civil and military users; in operation in Germany, the UK and Brazil.
Strategic initiatives in the last 24 months
| Initiative | Date | Description | Source |
|---|---|---|---|
| Nemergent majority (51%) | Announced 16 Jun 2026; closed end-Jul 2026 | Secure control of MissionX core MCX technology; fully European MCX stack | PR 16 Jun 2026; HY2026 |
| Lyfo B.V. partnership deepening | Jun 2026 | Patented multi-network switching for MCX service continuity | PR 16 Jun 2026 |
| MCX/FRMCS upfront investment | H1 2026 | Deliberate investment weighing on PST EBIT | HY2026 |
| EUCCS / BroadEU.Net involvement | 2025–2026 | European Critical Communication System initiative | HY2026 |
| FP2-MORANE-2 (Horizon Europe) | 2025–2026 | FRMCS field testing and interoperability plug tests | HY2026 |
| Defence R&D (EDF, EDA) | 2,025 | Work commenced on European Defence Fund / Agency programmes | AR2025 |
| AI in safety-critical ops | Ongoing; ICAI Singapore partnership 2026 | Speech recognition, decision intelligence, computer vision | AR2025; HY2026 |
| Cloud-native ATM | 2,025 | DFS Munich backup as first operational deployment of new service delivery model | AR2025 |
| Public-cloud control room | 2,026 | West Yorkshire Fire & Rescue — first UK mission-critical public-cloud control room | HY2026 |
| "Accelerator Hub" | 2,026 | Order-intake target in CEO LTIP 2026; details not publicly disclosed | HY2026 Note 15 |
| IT-hardware shortage mitigation | Since end-2025 | Inventory build, advance purchases of servers, price-adjustment clauses in contracts | HY2026 |
| ESG organisation redesign | Planned 2026 | Strengthen strategic focus and group-wide rollout | AR2025 |
| SBTi commitment; ISO 50001 | Aug 2025 | Science-based climate targets in preparation; energy management certification | PR 28 Aug 2025 |
| EcoVadis Silver, EMAS, family certificate | Sep 2026 | ESG milestones | PR 24 Sep 2026 |
No formal cost-reduction programme with quantified targets has been announced.
M&A criteria (AR2025)
Portfolio expansion; profitable business model; access to new markets; cultural fit; good management that stays; appropriate price. Proactive M&A search remains part of strategy (an April 2026 earnings-call headline reported "Frequentis seeks acquisitions," per MarketScreener).
Guidance and medium-term targets
| Item | FY2026 guidance (current, confirmed 11 Aug 2026) | Original FY2026 guidance (10 Mar 2026) | FY2025 guidance vs actual |
|---|---|---|---|
| Revenue | c. +15% vs FY2025 (implies c. EUR 667m) | c. +10% | c. +10% guided; +20.8% actual |
| Order intake | Increase vs FY2025 (EUR 680.2m) | Increase | Increase guided; +16.5% actual |
| EBIT margin | c. 7.0% (implies c. EUR 47m) | c. 7.0% | 6.5–7.0% guided; 8.1% actual |
| Company-funded R&D | c. 6% of revenue | c. 6% | — |
| Capex | c. EUR 15m | c. EUR 15m | c. EUR 12m guided; EUR 13.8m actual |
| Travel expenses | c. 3–4% of revenue (standing aim) | — | 2.9% actual |
| Dividend policy | 20–30% of adjusted group net profit, capped at c. 40% of Frequentis AG (UGB) net profit | — | — |
| Long-term margin ambition | Project profitability at level of established IT systems integrators (no numeric target) | — | — |
Implied H2 2026 (derived): revenue c. EUR 324m (vs EUR 343.3m in H2 2025, −6%) and EBIT c. EUR 31m (vs EUR 51.1m in H2 2025). Guidance therefore implies a weaker H2 after the pull-forward, and a FY2026 EBIT broadly flat versus FY2025 despite 15% revenue growth — a conservative stance given management's track record of beating guidance in FY2024 and FY2025.
Products & Services
Launch years and pricing are generally not publicly disclosed; Frequentis sells through tenders and negotiated contracts, typically combining system delivery, licences and multi-year maintenance. Where a year is shown it is the earliest year evidenced in reviewed sources.
Air Traffic Management segment
| Product / platform | Description and capabilities | Target customer | Evidence / flagship references |
|---|---|---|---|
| X10 voice communication system | IP-based ATC voice communication (air-ground and ground-ground); positioned on cybersecurity and controller HMI | ANSPs, towers, approach and area control centres | Luxembourg tower/approach (2024 order); Qatar new national ATCC, 40 positions (2026); PANSA Poland commissioning (2026); Bartow Executive Airport digital tower, Florida (2026) |
| 3020X / legacy VCS family and modernisation services | Installed VCS base; life-extension upgrades with new hardware and cybersecurity | Existing ANSP customers | DFS Karlsruhe upper airspace centre modernised to operate until at least 2035 (AR2025); SANS Saudi Arabia support extended to at least 2028 (PR 16 Dec 2025) |
| Contingency / backup ATM systems | Technologically dissimilar backup systems ensuring continuity | ANSPs | AirNav Ireland contingency ATM (2024); ENAIRE Spain contingency communications extended up to 12 years (2024); DFS Munich backup evolving to cloud-native platform (2025) |
| OneATM portfolio (incl. flight data processing services) | Integrated, service-oriented ATM platform; cloud-native delivery model aligned with European ATM Master Plan | ANSPs moving to virtual centres | DFS Munich ACC backup — first operational deployment of new service delivery model (AR2025) |
| smartTOOLS | Integrated display system unifying weather, aerodrome, runway and support system information | Towers and control centres | Qatar CAA, 78 working positions (2026) |
| APCS / Air-to-Ground Protocol Converter (APC) | Migration of US radio control from analogue/TDM to IP | FAA (US National Airspace System) | Nationwide APCS contract (2024), further orders (2025); 15,000th APC produced (reported July 2026, secondary source) |
| FAA IP-based VCS replacement | Replacement of legacy voice switches with IP-based systems | FAA | First orders received in 2025 (AR2025) |
| AIM / AMHS (Frequentis Comsoft) | Aeronautical information management and message handling; ICAO AIM roadmap implementation | ANSPs, civil aviation authorities, EUROCONTROL | UAE GCAA AIM upgrade (2025); EUROCONTROL CAMOS VI industrial partner contract, indicative EUR 31.1m, up to 7 years (signed 13 Jul 2026) |
| Arrival Manager (AMAN) / Departure Manager (DMAN) (Frequentis Orthogon) | Sequencing of arrivals/departures to cut delay, fuel and emissions | ANSPs, major airports | Milan ACC AMAN (2024); DMAN in service at London Gatwick (2025); sustainability award for Orthogon AMAN |
| Towerpad / airport ground optimisation (ATRiCS) | Taxi and runway operations software for towers | Airports, ANSPs | Acquired 2020 (51%, later 62%) |
| Automated / remote digital tower | Camera/sensor-based remote tower; AI filters false targets (birds, clouds) | Civil and military airports, regional airport clusters | Avinor Oslo + up to 14 regional airports (2024); Qaqortoq, Greenland — Seamless Skies Award 2026; first DoD digital tower at USAG Katterbach, Germany (2025); US DoD trials in Florida, Georgia, Texas (2024) |
| UTM / drone traffic management | Low-altitude airspace management, automated risk assessment, drone air picture with friend/foe recognition | ANSPs, armed forces, police | LFV Sweden nationwide drone traffic management (2025); Oro Navigacija Lithuania cloud UTM (award 2025); Bundeswehr military UTM and unified drone air picture (Seamless Skies Award 2026) |
| Advanced Network Management System (ANMS) | End-to-end monitoring of ATM services and networks | ANSPs | Ho Chi Minh ATCC, Vietnam (2025) |
| ATM network / satellite communication solutions | Nationwide ATM communication networks | ANSPs | DECEA Brazil expansion to Amazon region (CINDACTA IV, 2026) |
| MilRADNET | Nationwide military radar data distribution network | German armed forces | 22 sensor locations (order 2024) |
| C4i VOICE C2 | Secure, interoperable command-and-control voice for joint/multi-domain operations | Defence forces (Australia, US, UK, allies) | Certified on US DoD networks (2024); AIR6500 with Lockheed Martin Australia; SAMI L3Harris Saudi collaboration (2026) |
| Military aeronautical radio modernisation | Encrypted air traffic radio and voice for military ATC and airspace surveillance | Defence ministries | Austrian BMLV contract (PR 5 May 2026), radios supplied by Rohde & Schwarz |
| Air defence communications | Communication modernisation for air defence and military ATC | Air forces | Colombian Air Force upgrade (2025) |
| ADD / D-ATIS | Tower display and digital ATIS integration | ANSPs | Luxembourg ANA direct award, contract 30 Mar 2026 (TED) |
| AI modules | Noise suppression, speaker identification, transcription, speech recognition | ANSPs | AI audio enhancement (2024); ICAI Singapore AI-ATM partnership (2026) |
Public Safety & Transport segment
| Product / platform | Description and capabilities | Target customer | Evidence / flagship references |
|---|---|---|---|
| LifeX (3020 LifeX) | Software-centred multimedia communication for control rooms: calls, radio, video, digital messages; IVR prioritisation; ready for broadband networks | Police, fire, EMS | Thuringian state police (general contractor, 2025); all Norwegian fire emergency centres (2025); Hamburg fire brigade IVR (2025); Malaysia MERS999 replacement, 350 workstations at 3 centres (2024); exclusive North American channel via Tait Communications (2024) |
| Regola Unique CAD | Computer-aided dispatch; first secure public-cloud mission-critical deployment in UK combined with LifeX | Emergency services | West Yorkshire Fire and Rescue — UK's first cloud-based emergency call centre and control room, 40 stations, 2.2m inhabitants (2026) |
| FlagMii EML (Regola) | App-less video emergency calling | Emergency call centres | Burgenland security centre, Austria — first Austrian deployment (2025) |
| MissionX (MCX / FRMCS) | 3GPP-standardised mission-critical push-to-talk, video and data; Android SDK; Nemergent core technology; Lyfo multi-network switching | Public safety agencies, railways, critical infrastructure, defence | UK MCX network with IBM for c. 300,000 responders; ÖBB MCX trial; Schneebergbahn go-live (2026); MissionX Android SDK — ICCA 2025 "Best MCX Product"; Mexico MCX service with Mobile Tornado/Servitron (launch Oct 2026) |
| Rail dispatcher communications / FRMCS readiness | Terminal and platform modernisation for GSM-R to FRMCS transition | Mainline rail operators | Swiss railways nationwide FRMCS-based platform (2024) and Service BTA extension (2025); Bane NOR Norway, Finland (2025); key account GSM-R→FRMCS upgrade and maintenance contract (2026) |
| BIRCA (Bearer Independent Railway Communication Architecture) | Patented architecture enabling 4G infrastructure for rail operations | Rail infrastructure managers | SNCF Réseau major project (frame agreement with call-offs) |
| Rail incident and crisis management | Operational platforms for incident handling | Rail operators | Major upgrade orders (H1 2026) |
| Local public transport managed services | Operations and managed service contracts | Urban transport operators | Austrian local transport managed service (2025) |
| Maritime communications | Coastal radio networks, coastguard and port control-centre communications | Coastguards, port authorities | Kystverket Norway coastal radio takeover (c. 42,000 vessels, 2026); Swedish coastal radio maintenance extension; Hamburg port, Faroe Islands, Dutch coastguard, Singapore port, Greenland, New Zealand coastguard (11% of world's oceans) |
| FRAFOS session border controller / special firewall | VoIP/SIP security for enhanced cybersecurity | Control centres, operators | Acquired 2023 (76.67%) |
| Frequentis Recording (ex-GuardREC) | Recording of audio/video streams with analytics | Cross-segment | Acquired 2023 (100%) |
| Groiss workflow management | Workflow automation for control-centre processes | Cross-segment | Acquired 2024, merged into Frequentis AG |
| ELARA Leitstellentechnik (51%) | German control-centre technology subsidiary | German public safety | Put option exercisable from 2028 (HY2026 Note 17) |
Services (both segments)
Lifecycle services comprise maintenance and support contracts, upgrades, extensions, spare parts, managed/operated services (e.g., Thuringia system operated by Frequentis), training (Safety Academy) and consulting. Maintenance revenue is recognised over time; accrued maintenance revenue stood at EUR 17.5m in contract liabilities at 30 June 2026 (HY2026 Note 12). Pricing models are not publicly disclosed.
Financial Narrative
All figures EUR million, IFRS, fiscal years ending 31 December. Source: AR2025 and AR2024 five-year key figures unless stated. Frequentis presents its income statement by nature of expense; it does not report gross profit. A gross-profit proxy (revenue less cost of materials and purchased services) is shown and labelled.
Income statement
FY2021 growth is versus FY2020 revenue of EUR 299.4m (AR2024). FY2024 D&A includes EUR 2.6m impairment in the Business Recording unit (AR2024).
Balance sheet
Debt split. Short-term bank and financial liabilities were EUR 6.6m at end-2025 (repaid in H1 2026, leaving EUR 0.03m at 30 June 2026); long-term interest-bearing bank debt is effectively nil. Lease liabilities totalled EUR 49.1m at end-2025 (EUR 39.8m non-current, EUR 9.3m current) and EUR 53.5m at 30 June 2026. FFG (Austrian Research Promotion Agency) loans totalled EUR 2.4m at 30 June 2026. Put-option liabilities to minority shareholders (Regola, ELARA, FRAFOS) were EUR 20.8m at 30 June 2026 (HY2026 Notes 17–18). Including leases, net cash at end-2025 would be c. EUR 55.6m (derived).
Note on a disclosure inconsistency: the English AR2025 text states "the main item was equity of EUR 222.1 million" on the liabilities side; the HY2026 balance sheet confirms EUR 222.1m was current liabilities, and equity was EUR 196.8m. This appears to be a drafting error in the AR2025 narrative.
Cash flow
Buybacks: 6,000 shares were repurchased in 2025 and a programme for up to 10,000 shares ran from late August 2026 (terminated from 1 September 2026); EUR values are not separately disclosed and are immaterial (at c. EUR 65–75 per share, below EUR 1m). Treasury shares are used to settle the CEO's LTIP.
Ratios (derived from disclosed figures)
ROIC methodology (FY2025 only): NOPAT = EBIT × (1 − 26.6% tax rate) = EUR 34.4m; invested capital = equity 196.8 + bank debt 6.6 + leases 49.1 − cash incl. time deposits 111.3 = EUR 141.2m. Earlier years lack complete lease data in reviewed sources. A classic cash conversion cycle is not meaningful for a percentage-of-completion project business with large contract assets and liabilities; DSO is shown instead.
H1 2026 interim snapshot: notes and sources
Source: HY2026 key figures.
Commentary on trends, inflections and drivers
Revenue. Frequentis has compounded revenue at 14.8% p.a. from FY2021 to FY2025, with five consecutive years of double-digit growth and all FY2024–FY2025 growth classified as organic (AR2025). The FY2025 acceleration to +20.8% was driven by the Americas (revenue share up from 18% to 27%), reflecting FAA programmes, and by PST acceptances in Switzerland, France and the UK. H1 2026 (+44.8%) was inflated by milestones originally planned for H2; management calls this a temporary shift in seasonality, not a new run-rate. Historically H1:H2 revenue splits averaged c. 43:57 (HY2026).
Margins. EBIT margin fell from 9.0% (FY2020) and 8.7% (FY2021) to a 6.2% trough in FY2023 as 2022–2023 inflation lifted wage costs faster than contracts could be repriced; personnel expenses rose 14.2% in FY2024 on c. 9% headcount growth plus inflation-linked pay rises (AR2024). The FY2025 recovery to 8.1% was driven by operating leverage (personnel costs +12.2% vs revenue +20.8%), partly offset by a 38.0% rise in materials costs from a material-intensive Americas project. The materials-heavy mix is diluting the gross margin proxy (75.5% FY2023 → 73.1% FY2025) and was even more pronounced in H1 2026 (materials +88%).
Inflection in H1 2026 costs. Other operating expenses rose 35.8%, including a EUR 5.3m impairment of past-due receivables on an ATM project and EUR 4.9m higher project-related (onerous-contract) provisions (HY2026 Note 8). These are the first notable credit and execution flags in several years and deserve monitoring at FY2026 results.
Cash flow. Operating cash flow is volatile and driven by advance payments and contract-asset swings: EUR 14.2m (FY2022) and EUR 22.1m (FY2024) were weak, while FY2025 (EUR 49.1m) benefited from a EUR 51.4m increase in contract liabilities (customer prepayments). FY2025 free cash flow (company definition) of EUR 39.5m was the best in the five-year window. Capex is light (EUR 10–14m, c. 2–2.5% of revenue), guided at c. EUR 15m for FY2026.
Balance sheet. Frequentis has carried net cash throughout (EUR 81.8–107.4m in the period). The equity ratio dipped to 38.6% at end-2025 only because the balance sheet expanded with receivables, inventories and prepayments; there is no leverage concern. Goodwill is small (EUR 8.6m) after the FY2024 impairment, so acquisition accounting risk is low.
Returns. ROE recovered to 18.1% in FY2025, its highest in the period, on margin recovery rather than leverage. ROIC of c. 24% (FY2025) is attractive for a systems integrator, helped by the negative working-capital effect of customer prepayments.
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Segment Overview
| Segment | Business domains | Typical customers | Key products |
|---|---|---|---|
Air Traffic Management (ATM) — c. 69–70% of revenue | ATM Civil (incl. Aeronautical Information Management, AIM); ATM Defence | Civil ANSPs, airports, military ATC, air defence | VCS (X10/3020X family), contingency systems, smartTOOLS displays, OneATM, AIM/AMHS (Comsoft), AMAN/DMAN (Orthogon), Towerpad (ATRiCS), remote digital tower, UTM/drone management, network management (ANMS), recording, C4i VOICE C2, MilRADNET radar data network |
Public Safety & Transport (PST) — c. 30–31% of revenue | Public Safety; Public Transport; Maritime | Police, fire, emergency rescue; mainline railways and local transport; coastguards, port authorities | LifeX (3020 LifeX) communication; Regola CAD (Unique) and FlagMii EML; MissionX MCX/FRMCS (with Nemergent); rail dispatcher and incident/crisis management; coastal radio and maritime control-centre communications; FRAFOS firewall/SBC; recording |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ATM revenue (EUR Mn) | 293.3 | 338.2 | 400.6 |
PST revenue (EUR Mn) | 133.8 | 142.0 | 179.5 |
Group revenue (EUR Mn) | 427.5 | 480.3 | 580.1 |
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| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ATM EBIT (EUR Mn) | 10.1 | 18.0 | 19.8 |
PST EBIT (EUR Mn) | 16.7 | 14.2 | 27.0 |
ATM EBIT margin (%) | 3.4 | 5.3 | 4.9 |
PST EBIT margin (%) | 12.4 | 10.0 | 15.0 |
Group EBIT margin (%) | 6.2 | 6.7 | 8.1 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ATM revenue growth YoY (%) | — | 15.3 | 18.5 |
PST revenue growth YoY (%) | — | 6.1 | 26.4 |
ATM share of revenue (%) | 69 | 70 | 69 |
PST share of revenue (%) | 31 | 30 | 31 |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ATM order intake (EUR Mn) | 345.4 | 397.8 | 444.8 |
PST order intake (EUR Mn) | 159.3 | 186.0 | 235.5 |
ATM share of orders on hand (%) | 63 | 64 | 62 |
PST share of orders on hand (%) | 37 | 36 | 38 |
Segment Revenue
| Metric | H1 2025 | H1 2026 |
|---|---|---|
ATM revenue | 165.2 | 263.4 |
PST revenue | 71.5 | 79.5 |
ATM EBIT | -7.4 | 18.9 |
PST EBIT | 2.9 | -3.3 |
ATM order intake | 160.5 | 264.5 |
PST order intake | 148.6 | 97.2 |
ATM orders on hand (30 Jun) | 432.3 | 506.0 |
PST orders on hand (30 Jun) | 331.4 | 329.0 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 333.5 | 386.0 | 427.5 | 480.3 | 580.1 |
Revenue growth YoY (%) | 11.4 | 15.7 | 10.8 | 12.4 | 20.8 |
Cost of materials and purchased services (EUR Mn) | — | — | 104.7 | 113.1 | 156.1 |
Gross profit proxy — revenue less materials (EUR Mn, derived) | — | — | 322.8 | 367.2 | 424.0 |
Personnel expenses (EUR Mn) | — | — | 227.9 | 260.3 | 292.1 |
Other operating expenses (EUR Mn) | — | — | 62.4 | 68.7 | 82.6 |
EBITDA (EUR Mn) | 46.5 | 45.6 | 44.2 | 54.1 | 66.9 |
Depreciation, amortisation and impairment (EUR Mn, derived) | 17.5 | 20.6 | 17.6 | 22.0 | 20.1 |
EBIT (EUR Mn) | 29.0 | 25.0 | 26.6 | 32.1 | 46.8 |
Profit before tax (EUR Mn) | — | — | 26.4 | 32.8 | 45.8 |
Income tax expense (EUR Mn) | — | — | 6.4 | 9.3 | 12.2 |
Profit for the period (EUR Mn) | 20.8 | 18.9 | 20.0 | 23.5 | 33.7 |
EPS basic (EUR) | 1.50 | 1.41 | 1.39 | 1.66 | 2.13 |
EPS diluted (EUR) | 1.50 | 1.41 | 1.38 | 1.65 | 2.12 |
Dividend per share (EUR, for the year) | 0.20 | 0.22 | 0.24 | 0.27 | 0.30 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin proxy (%) | — | — | 75.5 | 76.5 | 73.1 |
EBITDA margin (%) | 13.9 | 11.8 | 10.3 | 11.3 | 11.5 |
EBIT margin (%) | 8.7 | 6.5 | 6.2 | 6.7 | 8.1 |
Net margin (%, derived) | 6.2 | 4.9 | 4.7 | 4.9 | 5.8 |
Effective tax rate (%) | — | — | 24.4 | 28.3 | 26.6 |
Personnel cost / revenue (%, derived) | — | — | 53.3 | 54.2 | 50.4 |
Financial Analysis
| Metric | FY2021–FY2025 CAGR (%) |
|---|---|
Revenue | 14.8 |
EBIT | 12.7 |
Order intake | 19.5 |
Profit for the period | 12.8 |
Dividend per share | 10.7 |
Key Financials and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Order intake (EUR Mn) | 333.2 | 404.8 | 504.8 | 583.8 | 680.2 |
Orders on hand at year-end (EUR Mn) | 467.9 | 522.0 | 594.7 | 724.0 | 794.9 |
Book-to-bill (x, derived) | 1.00 | 1.05 | 1.18 | 1.22 | 1.17 |
Backlog / revenue (x, derived) | 1.40 | 1.35 | 1.39 | 1.51 | 1.37 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 315.7 | 340.3 | 371.1 | 394.8 | 509.3 |
Shareholders' equity (EUR Mn) | 129.9 | 147.3 | 155.6 | 174.8 | 196.8 |
Equity ratio (%) | 41.1 | 43.3 | 41.9 | 44.3 | 38.6 |
Cash and cash equivalents excl. time deposits (EUR Mn) | 103.8 | 81.4 | 74.2 | 67.0 | 97.2 |
Cash incl. time deposits (EUR Mn) | — | — | 84.7 | 82.0 | 111.3 |
Liabilities to banks and other financial liabilities (EUR Mn, derived) | — | — | 0.4 | 0.2 | 6.6 |
Net cash, company definition (EUR Mn) | 101.1 | 91.0 | 84.3 | 81.8 | 104.7 |
Non-current lease liabilities (EUR Mn) | — | — | 29.2 | 41.3 | 39.8 |
Goodwill (EUR Mn) | — | — | 11.4 | 8.6 | 8.6 |
Other intangible assets (EUR Mn) | — | — | 17.5 | 15.4 | 12.6 |
Current assets (EUR Mn) | — | — | 277.1 | 291.3 | 404.9 |
Current liabilities (EUR Mn) | — | — | 142.4 | 132.6 | 222.1 |
Working capital (EUR Mn, derived) | — | — | 134.7 | 158.7 | 182.8 |
Trade receivables (EUR Mn) | — | — | 81.0 | 80.1 | 144.7 |
Contract assets (EUR Mn) | — | — | 61.3 | 70.9 | 68.2 |
Inventories (EUR Mn) | — | — | 26.6 | 32.9 | 51.8 |
Contract liabilities (EUR Mn) | — | — | 72.1 | 57.6 | 109.0 |
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View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (EUR Mn) | 48.8 | 14.2 | 25.7 | 22.1 | 49.1 |
Investing cash flow (EUR Mn) | -24.6 | -20.1 | -18.8 | -15.6 | -9.6 |
Capex — intangibles and PP&E (EUR Mn) | — | — | 11.7 | 10.1 | 13.8 |
Free cash flow, company definition OCF + ICF (EUR Mn) | 24.2 | -5.9 | 6.8 | 6.5 | 39.5 |
Free cash flow, OCF less capex (EUR Mn, derived) | — | — | 14.0 | 12.0 | 35.3 |
Financing cash flow (EUR Mn) | -12.6 | -16.5 | -13.4 | -13.9 | -7.6 |
Dividends paid to shareholders (EUR Mn, derived from prior-year DPS) | 2.0 | 2.7 | 2.9 | 3.2 | 3.6 |
Cash flow from operations before working capital (EUR Mn) | — | — | 46.8 | 60.6 | 78.3 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average equity (%) | 17.2 | 13.6 | 13.2 | 14.2 | 18.1 |
ROA on average assets (%) | 7.0 | 5.8 | 5.6 | 6.1 | 7.5 |
ROIC (%) | — | — | — | — | 24.3 |
Current ratio (x) | — | — | 1.95 | 2.20 | 1.82 |
Bank debt / equity (x) | — | — | 0.00 | 0.00 | 0.03 |
Bank debt plus leases / equity (x) | — | — | — | — | 0.28 |
Net debt / EBITDA (x, negative = net cash) | -2.17 | -2.00 | -1.91 | -1.51 | -1.56 |
Interest coverage EBIT / financial expenses (x) | — | — | 19.0 | 20.1 | 21.3 |
Asset turnover (x) | 1.12 | 1.18 | 1.20 | 1.25 | 1.28 |
DSO trade receivables (days) | — | — | 69 | 61 | 91 |
Cash conversion OCF / net profit (x) | 2.35 | 0.75 | 1.29 | 0.94 | 1.46 |
Margin Analysis (%) and Per-Share Data
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
Revenue | 236.8 | 342.9 | +44.8% |
EBITDA | 5.2 | 26.8 |
|
EBIT | -4.3 | 15.6 | +19.9m |
EBIT margin | -1.8% | 4.6% | +6.4pp |
Profit for the period | -3.6 | 12.1 | +15.7m |
EPS basic (EUR) | -0.32 | 0.85 | — |
Order intake | 309.0 | 361.7 | +17.0% |
Orders on hand (30 Jun) | 763.8 | 835.0 | +9.3% |
Net cash (30 Jun) | 68.3 | 107.4 | +57.4% |
Equity ratio | 39.1% | 38.1% | -1.0pp |
Operating cash flow | 0.0 | 16.3 | — |
Capex | 4.5 | 6.0 | — |
Revenue by Region (%)
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Europe (% of revenue) | 66 | 62 | 58 |
Americas (% of revenue) | 16 | 18 | 27 |
Asia (% of revenue) | 11 | 12 | 7 |
Australia/Pacific (% of revenue) | 6 | 6 | 6 |
Africa (% of revenue) | 1 | 1 | 1 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Europe (EUR Mn) | 282.2 | 297.8 | 336.5 |
Americas (EUR Mn) | 68.4 | 86.5 | 156.6 |
Asia (EUR Mn) | 47.0 | 57.6 | 40.6 |
Australia/Pacific (EUR Mn) | 25.7 | 28.8 | 34.8 |
Africa (EUR Mn) | 4.3 | 4.8 | 5.8 |
Region Margins & Growth (%)
| Region | FY2024 | FY2025 |
|---|---|---|
Europe growth (%) | 5.5 | 13.0 |
Americas growth (%) | 26.5 | 81.0 |
Asia growth (%) | 22.6 | -29.5 |
Australia/Pacific growth (%) | 12.1 | 20.8 |
Geographic Revenue
| Region | H1 2025 | H1 2026 |
|---|---|---|
Europe | 144.3 | 165.3 |
Americas | 53.9 | 132.2 |
Asia | 21.0 | 24.4 |
Australia/Pacific | 13.9 | 19.1 |
Africa | 2.3 | 1.3 |
Small orders (not allocated) | 1.4 | 0.5 |
Share Price and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end share price, Vienna (EUR) | — | — | 27.31 | 27.80 | 72.60 |
Year-end market cap, Vienna (EUR Mn) | — | — | 362.7 | 369.2 | 964.1 |
Annual share price performance, Vienna (%) | — | — | — | 1.8 | 161.2 |
Average daily trading volume AT+DE (thousand shares) | — | — | 3.6 | 6.0 | 17.0 |
Dividend per share for the year (EUR) | 0.20 | 0.22 | 0.24 | 0.27 | 0.30 |
Dividend yield on year-end price (%) | — | — | 0.88 | 0.97 | 0.41 |
Share Price & Returns
| Window | Performance | Basis |
|---|---|---|
Year-to-date 2026 | −12.0% | Wiener Börse |
1 year | −17.2% | Wiener Börse (52-week) |
Since end-2023 (proxy for c. 3 years) | +134% | Derived vs EUR 27.31 |
Since IPO (May 2019, EUR 18.00) | +255% | Derived |
From all-time closing high (EUR 90.00, Oct 2025) | −29% | Derived |
H1 2026 | −16.9% (Vienna) vs ATX +21.4% | HY2026 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
P/E on FY2025 EPS (EUR 2.13) | 30.0x | AR2025 |
P/E trailing 12 months (EPS EUR 3.30 = 2.13 + 0.32 + 0.85) | 19.4x | AR2025, HY2026 |
EV (market cap less H1 2026 net cash EUR 107.4m, excl. leases) | c. EUR 741m | Derived |
EV/EBITDA TTM (EBITDA EUR 88.5m) | 8.4x | Derived |
EV/EBIT TTM (EBIT EUR 66.7m) | 11.1x | Derived |
EV/EBIT on FY2026 guidance (c. EUR 47m) | c. 15.8x | Derived |
EV/Sales TTM (revenue EUR 686.2m) | 1.08x | Derived |
EV/Sales on FY2026 guidance (c. EUR 667m) | 1.11x | Derived |
P/B (equity attributable EUR 198.8m at 30 Jun 2026) | 4.3x | HY2026 |
Analyst Ratings & Targets
| Broker | Rating | Target (EUR) | Date | Source |
|---|---|---|---|---|
BankM | Hold | 76.35 | 13 Aug 2026 | goldesel.de / trading-treff (secondary) |
BankM | Hold | 71.83 | 24 Jul 2026 | EQS research release |
ODDO BHF | Hold (as reported) | 81.00 | 22 Jun 2026 | trading-treff (secondary) |
Erste Group | — | — | Last update 8 Apr 2026 | aktien.guide (secondary) |
Berenberg | — | — | Last update 26 Mar 2026 | aktien.guide (secondary) |
Consensus (aggregator) | Mostly Buy | Average c. 84.66 (5 analysts) | 2026 | aktien.guide (secondary) |
Consensus (aggregator) | Outperform | Average c. 81.81 (4 analysts) | c. May 2026 | MarketScreener (secondary) |
Analyst Conclusions
Management guidance (FY2026, confirmed 11 Aug 2026)
Revenue growth of about 15% (to c. EUR 667m), higher order intake than FY2025's EUR 680.2m, and an EBIT margin of around 7.0% (c. EUR 47m). Company-funded R&D to normalise at c. 6% of revenue; capex c. EUR 15m. Management stresses that the H1 2026 seasonal shift is temporary and that H2 2026 will be weaker year-on-year in revenue and EBIT.
Consensus expectations
BankM notes a FY2026 P/E above 30x on its estimates, which implies broadly flat FY2026 EPS versus FY2025's EUR 2.13 — consistent with the margin guidance. Average price targets of EUR 76–85 across sources sit 19–33% above the current price.
Bull case
-
US franchise compounding: The FAA relationship has moved from APCS converters to first IP-VCS replacement orders; with Americas revenue at EUR 132.2m in H1 2026 alone, a multi-year national voice-switch replacement could sustain double-digit group growth beyond 2026.
-
Backlog plus conservative guidance: EUR 835m backlog and two consecutive years of beating initial guidance (FY2025 margin 8.1% vs 6.5–7.0% guided) suggest the 7.0% FY2026 margin target is a floor; operating leverage on personnel costs was evident in FY2025.
-
Platform optionality: Nemergent majority, MCX awards, FRMCS proof-of-concepts and the Mexico MCX launch position Frequentis for the TETRA/GSM-R replacement cycles, while the net cash pile funds further bolt-ons.
Bear case
-
Concentration and timing risk: one customer generated 32% of H1 2026 revenue; H2 2026 is guided down year-on-year, and any slippage in US federal programmes would hit both growth and margin.
-
Margin ceiling: materials-heavy projects (materials +88% in H1 2026), onerous-contract provisions, a EUR 5.3m receivable impairment and a loss-making PST half-year indicate that profitable growth is not assured; EBIT margins have not exceeded 9% in six years.
-
Valuation and liquidity: at c. 30x FY2025 EPS and c. 16x forward EV/EBIT on guidance, with a 24% free float and controlled-company governance, the shares remain exposed to further de-rating if growth normalises to the 10% range.
Key catalysts and monitorables (next 12 months)
| Item | Expected timing | What to watch |
|---|---|---|
| FY2026 preliminary figures | c. early March 2027 (historical pattern) | Delivery of c. +15% revenue and c. 7% margin; H2 PST recovery |
| Annual Report 2026 and FY2027 guidance | c. April 2027 | Growth guide, R&D normalisation, cash conversion |
| FAA programme awards | Ongoing | Scale of IP-VCS replacement orders |
| PST order intake recovery | H2 2026 / H1 2027 | Reversal of H1 2026 −34.6% decline |
| Nemergent consolidation | From H2 2026 | Revenue/EBIT contribution, purchase price disclosure |
| IT-hardware shortage | Ongoing | Margin impact, delivery delays |
| Receivable impairment follow-up | FY2026 accounts | Any further write-downs on the affected ATM project |
| European defence orders | 2026–2027 | Conversion of budgets into ATM Defence orders |
| SBTi target validation | 2026–2027 | Published emissions targets |
| M&A | Opportunistic | Use of >EUR 100m net cash |
| AGM 2027 | c. June 2027 | Dividend, Supervisory Board elections (Sylvia Bardach's term ran to AGM 2026) |
Analyst verdict
Frequentis enters late 2026 operationally stronger than at any point since its 2019 IPO. Revenue has compounded at almost 15% a year since FY2021, FY2025 EBIT reached a record EUR 46.8m, the order book exceeds EUR 800m, and the balance sheet carries more than EUR 100m of net cash. The strategic logic is sound: the company owns a near-indispensable position in ATC voice communications, has successfully transplanted that know-how into police, fire, rail and maritime control rooms, and is positioned at the centre of several once-in-a-generation technology migrations — analogue to IP voice in US airspace, GSM-R to FRMCS in rail, TETRA to MCX in public safety, and the integration of drones into controlled airspace. The Nemergent majority shows management is willing to secure critical IP rather than rely on partners.
The tension lies between quality of franchise and quality of earnings. Margins remain those of a systems integrator rather than a software company, materials intensity is rising with US hardware-heavy programmes, H1 2026 brought the first visible credit and execution provisions in years, and the PST segment slipped into a half-year loss while investing ahead of MCX demand. Guidance implies broadly flat FY2026 EBIT on 15% revenue growth, and concentration on a single US customer has become material.
At c. EUR 64, the shares have given back almost a third of their October 2025 peak and trade at c. 16x forward EV/EBIT on guidance — no longer exuberant, but still pricing in sustained double-digit growth. On balance the risk-reward is neutral-to-moderately positive: long-term holders are rewarded by backlog visibility and structural tailwinds, while near-term upside depends on evidence that FY2026 beats its conservative margin target, that PST order intake recovers, and that the FAA relationship broadens into a multi-year voice-switch replacement. Execution on fixed-price projects is the single variable most likely to decide the next leg of the equity story.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Born | On board since | Term ends | Education | Prior roles | Responsibilities |
|---|---|---|---|---|---|---|---|
Norbert Haslacher | Chairman of the Executive Board (CEO) | 1,970 | 1 Apr 2015 (CEO since 16 Apr 2018) | 15 Apr 2028 | Business economics, St. Gallen | Managing director Austria and Eastern Europe at CSC; consultant at Coopers & Lybrand Consulting | Strategy, global sales, strategic business units, communications/marketing, IR, new business development and Invest4Tech, partnerships, M&A |
Monika Haselbacher | COO | 1,969 | 1 Jan 2023 | 31 Dec 2027 | Communications engineering, Vienna University of Technology | At Frequentis since 1998 in management roles; complex customer projects | Project management/PMO, customer services, HSE, group governance, processes, quality, safety management |
Peter Skerlan | CFO | 1,968 | 16 Apr 2021 | 15 Apr 2031 (extended) | Corporate management, Vienna University of Applied Sciences; business administration and accounting, University of London | Joined 1999 as business area controller; VP Finance from 2006 | Finance, HR, IT, legal, facility management, ESG, internal audit and compliance |
Karl Wannenmacher | CTO | 1,979 | 1 Jul 2024 | 30 Jun 2029 | Electronics (computer and software engineering), FH Technikum Wien | At Frequentis since 2005; led development of 3020 LifeX | Technology management, production and logistics, procurement, product management, security |
Governance Overview
| Element | Detail |
|---|---|
Variable pay ESG modifier | ESG target achievement multiplies variable pay by a factor of 0.8–1.2; 2024–2025 ESG targets covered energy, circular economy, compliance and cybersecurity; the energy reduction target was missed, so climate-linked remuneration recognised for 2025 was 0% |
CEO LTIPs | LTIP 2023, 2024, 2025, 2026; three-year performance periods; maximum 18,000 shares per plan at 100% achievement; capped at 200% of annual gross base salary (LTIP 2024/2025) and 300% (LTIP 2026) |
LTIP 2023 outcome | 100% achievement; 10,542 gross shares, 4,839 net treasury shares transferred to the CEO in May 2026 |
LTIP 2022 outcome | 6,657 treasury shares transferred to the CEO in May 2025 |
Other Executive Board LTIP 2026 | First-time LTIPs for CFO, COO, CTO; maximum 4,000 shares each; capped at 150% of base salary |
LTIP 2026 KPIs | TSR (all); EBT margin of Frequentis AG (CEO, CFO); "Accelerator Hub" cumulative order intake (CEO); project-execution KPIs (CTO, COO); working-capital intensity (CFO); service organisation development (CTO, COO); EcoVadis ranking (all) |
Minimum shareholding | CEO must retain at least 7,000 LTIP shares; other members 1,550 |
IFRS 2 expense | EUR 73k in H1 2026 (H1 2025: EUR 365k) |
Board of Directors
| Name | Born | Role | Since | Term ends | Independent? |
|---|---|---|---|---|---|
Dr. Johannes (Hannes) Bardach | 1,952 | Chairman (shareholder rep., delegated via registered share no. 1) | 16 Apr 2018 | Indefinite | No (Frequentis Group Holding functions; majority owner) |
Karl Michael Millauer | 1,958 | Deputy Chairman; Audit Committee Chair and financial expert | 17 Jul 2007 (GmbH board from 2002) | AGM 2029 | Yes |
Boris Nemsic | 1,957 | Member | 17 Jul 2007 (GmbH board from 2002) | AGM 2029 | Yes |
Reinhold Daxecker | 1,970 | Member (delegated) | 16 Apr 2018 | Indefinite | No (Frequentis Group Holding functions) |
Petra Preining | 1,973 | Member; financial expert | 20 Sep 2019 | AGM 2029 | Yes |
Sylvia Bardach | 1,962 | Member; financial expert | 20 May 2021 | AGM 2026 (re-election status at 2026 AGM not confirmed in reviewed sources) | No (spouse of chairman; former CFO to 2021) |
Gabriele Schedl | 1,968 | Employee representative | 1 Jan 2015 | Indefinite | — |
Reinhard Steidl | 1,962 | Employee representative | 20 Sep 2019 | Indefinite | — |
Stefan Hackethal | 1,961 | Employee representative | 1 Sep 2022 | Indefinite | — |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Johannes Bardach (direct c. 8%; indirect c. 60% via Frequentis Group Holding GmbH, and per AR2025 also CDS Capital GmbH) | c. 68% | HY2026; AR2025 |
B&C Holding Österreich GmbH | c. 8% (HY2026); "more than 10%" in AR2025 and AR2024 | HY2026; AR2025 |
Free float | c. 24% (HY2026), up from c. 22% (AR2025) | HY2026 |
Treasury shares | 5,081 shares (0.04%) at 30 Jun 2026 | HY2026 |
Executive Board holdings | Not aggregated in reviewed filings; CEO holds at least the LTIP minimum of 7,000 shares | HY2026 Note 15 |
Competitive Landscape
Competitors by Segment
| Segment / domain | Named competitors | Nature of competition |
|---|---|---|
ATM voice communication (VCS) | Thales; Indra; Rohde & Schwarz; Leonardo; Northrop Grumman (Park Air); L3Harris | Tendered national/ACC systems; Frequentis claims world leadership in ATC voice communication |
ATM automation, AMAN/DMAN, AIM | Thales; Indra; Leonardo; Adacel; Saab (Sensis); Searidge; Comsoft (now Frequentis) | Platform breadth vs specialist modules |
Remote / digital tower | Saab Digital Air Traffic Solutions; Searidge Technologies (NAV Canada); Indra; Thales | Saab is the established remote-tower leader |
UTM / drone traffic management | Thales; Airbus; Altitude Angel (insolvent 2025); Unifly; ANRA; Indra | Emerging, fragmented market |
Military ATC / C2 voice | L3Harris; Thales; Rohde & Schwarz; Leonardo; Saab | Sovereign-capability and security accreditation barriers |
Public safety control rooms / CAD | Motorola Solutions; Hexagon (Safety, Infrastructure & Geospatial); Airbus (secure communications); Eviden/Atos; regional CAD vendors (Germany: e.g., Eurofunk Kappacher) | Large incumbents with radio + CAD bundles |
MCX / FRMCS | Motorola Solutions; Ericsson; Nokia; Kontron (incl. ex-Kapsch CarrierCom); Siemens Mobility; Leonardo; Airbus | 5G standards migration; telco vendors vs application specialists |
Rail dispatcher communications | Kontron; Siemens Mobility; Wabtec; Hitachi Rail; Nokia | GSM-R to FRMCS transition |
Maritime / coastal radio / VTS comms | Saab; Kongsberg; Indra; Thales; Rohde & Schwarz | Specialist niche |
Peer Comparison FY2025
| Company | Revenue | Revenue growth | EBIT margin | R&D intensity | Comparable exposure |
|---|---|---|---|---|---|
Frequentis (FY2025) | EUR 580m | +20.8% | 8.1% | 3.3% company-funded (c. 6% normal) | Pure-play control centres |
Thales (FY2024, approx.) | c. EUR 20.6bn | — | c. 12% adjusted EBIT | — | ATM is a small part of Aerospace segment |
Indra (FY2024, approx.) | c. EUR 4.8bn | c. +11% | c. 10% | — | Transport & Defence incl. ATM |
Motorola Solutions (FY2024, approx.) | c. USD 10.8bn | c. +8% | c. 25% GAAP operating | c. 8% | Public safety radio, CAD, command centre software |
Recent Developments
Operational highlights also reported in H1 2026: UK's first public-cloud mission-critical control room (West Yorkshire Fire & Rescue); Kystverket takeover of Norwegian coastal radio with Frequentis support; Greenland digital tower award; Swiss rail hub expansion in Olten; Schneebergbahn MissionX go-live. 350 FTE year-on-year to H1 2026.
