Operator
Good morning, girls and gents, and welcome to the Foraco Fourth Quarter 2025 Earnings Convention Name. (Operator Directions) This name is being recorded on Monday, March 2, 2026. I’d now like to show the convention over to Tim Bremner. Please go forward.
Timothy Bremner
Chief Govt Officer
Thanks, Joanna, and good morning, everybody. Thanks for becoming a member of us as we speak to debate Foraco’s outcomes for the fourth quarter and full 12 months ending December 31, 2025. Becoming a member of me on the decision is Fabien Sevestre, our Chief Monetary Officer, who will stroll you thru the monetary outcomes and key drivers.
Earlier than we start, please notice that our feedback as we speak might embrace forward-looking statements, that are topic to dangers and uncertainties.
Now turning to the highlights. This autumn 2025 income was $66 million, excluding adversarial international alternate, in comparison with $61 million in This autumn 2024, an 8% improve. EBITDA was primarily flat year-over-year at $10 million and was impacted by the graduation of recent contracts within the quarter and the standard seasonal results, which impaired the efficiency by about $3 million.
On a full 12 months foundation, income was $258 million in comparison with $293 million in 2024, with EBITDA margin of 18% in 2025 in comparison with 21% in 2024.
Whereas full 12 months outcomes mirror the market transition we skilled throughout components of 2025, This autumn was most actually the inflection level. We noticed important progress in just about all areas as market demand surged, and that demand is now clearly seen in our business pipeline. In consequence, Foraco is reporting a report