Alfa’s Q4 2025 trading update, issued today, confirmed strong operational execution and financial performance, with FY25 operating profit up 17% YoY and c. 6% ahead of Zeus’ expectations. In particular, there was strong growth in Subscription revenues of 15% YoY in Q4 2025, which we estimate accounted for c. 35% of Group sales in 2025. Over time, we see recurring, high-margin Subscription sales becoming an ever larger part of Alfa’s business, improving the already high revenue quality. Zeus fore ....
