Virtualware starts trading on Euronext Growth

Paris, June 19, 2025 – Virtualware (EPA:ALVIR), a pioneer in 3D-driven enterprise software, today started trading on Euronext Growth following an uplisting process announced early this week.

On its first trading day as Euronext Growth company, Virtualware’s shares traded at a price of 8.10 euros.

“We want to open our doors to a wider range of institutional investors and increase our market liquidity. This follows two years on Euronext Access, comes just after our twentieth-anniversary celebrations, and succeeds our first full year as a publicly listed company, during which we achieved an EBITDA margin of 19” – Unai Extremo, CEO, explained why the higher tier of Euronext was the ideal next step for the company.

Unai Extremo (CEO), Sergio Barrera (CTO)

Virtualware, founded in 2004, was first listed on Euronext Access in April 2023. Since its IPO in April 2023, company share price increased by more than 30% in value, reaching a company maximum of 8.75 euros per share. 

Also in 2024, Virtualware acquired Simumatik, a Swedish firm specializing in emulation software and digital twins, for 1.37 million euros.

The company is pursuing a strategic plan (2024-2026) with a three-pronged strategy of expansion in North America, inorganic acquisitions, and organic growth in subscriptions.

Recently, the company reported audited results showing a 91% increase in its full year 2024 EBITDA to 808,000 euros. Pre-tax profit climbed 1712% to 598,000 euros.

Financial net debt to EBITDA ratio stood at 0.5 times at the end of 2024. Subscription-based services accounted for 41% of total revenue. VIROO XRaaS revenue grew from 590,555 euros in 2022 to 1,288,060 euros in 2023, reaching 1,725,719 euros by the end of 2024 and marking a 192% increase over two years.

Euronext is a federation of exchanges comprising the Paris, Amsterdam, Brussels, Oslo, Milan, Lisbon, and Dublin markets. Meanwhile, Euronext Growth is the marketplace for high-potential SMEs seeking to access European capital. As a multilateral trading platform, it enables simultaneous trading across multiple European financial centers.

Virtualware, founded in 2004 and one of the leading experts in immersive and RT3D technology solutions, has seen a 35% increase in the value of the company’s shares since the initial listing in 2023. Virtualware’s current market capitalization is € 36.79 million.

Virtualware’s client base includes GE Vernova, Petronas, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest WindsorEssex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense and the Basque Government.

The company’s headquarters are in Bilbao, Spain, with offices in Orlando, US, Toronto, Canada, and Skövde, Sweden.

LKS Next acted as the transaction listing sponsor for the uplisting process. Kepler Cheuvreux serves as liquidity provider and Pedrosa as financial communications and investor relations advisor.

For further information:

Virtualware
[email protected]