The Kudelski Group has reported full-year 2025 figures, and the results are surprisingly steady for a company which has been the subject of much turbulence. The aggressive restructuring is paying off, though it will take more time before the Swiss security specialist returns to overall growth. The anti-piracy specialist’s flagship Nagravision Digital TV arm, which is now folded inside the Core Digital Security segment along with IoT lab and security operations, reported only a marginal 1.9% year-on-year revenue decline, to $229 million. This compares to an 11.6% decline in Digital TV revenues in 2024. This newly minted reporting segment accounted for 62.5% of full-year net revenue, which totaled $366.6 million for 2025. In 2024, Digital TV made up 58% of…