Q4 2025 sales were volatile and below expectations, but December was the strongest month in years; overall profitability was strong and aligned with updated guidance.
Strategic shift from a product-centric to a customer-centric platform, with operational simplification, Finnish subsidiary mergers, and the launch of the first commercial AI product for construction site operations.
Over 700 customers transitioned to a new billing model; significant investments made in AI R&D and operational simplification.
Customer success operations and cross-sales momentum improved, with a focus on mitigating churn and accelerating growth.
CEO transition: Simo Leisti started as Group CEO on January 1, 2025.
Annual recurring revenue (ARR) grew 6.0% year-over-year to €37.8 million, below the original guidance minimum of 8%.
Q4 adjusted EBITDA margin was 33.2%, with full-year adjusted EBITDA at €12.3 million (32.5% margin), at the high end of updated guidance.
Q4 profit rose 49.8% year-over-year to €1.46 million; Q4 EPS was €0.29, up 49.1%.
Customer churn for the year was 6.3%, up from 5.6% a year ago, with about one-third due to customer insolvencies.
Company remains debt-free with strong cash flow and high cash conversion.
2026 guidance: ARR growth of 6–12%, total revenue growth of 5–10%, and adjusted EBITDA margin of 31–36%.
Second half of 2026 expected to see faster ARR growth; profitability guidance allows for potential system investments.
Growth is highly dependent on market recovery, especially in the construction sector, with temporary negative impact expected from the transition to a new billing model and loss of annual adjustment fees.
No rapid improvement in profitability targeted for 2026 due to ongoing investments and billing model transition.
Focus on accelerating growth in Finland, platform development, international expansion, and re-activating M&A pipeline.
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