Metacon
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Metacon (META) investor relations material

Metacon Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved record net revenue of SEK 90.1 million in Q4 2025, up 463% year-over-year, and SEK 237.8 million for the full year, up 488% year-over-year, driven by successful project deliveries.

  • Gross margin improved to 22% in Q4 and 20% for the year; OPEX stabilized as internal expertise replaced external consultants, enhancing cost control.

  • Cash flow from operating activities before working capital changes improved by SEK 77.8 million year-over-year, mainly due to higher revenues and stable margins.

  • Strengthened organizational structure and ISO 9001 quality management system implemented to support growth and reliable project delivery.

Financial highlights

  • Q4 net revenue: SEK 90.1 million (Q4 2024: SEK 16.0 million); full-year net revenue: SEK 237.8 million (2024: SEK 40.4 million).

  • Q4 EBITDA: SEK -10.4 million (Q4 2024: SEK -33.4 million); full-year EBITDA: SEK -46.1 million (2024: SEK -123.0 million).

  • Q4 EBIT: SEK -13.5 million (Q4 2024: SEK -36.3 million); full-year EBIT: SEK -58.0 million (2024: SEK -134.2 million).

  • Q4 profit after financial items: SEK -13.5 million (Q4 2024: SEK -38.5 million); full-year: SEK -60.8 million (2024: SEK -137.9 million).

  • Earnings per share: SEK -0.03 in Q4 (Q4 2024: SEK -0.05); SEK -0.05 for the year (2024: SEK -0.21).

Outlook and guidance

  • Project portfolio for 2026 includes major deliveries in Morocco, Romania, and Greece, with expectations for continued growth and new contract wins.

  • Market outlook remains positive despite sector turbulence; EU support and infrastructure investments expected to drive hydrogen market development.

  • Focus on delivering ongoing projects, strengthening cash flow, and enhancing competitiveness through partnerships.

How will working capital improve post-2025?
Path to positive EBIT given current cost structure?
How will Hynion assets support future order intake?
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