Achieved record Q4 profitability and operating margin, reaching the upper end of long-term objectives, despite market softness and defense sector delays.
Q4 sales exceeded SEK 1 billion, with full-year sales at SEK 3.8 billion, reflecting stable performance.
Demonstrated adaptability amid market challenges, with sales just meeting guidance due to temporary Defence segment delays.
Order backlog reached its highest ever, especially in Defence, supporting a positive outlook for 2026 and beyond.
Major expansion of the Torsby plant in Sweden doubled production capacity, supporting future growth.
Q4 net sales: SEK 1,001 million; full-year net sales: SEK 3,814 million.
Q4 operating profit: SEK 113 million; adjusted operating profit: SEK 114 million.
Underlying operating profit margin was 11.4% for Q4, the highest ever, and 10.1% for the year.
Operating cash flow was the weakest in nine quarters due to delayed customer payments, but these have since been resolved.
Net debt increased to SEK 403 million after acquisitions, with equity ratio at nearly 50%.
Defence segment expected to deliver strong growth, with a +30% year-over-year target until 2030, supported by a robust order backlog.
Defense sector challenges expected to persist into early 2026, with gradual improvement anticipated later in the year.
No dividend proposed for 2025 to maintain financial flexibility amid sector transformation.
Expects at least one acquisition in 2026, supported by a strong balance sheet.
CapEx investments for 2026 projected at SEK 100–125 million for equipment, plus SEK 20 million for buildings.
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