ADDvise Group (ADDV) Q4 2025 earnings summary

Executive summary

• Organic sales grew 4.0% in Q4 2025 (constant currency), with full-year organic growth of 1.5% net of currency effects.

• EBITA increased by 6.8% in Q4 and 0.9% for the year, with EBITA margin rising to 19.0% in Q4 and 17.0% for the year.

• Cash flow from operating activities improved, and capital structure was strengthened through refinancing and a rights issue.

• Amplex AB acquired over 90% of shares, leading to delisting from Nasdaq First North in February 2026.

Financial highlights

• Q4 net revenue: SEK 422.4 million (down 4.3% year-over-year), but up 4.0% net of currency effects.

• Full-year net revenue: SEK 1,605.7 million (down 3.9% year-over-year), up 1.5% net of currency effects.

• Q4 EBITA: SEK 80.2 million (up 6.8%); full-year EBITA: SEK 273.3 million (up 0.9%).

• Adjusted profit for the year: SEK 99.0 million (up 110.4% year-over-year).

• Operating cash flow for the year: SEK 140.5 million (up 127.7%).

• Net debt to EBITDA improved to 3.0x from 3.8x.

• Basic EPS: SEK 0.01 (down from SEK 0.35 year-over-year).

Outlook and guidance

• Long-term targets: average annual EBITA growth of 15%, ROCE of 15%, net debt/EBITDA ≤3.0x, and up to 25% of previous year's profit as dividend.

• No dividend proposed for 2025.

• Positive demand outlook in Europe and the Americas for medical and laboratory equipment.