Harju Elekter (HAE1T) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 remained stable at €174.0 million, nearly unchanged from 2024, reflecting a focus on profitability over rapid sales growth.

• Q4 2025 saw a 58.6% year-over-year revenue increase, with gross profit nearly tripling and net profit turning positive.

• Operating profit (EBIT) for 2025 doubled to €12.0 million, EBITDA exceeded €16 million, and net profit tripled to €10.8 million.

• Strongest growth was seen in Estonia and Norway, while Finland and Sweden saw declines in annual revenue.

• Management proposes a dividend of €0.25 per share, supported by a robust order book and improved profitability.

Financial highlights

• Q4 2025 revenue: €47.5 million (+58.6% YoY); full-year revenue: €174.0 million (-0.4% YoY).

• Q4 gross profit: €5.3 million (up from €1.8 million); full-year gross profit: €25.9 million (+23.9%).

• Q4 EBIT: €1.8 million (vs. -€1.7 million); full-year EBIT: €12.0 million (up from €6.4 million).

• Q4 net profit: €2.6 million (vs. -€2.3 million); full-year net profit: €10.8 million (up from €3.2 million).

• EPS for 2025: €0.58 (up from €0.17 in 2024).

Outlook and guidance

• Strategic plan implementation is on track, with a focus on selective, higher-margin projects and operational efficiency.

• Increased order book and stable demand for electrification solutions support a positive outlook and strong dividend proposal.