Byhmgard (SPIFF) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a transformative period with an inverted listing, shifting strategic focus to BESS and energy infrastructure investments.

• Major integration and balance sheet restructuring actions were completed, creating a stable platform for future growth.

• Secured the largest order to date (43 MSEK) and expanded internationally with new partnerships and joint ventures.

Financial highlights

• Q4 2025 net revenue: 8,179 TKR (up from 3,779 TKR YoY); full-year 2025: 22,346 TKR (down from 33,836 TKR YoY).

• Q4 operating result: -26,042 TKR (vs. -287 TKR YoY); full-year: -29,963 TKR (vs. -6,667 TKR YoY).

• Adjusted Q4 operating result (excluding listing costs): -6,265 TKR; full-year: -10,186 TKR.

• Q4 net result: -26,231 TKR (vs. 1,839 TKR YoY); full-year: -30,580 TKR (vs. -4,903 TKR YoY).

• Cash at year-end: 20,454 TKR (vs. 1,232 TKR YoY); equity ratio: 66% (vs. 3% YoY).

Outlook and guidance

• Signed LOI in early 2026 to acquire two BESS projects in Latvia (30 MW/60 MWh), expected to generate ARR of ~60 MSEK upon commissioning.

• Focus remains on developing own BESS projects and turnkey energy solutions, with a pipeline targeting 1 GW by 2027.