Concejo (CNCJO) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 119.7 MSEK, down 25% year-over-year, mainly due to deconsolidation of Firenor's Middle East operations and lower Optronics sales.

• EBIT for Q4 improved to -6.5 MSEK from -14.1 MSEK; full-year EBIT was 7.6 MSEK, a turnaround from -41.3 MSEK in 2024.

• Net income for 2025 reached 46.8 MSEK, compared to -52.8 MSEK in 2024.

• Major strategic event: sale of 71.3% stake in Optronics Technology AS, expected to generate a capital gain of ~140 MSEK in Q1 2026.

• Board proposes a 1.00 SEK per share dividend for 2025.

Financial highlights

• Full-year revenue was 522.0 MSEK, down 9% year-over-year.

• Operating margin improved to 1.5% from -7.2% in 2024.

• Cash flow from operations was 18.6 MSEK for 2025, up from -13.2 MSEK.

• Net cash position (negative net debt) of -115.1 MSEK at year-end.

• Equity per share at year-end was 52.64 SEK.

Outlook and guidance

• Strong operational performance in core businesses and a strategic divestment position the group for future growth.

• Continued focus on value creation and sustainable growth for shareholders.