Dynavox Group (DYVOX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 31% year-over-year in local currency, with strong demand across all geographies and product lines, especially among younger users with autism and in eye-gaze controlled solutions.

• Full-year 2025 revenue reached SEK 2,467 million, up 34% in local currency, with EBIT up 11% and EPS up 13% year-over-year, demonstrating scalability.

• Major investments in ERP systems and R&D restructuring led to SEK 100 million in non-recurring costs for the year.

• Three acquisitions completed or signed in 2025, expanding direct market presence in France, Germany, and Italy.

• Office and logistics hub in Pittsburgh relocated and new North American HQ established.

Financial highlights

• Q4 revenue: SEK 677 million, 31% growth in local currency (16% reported); organic growth 27%.

• Q4 EBIT: SEK 103 million, including SEK 17 million non-recurring costs; EBIT margin 15.2%.

• Q4 gross margin: 69%, down 1.1pp year-over-year, impacted by currency; full-year gross margin 68%, down 0.34pp.

• Full-year EBIT: SEK 254 million, margin 10.3% (vs. 11.6% prior year); non-recurring costs totaled SEK 106 million.

• Basic EPS for Q4: SEK 0.72 (up 40%); full-year SEK 1.57 (up 13%).

Outlook and guidance

• Confident in sustaining 20% annual revenue growth (currency adjusted) and exceeding a 15% EBIT margin over the next 3-4 years.

• R&D spend as a percentage of revenue expected to decrease after 2025 restructuring.

• Board proposes a dividend of SEK 0.5 per share for 2025; at least 40% of net profits to be distributed.

• U.S. reimbursement rates increased by 1.9% for 2026.