Enrad (ENRAD) Q4 2025 earnings summary

Executive summary

• Full-year net sales increased to 55,859 Tkr from 43,085 Tkr year-over-year, reflecting continued growth despite a challenging economic environment.

• Q4 net sales declined to 11,837 Tkr from 14,816 Tkr compared to the same quarter last year, attributed to more cautious customer behavior and delayed order decisions.

• Operating losses deepened both in Q4 and for the full year, with investments and increased staffing impacting results.

• Expansion into the Netherlands and Belgium initiated, with first orders received and new hires planned to support growth.

• Company completed a move to NGM Nordic SME and executed a fully guaranteed rights issue to strengthen capital.

Financial highlights

• Q4 operating income before depreciation and financial items was -2,907 Tkr (58 Tkr last year); after depreciation and financial items, -3,111 Tkr (-737 Tkr last year).

• Full-year operating income before depreciation and financial items was -4,695 Tkr (1,315 Tkr last year); after depreciation and financial items, -8,090 Tkr (-1,439 Tkr last year).

• Q4 EPS was -0,12 kr (-0,03 kr last year); full-year EPS was -0,30 kr (-0,06 kr last year).

• Equity at year-end was 41,116 Tkr (23,706 Tkr last year); equity ratio improved to 72% (58%).

• Cash at year-end was 19,636 Tkr, up from 4,699 Tkr.

Outlook and guidance

• Management expects continued strong order inflow but notes longer decision cycles and delayed deliveries into 2026.

• No dividend proposed for the 2025 financial year.

• Sufficient liquidity and credit facilities are expected to support operations through 2026 without additional capital injections.