Envar Holding (ENVAR) Q4 2025 earnings summary

Executive summary

• Achieved record-high annual revenue of SEK 95.2 million, up 30.21% year-over-year, and record EBIT of SEK 16.6 million, despite a challenging Q4 marked by lower order volumes and increased investment in growth initiatives.

• Q4 net sales declined 11.75% year-over-year to SEK 20.9 million, with negative EBIT of SEK -0.3 million, mainly due to customer planning cycles, increased recruitment, and marketing for the upcoming Witchspire game.

• The company expanded its service offering, diversified its customer base, and invested in IT security, business development, and senior talent to support future growth.

Financial highlights

• Full-year EBITDA reached SEK 17.5 million (margin 18.33%), up from SEK 14.2 million (margin 19.36%) the previous year.

• Q4 EBITDA was SEK -0.07 million (margin -0.35%), down from SEK 9.2 million (margin 38.87%) in Q4 2024.

• Earnings per share (basic) for the year were SEK 0.98, down from SEK 4.07 in 2024; Q4 EPS (basic) was SEK -0.04.

• Cash and cash equivalents at year-end were SEK 48.96 million, with no interest-bearing liabilities.

Outlook and guidance

• Early Access release of Witchspire is scheduled for end of Q2 2026, with a playable demo planned for Steam Next Fest in February-March 2026.

• The company expects continued growth, supported by investments in talent, IT, and business development, and sees strong demand for its outsourcing services.

• No dividend proposed for 2025 to prioritize investments in growth.