Erria (ERRIA) H2 2025 earnings summary

Executive summary

• Achieved record revenue of DKK 215.2m in 2025, up 13.6% year-over-year, with net profit of DKK 8.0m, marking the fifth consecutive year of positive results.

• Completed the acquisition of Nordic Marine Partner, expanding technical asset management capabilities and strengthening the Northern European platform.

• Equity increased to DKK 23.3m, solvency ratio improved to 29.6%, and all bank debt was repaid, resulting in a net cash position.

• Organic free cash flow reached DKK 8.0m, reflecting near-full conversion of net profit to cash.

Financial highlights

• Revenue: DKK 215.2m (+13.6% vs. 2024); EBITDA: DKK 12.0m (+15.4%); Net profit: DKK 8.0m (+11.2%).

• Gross margin declined to 31.6% from 35.2% due to product mix and acquisition impact; EBIT margin stable at 4.8%.

• ROIC of 43.1%, well above sector WACC of 8-12%.

• Equity up 50.3% to DKK 23.3m; solvency ratio improved to 29.6%.

• Cash at year-end: DKK 17.4m, with DKK 14m held in foreign subsidiaries.

Outlook and guidance

• 2026 revenue guidance: DKK 190-210m; EBITDA: DKK 8.5-10.5m; EBIT: DKK 7-9m, reflecting normalization after exceptional 2025 and full-year integration of Nordic Marine Partner.

• Conservative outlook due to expected normalization in container services and integration costs.

• Rights issue in April 2026 targeting DKK 16m to further strengthen the capital base.