Etteplan (ETTE) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was €361.4 million, up 0.1% year-over-year, with Q4 revenue at €92.9 million, up 1.7%.

• Launched a new AI-driven strategy, increasing AI-driven revenue share to 5% and targeting 35% by 2027.

• Achieved strong operating cash flow of €32.0 million, supported by efficiency improvements and working capital optimization.

• Completed two acquisitions, strengthening positions in Sweden and Germany and supporting Engineering Solutions.

• Market conditions were challenging due to geopolitical tensions, weak consumer demand, and slow customer investments, especially in Finland and Sweden.

Financial highlights

• Full-year EBITA was €24.2 million (6.7% margin); EBIT was €17.9 million (4.9% margin); EPS was €0.42, up from €0.41.

• Board proposes a dividend of €0.22 per share.

• Operating cash flow was €32.0 million, up from €31.0 million.

• Non-recurring items totaled €2.8 million, including customer bankruptcy losses.

• Cash and cash equivalents at year-end were €30.4 million; interest-bearing debt €102.1 million.

Outlook and guidance

• 2026 revenue estimated at €360–380 million; EBIT expected at €19–25 million.

• Strategy targets 35% AI-driven revenue share and above 10% EBITDA margin by 2027.

• Market outlook remains highly uncertain, with a slow start to 2026 expected due to ongoing change programs and non-recurring costs in Q1.