Image Systems (IS) Q4 2025 earnings summary

Executive summary

• 2025 was marked by slow markets, cautious investment, and extended decision-making, leading to significant declines in order intake, net sales, and operating profit compared to 2024.

• Despite lower demand, gross margin was maintained at 68% and positive cash flow from operations was achieved.

• The company focused on efficiency, project management, and working capital optimization, enabling selective investments in scalable segments and geographies.

• The Board proposes no dividend for 2025 to preserve financial flexibility for future investments.

Financial highlights

• Q4 order intake: MSEK 33.2 (88.0); net sales: MSEK 38.6 (45.8); EBITDA: MSEK -3.5 (1.0); EPS: SEK -0.10 (-0.04).

• Full year order intake: MSEK 125.1 (228.5); net sales: MSEK 168.5 (184.9); EBITDA: MSEK 9.1 (26.8); EPS: SEK -0.16 (0.10).

• Operating profit (EBIT) for the year: MSEK -14.7 (8.8); profit after tax: MSEK -14.6 (8.6).

• Cash flow from operating activities: MSEK 22.3 (39.2) for the year.

• Solidity at year-end: 58% (55%).

Outlook and guidance

• Market conditions remain challenging, especially in the wood products sector, but export markets are stable and signs of recovery are expected in the second half of 2026.

• Focus remains on increasing recurring revenue, enhancing service, and integrating AI into products and processes.

• The company is positioned to benefit from market recovery with scalable offerings and improved efficiency.