Impero (IMPERO) Q4 2025 earnings summary

Executive summary

• Achieved 19% year-over-year ARR growth to DKK 46.2M, with exceptionally low churn of 1% and improved EBITDA at DKK -3.1M, reflecting strong SaaS metrics and operational resilience despite macroeconomic headwinds.

• Surpassed 200 customers, diversified across industries and geographies, with significant presence in Danish C25 and German DAX indices.

• Expanded product capabilities, notably launching the Control Testing module and integrating AI-driven features to enhance compliance and risk management.

• Strengthened capital position with a DKK 15M private placement, ending the year with DKK 18.9M in cash and equity of DKK 15.4M.

Financial highlights

• Revenue increased by 19% to DKK 42.0M compared to 2024, with cost of sales down 16%, boosting contribution margin to 98%.

• EBITDA improved to DKK -3.1M from DKK -8.7M in 2024; EBIT at DKK -6.8M, up from DKK -11.4M.

• Net new ARR for 2025 was DKK 7.5M, with net revenue retention at 106% and ARPA reaching DKK 228T.

• Cash flow from operations improved to DKK -1.3M from DKK -4.3M; cash burn to net new ARR ratio at 0.9.

• Share price rose 26% year-over-year to DKK 7.05, market cap DKK 185.4M.

Outlook and guidance

• 2026 ARR expected between DKK 53M and 57M (15–23% growth); EBITDA guidance set at DKK -2M to +1M.

• Strategic focus on accelerating commercial investments, deferring recurring positive cash flow ambition beyond 2026 to prioritize long-term growth.

• Key assumptions: effective go-to-market execution, high retention, timely hiring, and stable macroeconomic conditions.