Infracom (INFRA) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was SEK 223.4m, down 3% year-over-year; full-year revenue was SEK 817.6m, down 2% year-over-year.

• EBITA margin improved to 10.2% in Q4 (from 8.9%) and 11.0% for the year (from 10.0%).

• Strategic focus on recurring revenues and margin improvement, with a revised EBITA margin target of 12–15%.

• Significant liquidity boost in early 2026 from the sale of Bredband2 shares, enabling debt reduction and increased acquisition capacity.

• Proposed total dividend of SEK 2.10 per share for 2025, including an extraordinary dividend.

Financial highlights

• Q4 EBITA was SEK 22.9m (SEK 20.7m), EBIT SEK 21.7m (SEK 19.8m), and profit before tax SEK 41.2m (SEK 15.3m).

• Full-year EBITA was SEK 89.6m (SEK 83.6m), EBIT SEK 84.9m (SEK 79.0m), and profit before tax SEK 202.6m (SEK 116.9m).

• Cash flow from operations was SEK 45.2m in Q4 and SEK 100.7m for the year.

• Earnings per share after tax for Q4 was SEK 0.92 (SEK 0.45); full-year EPS was SEK 4.64 (SEK 2.93).

• Net debt/EBITDA improved to 1.40x from 1.60x year-over-year.

Outlook and guidance

• Updated financial targets: EBITA margin of 12–15%, annual revenue growth of 15–20%, and net debt/EBITDA below 2.5x.

• Growth to be achieved through a mix of acquisitions and organic expansion, with profitability prioritized over growth.