Infrea (INFREA) Q4 2025 earnings summary

Executive summary

• Achieved significant strategic transformation by divesting the Vatten & Avlopp segment, resulting in a net cash position and focus on core segments Mark & Anläggning and Beläggning.

• EBITA improved by 140.6% year-over-year to 40.0 Mkr, with adjusted EBITA at 51.4 Mkr excluding Mikaels Grävtjänst.

• Organic revenue growth of 8.1% for the year, with continued improvements in project management and profitability.

• Board proposes a dividend of 0.65 kr per share, a 30% increase from the previous year.

Financial highlights

• Net sales from continuing operations: 2,069.0 Mkr (up 8.1% year-over-year).

• EBITA: 40.0 Mkr (16.6 Mkr in 2024), EBITA margin 1.9% (0.9%). Adjusted EBITA: 51.4 Mkr, margin 2.5%.

• Net income from continuing operations: 7.3 Mkr (–18.7 Mkr in 2024).

• Earnings per share from continuing operations: 0.2 kr (–0.7 kr in 2024).

• Cash flow from operations: 63.9 Mkr (99.7 Mkr in 2024).

• Net cash position at year-end: 2.6 Mkr (net debt of 204.7 Mkr in 2024).

• Realized gain from divestment: 46.0 Mkr.

Outlook and guidance

• Expectation of improved cash flow in 2026 as delayed customer payments are resolved.

• Focus remains on achieving a 6% EBITA margin and leveraging strengthened financial position for acquisitions or strategic deals.

• Anticipated better results in 2026 for underperforming subsidiaries.