INVISIO (IVSO) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of SEK 684.0m, up 15% year-over-year, despite US government shutdown and currency headwinds.

• Q4 order intake reached SEK 660m, up 20% year-over-year, with a robust order book supporting H1 2026 revenue visibility.

• Major contracts signed with US Coast Guard, Dutch Ministry of Defense (SEK 365m), Irish Defense Forces (SEK 121m), and a SEK 190m order from a European customer.

• Joined Nasdaq Stockholm Large Cap segment and restructured management to focus on long-term growth.

• Continued investments in organization, product portfolio, and strategic management roles.

Financial highlights

• Q4 2025 revenue was SEK 684.0m, up 15% quarter-over-quarter; full-year revenue SEK 1,737.1m, down 4% from 2024 but up 5% adjusted for third-party radio orders.

• Q4 operating margin stable at 32.8%; full-year operating margin 17.8% (down from 22.3% in 2024).

• Q4 gross margin was 59.8%; full-year gross margin excluding radio order was 59.1%.

• Cash flow from operating activities in 2025 was SEK 330.9m; cash and cash equivalents at year-end: SEK 400.3m.

• Proposed dividend of SEK 3.00 per share, raising payout ratio to 48% over five years.

Outlook and guidance

• Upgraded operating margin target to at least 20% per year over time, with average annual revenue growth of at least 20%.

• High demand expected to continue in 2026 and beyond, driven by geopolitical uncertainty, modernization, and defense spending.

• Order book at year-end was SEK 854m, providing a strong platform for H1 2026 deliveries.