INVISIO (IVSO) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of SEK 684 million, up 15% year-over-year, and record order intake of SEK 660 million, rebounding after Q3 delays.

• Entered 2026 with a new product portfolio, major framework contracts, and a robust order book, including significant agreements with Dutch and Irish Ministries of Defence and a major follow-up order from a European customer.

• Transitioned to a system supplier model, increasing average order size and deepening customer relationships.

• Upgraded to Nasdaq Stockholm Large Cap, marking a milestone in company growth.

Financial highlights

• Q4 2025 revenue reached SEK 684.0 million, up 15% quarter-over-quarter; full-year revenue SEK 1,737.1 million, with core business revenue up 10% in comparable currencies.

• Q4 gross margin was 59.8%; full-year gross margin 58.4% (excluding radio order: 59.1%).

• Q4 operating margin was 32.8%; full-year operating margin 17.8% (down from 22.3% last year).

• Cash and cash equivalents at year-end were SEK 400.3 million; equity/assets ratio at 73%.

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

Outlook and guidance

• Entered 2026 with an order book of SEK 854 million, supporting strong revenue visibility for H1.

• Updated financial targets: average annual revenue growth of at least 20% and operating margin of at least 20% over time.

• Expect continued high demand due to geopolitical uncertainty and increased defense spending.

• Anticipate a bounce-back in U.S. orders as government shutdown effects subside.