KebNi (KEBNI) Q4 2025 earnings summary

Executive summary

• Full-year EBITDA reached 10.3 MSEK (8%), matching 2024, despite a weak Q4 due to delayed Satcom contracts.

• Q4 revenue fell 37% year-over-year to 25.6 MSEK, with an EBITDA margin of -6%.

• Delayed Satcom orders are still in the pipeline and not lost; underlying demand remains strong.

• Product development advanced in both Inertial Sensing (ArduPilot interface) and Satcom (dual band solutions, ESA pilot project).

Financial highlights

• Q4 net sales: 25,571 KSEK (down 37% YoY); full-year net sales: 124,632 KSEK (down 5% YoY).

• Q4 EBITDA: -1,506 KSEK (margin -6%); full-year EBITDA: 10,275 KSEK (margin 8%).

• Q4 net profit: -4,439 KSEK; full-year net loss: -237 KSEK.

• Q4 operating cash flow: 11,177 KSEK; full-year operating cash flow: 8,495 KSEK.

• Cash and equivalents at year-end: 17,006 KSEK; equity ratio: 65%.

Outlook and guidance

• Demand for Inertial Sensing and Satcom remains strong, with a focus on scaling SensAltion production and expanding in Europe and Asia.

• Postponed Satcom orders expected to materialize; company remains focused on execution and long-term value creation.