Kesla (KELAS) Q4 2025 earnings summary

Executive summary

• Revenue declined 22.4% year-over-year to €34.4 million due to persistent market uncertainty and weak demand, especially in forestry and tractor equipment segments.

• Operating result fell sharply to -€4.9 million from €38 thousand, impacted by €1.0 million in restructuring and inventory write-down costs.

• Order intake decreased 2.8% to €35.2 million, with year-end order backlog at €7.6 million, up 5.1% from the previous year.

• A comprehensive restructuring and financial recovery program was launched in December 2025 to ensure long-term competitiveness and financial stability.

Financial highlights

• Q4 revenue dropped 40.6% year-over-year to €7.8 million; full-year revenue was €34.4 million.

• Q4 operating result was -€2.3 million (vs. €327 thousand prior year); full-year operating result was -€4.9 million.

• EPS for the year was -€1.32 (vs. -€0.15 prior year); Q4 EPS was -€0.41.

• Net cash flow from operations was €1.1 million for the year, down 60.5% year-over-year.

• Net debt at year-end was €10.7 million, down from €11.7 million.

• Equity ratio at year-end was 30.8% (vs. 38.0% prior year); net gearing rose to 141.8%.

Outlook and guidance

• 2026 revenue is expected to be €38–45 million, with operating margin between -2% and +2%, assuming stable market conditions.

• Significant NATO defense order of €17 million received in March 2026, with deliveries starting summer 2026 and €7 million recognized in 2026.