Loihde (LOIHDE) Q4 2025 earnings summary

Executive summary

• Revenue grew 3% year-over-year to €144.4M, with Q4 revenue up 5% to €41.8M and strong performance in security solutions, while IT consulting revenue declined slightly in a subdued market.

• Adjusted EBITDA for the year rose 14% to €12.5M (8.6% margin), with Q4 adjusted EBITDA at a record 13% (€5.4M), and adjusted operating profit (EBIT) increased 44% to €4.5M.

• Profit for the period was €2.3M, compared to a loss of €8.1M the previous year; EPS €0.41.

• Acquisition agreement for BLC Turva Oy signed, pending regulatory approval, strengthening position as Finland's leading corporate security solutions provider.

• Adjusted EBITDA has improved 74% since listing, with revenue up 38% from 2021 to 2025.

Financial highlights

• Security Solutions revenue up 8% to €82.9M; Cyber, Cloud & Connect down 1% to €31.1M; Data, Digital & AI down 4% to €30.4M.

• Continuous/recurring services revenue increased 9% to €40.1M, now 27.8% of total revenue, with annualized contract value at €41.9M.

• Personnel expenses decreased to €65.0M (45% of revenue); cash flow from operating activities was €11.6M.

• Net profit for 2025: €3.6M, up 35% from €2.7M in 2024.

• Dividend of €0.75 per share paid for 2024; Board proposes €1.00 per share for 2025.

Outlook and guidance

• Revenue and adjusted EBITDA expected to grow or remain stable in 2026; guidance excludes BLC Turva pending regulatory approval.

• Financial targets for 2024–2027: average annual revenue growth of 10%, revenue of at least €200M by 2027, adjusted EBITDA margin of 15%, ROI of 10%, and net debt/EBITDA between 0–2x.