Metacon (META) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of SEK 90.1 million in Q4 2025, up 463% year-over-year, and SEK 237.8 million for the full year, up 488% year-over-year, driven by successful project deliveries.

• Gross margin improved to 22% in Q4 and 20% for the year; OPEX stabilized as internal expertise replaced external consultants, enhancing cost control.

• Cash flow from operating activities before working capital changes improved by SEK 77.8 million year-over-year, mainly due to higher revenues and stable margins.

• Strengthened organizational structure and ISO 9001 quality management system implemented to support growth and reliable project delivery.

Financial highlights

• Q4 net revenue: SEK 90.1 million (Q4 2024: SEK 16.0 million); full-year net revenue: SEK 237.8 million (2024: SEK 40.4 million).

• Q4 EBITDA: SEK -10.4 million (Q4 2024: SEK -33.4 million); full-year EBITDA: SEK -46.1 million (2024: SEK -123.0 million).

• Q4 EBIT: SEK -13.5 million (Q4 2024: SEK -36.3 million); full-year EBIT: SEK -58.0 million (2024: SEK -134.2 million).

• Q4 profit after financial items: SEK -13.5 million (Q4 2024: SEK -38.5 million); full-year: SEK -60.8 million (2024: SEK -137.9 million).

• Earnings per share: SEK -0.03 in Q4 (Q4 2024: SEK -0.05); SEK -0.05 for the year (2024: SEK -0.21).

Outlook and guidance

• Project portfolio for 2026 includes major deliveries in Morocco, Romania, and Greece, with expectations for continued growth and new contract wins.

• Market outlook remains positive despite sector turbulence; EU support and infrastructure investments expected to drive hydrogen market development.

• Focus on delivering ongoing projects, strengthening cash flow, and enhancing competitiveness through partnerships.