Navigo Invest (NAVIGO) Q4 2025 earnings summary

Executive summary

• Strong finish to 2025 with significant improvements in revenue, operating profit, and cash flow both for Q4 and the full year, reversing previous declines.

• Portfolio highlights include Vinga Group's improved profitability, Chemgroup's sales growth, and robust order books at CalorMet and Geogruppen.

• Net asset value per common share increased by 13.3% year-over-year, reaching SEK 10.02 at year-end.

Financial highlights

• Q4 net sales rose 12.5% year-over-year to SEK 200.6m; full-year net sales up 8% to SEK 653.8m.

• Q4 EBITDA surged to SEK 33.6m (from SEK 11.9m); full-year EBITDA up 72.4% to SEK 84.5m.

• Q4 operating profit (EBIT) was SEK 20.2m (vs. -SEK 262.9m); full-year EBIT SEK 56.4m (vs. -SEK 242.4m), with 2024 heavily impacted by goodwill write-downs.

• Q4 net income was SEK 19.9m (vs. -SEK 245.5m); full-year net income SEK 37.2m (vs. -SEK 239.6m).

• Q4 cash flow SEK 31.7m (vs. SEK 6.7m); full-year cash flow SEK 26.1m (vs. -SEK 54.7m).

• Group equity ratio at 77% (up from 75.5%).

Outlook and guidance

• Entering 2026 with higher earnings capacity, strong order books, and a focus on resolving preferred share dividend arrears.

• Financial target remains 15% annual NAV growth per share; achieved 13.3% in 2025.

• Continued focus on cash flow, capital structure, and active participation in the transaction market.