Norden Estates (NORDEN) Q4 2025 earnings summary

Executive summary

• 2025 was a transformative year, marked by a public listing on Spotlight Stock Market and the integration of Zustainment Bygg AB, shifting from a tech/energy focus to an operational project organization for industrial and logistics projects.

• Revenue rose sharply to SEK 14.9 million from SEK 1.8 million year-over-year, reflecting active project operations.

• Completed the Hörby project, started construction in Ystad, and expanded the project pipeline and organization.

• Verified energy performance in reference projects, such as Skurup, showed up to 60% lower energy use and over 90% lower CO2 emissions compared to regulatory baselines.

• Focused on delivering energy-efficient industrial and logistics properties, leveraging integrated energy systems and digital optimization.

Financial highlights

• Revenue for 2025 reached SEK 14.9 million, up from SEK 1.8 million the previous year.

• Q4 revenue was SEK 4.6 million; operating income for the year was SEK -6.8 million, and net result after financial items was SEK -7.6 million.

• Earnings per share improved to -SEK 0.21 from -SEK 1.17 year-over-year; another reported figure is -SEK 0.18 per share.

• Cash at year-end was SEK 2 million, up from SEK 600,000, supported by SEK 16.8 million in new share issues.

• Equity at year-end was SEK 17.1 million, and net debt reduced to SEK 11.5 million.

Outlook and guidance

• 2026 focus is on stable project delivery, increased project volume, improved margin discipline, and cost control, aiming for positive operating income.

• Continued emphasis on the Swedish market with ambitions for international expansion once scalability is achieved.