Panostaja (PNA1V) Q4 2025 earnings summary

Executive summary

• Q4/25 revenue was €33.6m, flat year-over-year, with operating profit declining to €1.1m from €1.5m.

• Net sales for the year increased by 1% to €126.9M, with EBIT improving to €1.9M from €1.8M.

• The company completed the sale of Hygga's clinic business, recognizing a €0.5M loss, and remains focused on generating quality deal flow and seeking new acquisition opportunities.

• Grano's net sales and EBIT improved, while Oscar Software and CoreHW saw declines in profitability.

• Earnings per share (undiluted) were -2.6 cents, impacted by a €3.1M loan receivable write-down.

Financial highlights

• Q4/25 revenue was €33.6m, up 0.2% from Q4/24; EBIT for the quarter was €1.1m, down from €1.5m.

• Full-year profit/loss was -€0.6M, a significant improvement from -€3.2M the previous year.

• Interest-bearing net liabilities decreased to €38.1M; gearing ratio improved to 77.0%.

• Gross investments rose to €5.9M, mainly in tangible and intangible assets.

• Lenio was consolidated from June and lacks comparative data.

Outlook and guidance

• No significant changes in short-term market outlook; demand uncertainty persists due to macroeconomic and geopolitical factors.

• Demand for Oscar Software, Lenio, CoreHW, and Grano remains satisfactory, but market uncertainty and slow corporate acquisition activity persist.

• The company continues to seek new investment targets and assess divestment opportunities.