Prevas (PREV) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw stable revenue with net sales at SEK 432.3 million, driven by 1.8% growth from acquisitions and a -1.7% organic decline, while operating profit and EBITA increased 7.7% year-over-year to SEK 35.1 million (8.1% margin).

• Full-year 2025 revenue reached SEK 1,627.0 million, a 2.5% increase year-over-year, with a 7.5% EBITA margin.

• Profitability improvements were driven by efficiency measures, especially in Finland, and strong growth in the defense and cybersecurity sectors.

• The company completed the acquisition of OIM Sweden AB and divested InfoVis AB, both with marginal earnings impact.

• Strong operating cash flow and a proposed dividend of SEK 4.0 per share, representing 73% of profit after tax.

Financial highlights

• Q4 EBITA rose 7.7% year-over-year to SEK 35.1 million, with an EBITA margin of 8.1% (up from 7.5%).

• Full-year EBITA declined to SEK 121.4 million, and EBITA margin dropped to 7.5% from 9.4%.

• Q4 EPS was SEK 1.67, down from 1.81; full-year EPS fell 23% to SEK 5.49.

• Operating cash flow for Q4 was SEK 40.6 million; full-year operating cash flow was SEK 143.7 million.

• Cash at quarter-end was SEK 21 million, down from SEK 44 million last year; SEK 100 million overdraft facility remained unused.

Outlook and guidance

• Larger projects are scheduled for delivery in Q1 and Q2 2026, especially in Finland.

• The company is optimistic about continued positive development in Finland and ongoing M&A opportunities.

• Defense sector remains a priority area for 2026.

• Entering 2026 with a strong order book, especially in Finland and defense.

• Profitability improvement remains the top priority moving into 2026.