Safello Group (SFL) Q4 2025 earnings summary

Executive summary

• Net turnover for Q4 2025 rose 31% year-over-year to SEK 316.5 million, driven by higher average order values despite a 42% drop in order count.

• Gross profit fell 50% to SEK 10.3 million due to margin pressure from larger OTC trades at lower fees and the absence of prior year asset sale gains.

• Operating loss (EBITDA) was SEK -3.2 million, and net loss was SEK -6.9 million for the quarter; full-year net loss was SEK -15.9 million.

• Strategic shift underway from retail focus to institutional services, leveraging new MiCA authorization and infrastructure.

Financial highlights

• Q4 gross margin dropped to 3.2% from 8.4% year-over-year; full-year gross margin was 5.6% (down from 6.8%).

• Average buy order value increased 35% to SEK 3,113; average sell order value surged 229% to SEK 40,922 in Q4.

• Active customers in Q4 fell to 18,154 from 30,802; new active customers dropped to 2,968 from 6,913.

• Cash and cash equivalents at year-end were SEK 17.3 million, down from SEK 24.9 million.

Outlook and guidance

• Cost savings of SEK 1 million per month implemented from Q2 2026 to preserve cash amid weak retail trading.

• Focus shifting to institutional clients, with retail app maintained but deprioritized for new features.

• No dividend proposed for 2025.