Seafire (SEAF) Q4 2025 earnings summary

Executive summary

• Net sales grew 11% in Q4 2025 to SEK 234 million, with organic growth accounting for the entire increase; full-year net sales rose 3% to SEK 929 million, also fully organic.

• Adjusted EBITA increased 66% in Q4 to SEK 10 million and 17% for the year to SEK 49 million, driven by higher sales and stable gross margins.

• Strong operating cash flow before tax: SEK 24 million in Q4 and SEK 66 million for the year, supported by improved working capital and restrained investments.

• Restructuring costs of SEK 18 million in Q4 and SEK 16 million for the year impacted reported earnings, mainly related to factory relocations and discontinued operations.

• No dividend proposed for 2025; new SEK 250 million financing agreement signed in February 2026 with lower amortization and interest margins.

Financial highlights

• Q4 gross margin stable at 45%; full-year gross margin improved to 46% from 45%.

• Q4 EBITA was SEK -8 million (margin -3%), impacted by SEK 18 million in restructuring costs; adjusted EBITA margin improved to 4%.

• Full-year EBITA was SEK 33 million (margin 4%), with adjusted EBITA margin at 5%.

• Q4 operating profit (EBIT) was SEK -17 million, improved from SEK -92 million last year; full-year EBIT was SEK 5 million, up from SEK -105 million.

• Basic and diluted EPS: SEK -0.18 in Q4 (vs. -2.26), SEK -0.09 for the year (vs. -3.12).

Outlook and guidance

• Markets expected to continue recovering in 2026, though Q4’s growth pace unlikely to persist.

• Discontinued operations may negatively impact sales but are expected to improve earnings and cash flow.

• Focus remains on gross margins, working capital, and acquisitions to drive further growth.