Serstech (SERT) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were KSEK 6,375, down 52% year-over-year; full-year net sales were KSEK 38,595, down 26% from 2024.

• EBITDA for Q4 was KSEK -8,255 and EBIT was KSEK -10,364; full-year EBITDA was KSEK -20,908 and EBIT was KSEK -29,246.

• Earnings per share for Q4 were SEK -0.04 and for the year SEK -0.12.

• Cash flow from operating activities was negative both for Q4 (KSEK -5,461) and the full year (KSEK -28,015).

• The company faced significant order delays due to global tariff uncertainties, impacting revenue and profitability.

Financial highlights

• Q4 net sales dropped to KSEK 6,375 from KSEK 13,326 year-over-year; full-year net sales fell to KSEK 38,595 from KSEK 52,262.

• Q4 EBITDA margin was -129%; full-year EBITDA margin was -54%.

• Equity ratio remained strong at 83% at year-end.

• Cash and bank balances at year-end were KSEK 9,757.

• No dividend is proposed for 2025.

Outlook and guidance

• Expectation of improved gross margin by 10 percentage points in 2026 due to dual production setup.

• Targeting average annual sales growth exceeding 30% through 2030.

• EBITDA margin expected to surpass 20% in 2027.

• Anticipates return to profitable growth in 2026 as sales and marketing investments increase.