Skandia GreenPower (SKAND) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 financial results with EBITDA of 11.1 MNOK (up 3.7% year-over-year) and net income of 5.7 MNOK, despite customer churn linked to Norgespris rollout and warmer weather reducing electricity consumption.

• Sales exceeded forecasts, driven by strong performance in Skandia Energi and digital marketing in Saga Energi; overall customer intake was higher than projected.

• Customer base ended at 54,075, down from 55,565 in Q3, mainly due to increased churn during Norgespris rollout, which normalized by November.

• Strong cash flow and improved balance sheet, with significant growth in cash and working capital throughout 2025.

• Plans to distribute 90% of net income as dividends, with NOK 0.045 per share (approx. 5.37 MNOK) to be paid in March 2026.

Financial highlights

• Q4 EBITDA reached 11.1 MNOK, up 3.7% year-over-year and slightly above guidance; net income was 5.7 MNOK, down 5.0 MNOK year-over-year due to prior year one-off effects.

• Net revenue in Q4 was about 4.5% lower than last year due to reduced consumption, but full-year net revenue increased by 23.3%.

• Operating expenses in Q4 were lower than last year, reflecting ongoing efficiency improvements.

• Full-year EBITDA totaled 29.6 MNOK, with pre-tax profit of 11 MNOK.

• Cash and cash equivalents showed strong positive change for both the quarter and the year.

Outlook and guidance

• Targeting 100,000 customers by end of 2026, pursuing both organic and inorganic growth.

• Plans to implement combined billing (throughfakturering) in Q2 2026 to strengthen competitive position post-Norgespris.

• Expects Norgespris to potentially lower churn and price sensitivity over time, but market effects remain uncertain.

• Further increases in both EBITDA and net income are expected in 2026.

• A more detailed forecast will be provided with the annual report in March.