Stille (STIL) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 reached MSEK 174.9, up 8.5% year-over-year, driven by the acquisition of Surgical Holdings and strong demand for surgical tables, despite negative organic growth and currency headwinds.

• The year was marked by supply chain challenges, currency headwinds, and US tariffs, but ended with improved delivery times and a strengthened platform for future growth.

• Acquisition of Surgical Holdings in the UK expanded market presence and added to revenue and employee base.

Financial highlights

• Q4 gross profit margin was 51.1% (down from 58.4% in Q4 2024); full-year margin was 50.7% (51.9%).

• EBITDA before non-recurring items for Q4 was MSEK 38.1 (21.8% margin), and for the year MSEK 113.8 (20.0% margin).

• EBIT before non-recurring items for Q4 was MSEK 28.5 (16.3% margin); full-year EBIT before non-recurring items was MSEK 80.3 (14.2% margin).

• Profit after tax for Q4 was MSEK 30.2 (Q4 2024: 16.2); full-year profit after tax was MSEK 55.7 (58.2).

• Earnings per share for Q4 was SEK 3.37 (1.81); full-year EPS was SEK 6.20 (6.48).

• Cash flow from operating activities for Q4 was MSEK -3.4 (49.2); for the year, MSEK 36.1 (73.5).

Outlook and guidance

• Solid growth expected in 2026, supported by strong order intake, operational improvements, and commercial execution.

• Improved product availability and a strong cash position provide a foundation for long-term value creation and further acquisitions.