TCECUR Sweden (TCC) Q4 2025 earnings summary

Executive summary

• Order backlog increased to 217.4 MSEK (175.2), with recurring revenues rising to 76.7 MSEK (67.7), representing 14.0% (11.9%) of total backlog.

• Net sales for Q4 2025 were 154.0 MSEK (149.5), with organic growth of 3.0% (-13.7%).

• EBITA for Q4 was 1.3 MSEK (5.2), margin 0.8% (3.5%), impacted by a 7.2 MSEK inventory write-down; adjusted EBITA was 8.5 MSEK (5.2), margin 5.5% (3.5%).

• Full-year net sales were 548.3 MSEK (570.2), organic growth -3.8% (-2.8%), EBITA 7.9 MSEK (2.1), margin 1.4% (0.4%).

• Net result after tax for Q4 was -3.3 MSEK (1.6); for the year, -23.2 MSEK (-9.9).

Financial highlights

• Recurring revenues increased to 76.7 MSEK (67.7) for Q4, now 14.0% of total.

• Adjusted EBITA for the year was 15.2 MSEK (10.0), margin 2.8% (1.8%).

• Operating cash flow for Q4 was 3.1 MSEK (17.3); for the year, 17.0 MSEK (24.0).

• Net debt/adjusted EBITDA improved to 1.4x (2.8x).

• Cost savings of 28.2 MSEK realized in 2025.

Outlook and guidance

• Entering 2026 with a strengthened order backlog, higher recurring revenues, and reduced cost base.

• Continued focus on efficiency and profitability improvements, though full effects will take time.

• Geopolitical uncertainty and heightened security requirements expected to drive demand.