Trainimal (TRML) Q4 25/26 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth to 11.95 MSEK for the full year, with a clear return to profitability and a net result of 550 TSEK, corresponding to an operating margin of 5.1%.

• EBITDA increased nearly 50% to 3.2 MSEK, and operating cash flow more than tripled to 3.6 MSEK.

• Membership gross margin improved to 75.1% from 73.9% year-over-year.

• Q4 results were stable, with some customer caution due to global economic uncertainty, but profitability was maintained.

• Continued product and technology development, including AI-powered app features and backend infrastructure improvements.

Financial highlights

• Q4 net revenue: 3,077 TSEK (down from 3,118 TSEK year-over-year); full-year net revenue: 11,949 TSEK (up from 10,758 TSEK).

• Q4 operating income: 244 TSEK (286 TSEK prior year); full-year operating income: 550 TSEK (-266 TSEK prior year).

• Q4 EBITDA: 958 TSEK (914 TSEK prior year); full-year EBITDA: 3,170 TSEK (2,162 TSEK prior year).

• Q4 pre-tax profit: 160 TSEK (331 TSEK prior year); full-year pre-tax profit: 355 TSEK (-245 TSEK prior year).

• Q4 EPS: 0.07 SEK (0.14 SEK prior year); full-year EPS: 0.15 SEK (-0.10 SEK prior year).

Outlook and guidance

• Customer caution observed in Q4 due to economic uncertainty, but signs of normalization from May onward.

• Continued focus on technology enhancements and international expansion, particularly in the UK.