Unibap (UNIBAP) Q4 2025 earnings summary

Executive summary

• Q4 net revenues reached 33,516 KSEK, a 27% increase year-over-year, with full-year net sales of 100,021 KSEK, up 11% from 2024.

• Q4 operating income was 1,307 KSEK, while full-year EBIT was -23,018 KSEK, reflecting investments in R&D, security certification, and U.S. expansion.

• Strategic partnerships were signed with Leonardo S.p.A. and Loft Orbital, with first orders delivered in Q4.

• U.S. subsidiary launched and first deals completed, supporting growth in defense and commercial segments.

Financial highlights

• Q4 net revenues: 33,516 KSEK (+27% vs Q4 last year); full-year: 100,021 KSEK (+11%).

• Q4 operating income: 1,307 KSEK; full-year: -23,018 KSEK.

• Q4 net income: 1,058 KSEK; full-year: -22,742 KSEK.

• Earnings per share: Q4 0.02 SEK; full-year -0.37 SEK.

• Negative operating cash flow in Q4 due to timing of accounts receivable; year-end cash: 10,585 KSEK.

Outlook and guidance

• Continued revenue growth targeted, with ambitions to return to 30-50% annual revenue growth in 2026.

• 2026 is expected to return to the growth target after missing the 2025 goal due to contract delays.

• Plans to expand U.S. operations and leverage increased European defense spending.

• Maintain operational readiness with >100 units/year capacity.