Unlimited Travel Group UTG (UTG) Q4 2025 earnings summary

Executive summary

• Achieved record-high revenue in 2025, with strong demand driving growth despite geopolitical and economic uncertainty.

• Premium, diversified portfolio and capital-efficient business model supported stable growth and robust bookings, up 18.7% year-over-year as of December 31.

• Strategic focus on strengthening subsidiaries and selective acquisitions, including the integration of NEX Travel.

Financial highlights

• Revenue increased by 12.8% to 955.3 MSEK (847.3), with comparable companies up 8.0%.

• EBITA rose 2.6% to 35.4 MSEK (34.4); adjusted EBITA for comparable companies and currency/acquisition effects was 37.8 MSEK (34.4).

• Gross margin improved to 23.2% (21.9%), with currency-adjusted margin at 23.9%.

• Earnings per share were 1.75 SEK (1.97).

• Cash flow from operations was 17.8 MSEK (75.2).

Outlook and guidance

• No dividend proposed for 2025 to prioritize funding for ongoing acquisition discussions.

• Ambition to surpass 1 billion SEK in revenue in 2026 remains unchanged.

• Strong booking position for 2026, especially in premium and B2C segments.