Västra Hamnen Corp. Finance (VH) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 2.8 MSEK, a 69% decrease year-over-year, with a negative operating margin and net loss after tax of -0.8 MSEK.

• Full-year 2025 revenue was 12.6 MSEK, down from 20.2 MSEK in 2024, with an operating loss of -4.4 MSEK and net loss after tax of -3.5 MSEK.

• No dividend is proposed for the 2025 financial year.

• CEO attributes the loss to premature expansion and delayed deal completions, with three major deals failing to materialize in 2025.

Financial highlights

• Q4 operating income: -1.7 MSEK (4.2 MSEK in Q4 2024); full-year operating income: -4.4 MSEK (2.3 MSEK in 2024).

• Q4 net income: -0.8 MSEK (3.7 MSEK in Q4 2024); full-year net income: -3.5 MSEK (1.8 MSEK in 2024).

• Earnings per share for Q4: -0.83 SEK (3.66 SEK in Q4 2024); full-year: -3.49 SEK (1.80 SEK in 2024).

• Equity at year-end: 7.6 MSEK (12.6 MSEK in 2024); cash position: 4.2 MSEK (11.1 MSEK in 2024).

• Negative cash flow for Q4: -2.5 MSEK (4.4 MSEK in Q4 2024); full-year cash flow: -6.9 MSEK (-3.6 MSEK in 2024).

Outlook and guidance

• Management aims to double client meetings in 2026 and expects at least one IPO advisory mandate.

• Indications of a reopening IPO window for small-cap companies, with increased discussions underway.