Veteranpoolen (VPAB) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 grew 21.2% year-over-year to 159.7 MSEK; full-year revenue rose 15.7% to 654.6 MSEK.

• Operating income for Q4 increased 73% to 17.5 MSEK; full-year operating income up 33% to 72.5 MSEK.

• Net income for Q4 was 14.0 MSEK, and for the full year 58.0 MSEK, both showing strong growth.

• Cash flow from operations after working capital changes was 67.3 MSEK for the year.

• The board proposes a dividend of 3.20 SEK per share.

Financial highlights

• Q4 operating margin improved to 11.0% from 7.7% year-over-year; full-year margin rose to 11.1% from 9.6%.

• Earnings per share (EPS) for the year were 2.90 SEK (basic) and 2.88 SEK (diluted), up from 2.21 SEK.

• Cash and cash equivalents at year-end were 85.7 MSEK, up from 64.1 MSEK.

• Equity at year-end was 75.8 MSEK, with a solid equity ratio of 45.4%.

Outlook and guidance

• Continued focus on profitable growth and expansion, especially in international markets.

• Ongoing investments in marketing, IT, and Danish subsidiary Seniorstyrken ApS.

• Ambition to deepen customer relationships and expand service offerings.