Vimab Group (VIMAB) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 increased by 1.1% year-over-year to 86.6 MSEK, but full-year revenue declined by 3.1% to 313.4 MSEK compared to 2024.

• Operating loss widened both for Q4 and the full year, with significant negative impact from the divestment of a Hungarian subsidiary.

• Cash flow from operations improved in Q4 but was negative for the full year, reflecting higher financial costs and increased debt.

Financial highlights

• Q4 EBITDA was -25.8 MSEK (Q4 2024: -10.2 MSEK); excluding the Hungarian divestment, -11.4 MSEK.

• Full-year EBITDA was -35.8 MSEK (2024: -13.7 MSEK); excluding the divestment, -21.3 MSEK.

• Q4 operating result was -48.5 MSEK (Q4 2024: -47.1 MSEK); full-year operating result was -77.7 MSEK (2024: -76.9 MSEK).

• Net loss for the year was -101.7 MSEK (2024: -84.8 MSEK); EPS was -3.9 SEK (2024: -3.3 SEK).

• Cash flow from operations for Q4 was 21.7 MSEK (Q4 2024: -0.4 MSEK); for the year, -20.2 MSEK (2024: 1.5 MSEK).

Outlook and guidance

• VIM Energy Systems is expected to be the fastest-growing segment in 2026, with significant revenue potential from large-scale solar and BESS projects.

• The company anticipates continued seasonality, with Q1 and Q4 typically weaker due to maintenance cycles.

• No dividend proposed until stable profitability is achieved.