Wall to Wall Group (WTW-A) Q4 2025 earnings summary

Executive summary

• Profitability target was not met in Q4 2025 due to operational and market headwinds, including project postponements and efficiency challenges in key business units.

• Net revenue for 2025 was SEK 820.2 million, down 10.7% year-over-year, with adjusted EBITA margin at 3.0%.

• Operating profit (EBIT) was SEK -251.0 million, mainly due to a SEK 198.8 million goodwill impairment and SEK 65.0 million in items affecting comparability.

• Net earnings for the year were SEK -277.7 million, with basic and diluted EPS at SEK -20.62.

• Long-term growth and profitability targets of 10% and 15% remain unchanged, with an interim double-digit EBITA margin target.

Financial highlights

• Q4 2025 net revenue was SEK 224.5 million, down from SEK 243.3 million in Q4 2024.

• Adjusted EBITA for Q4 2025 was SEK 12.1 million (5.4% margin), compared to SEK 14.1 million (5.8% margin) in Q4 2024.

• Full-year adjusted EBITDA was SEK 85.1 million (margin 10.4%), and adjusted EBITA was SEK 25.0 million (margin 3.0%).

• Cash position at year-end was SEK 81.5 million, with financial net debt of SEK 250.5 million.

• Cash flow from operating activities for the year was SEK 62.6 million, down from SEK 102.0 million.

Outlook and guidance

• Long-term financial targets remain: 10% annual organic growth and 15% EBITA margin.

• Interim target of double-digit EBITA margin is set as a step toward long-term goals.

• Ongoing actions in underperforming units are expected to materially improve profitability.

• Indirect costs are targeted to remain at or below 20% of net sales.

• No fundamental market changes; pent-up investment demand persists as projects are deferred, not cancelled.