Waystream Group (WAYS) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw net sales rise 60% year-over-year to 33.6 MSEK, with EBITDA improving to 3.8 MSEK from -7.7 MSEK and an EBITDA margin of 11.4%.

• Full-year 2025 net sales increased 19% to 136.9 MSEK, EBITDA reached 22.6 MSEK (from -5.8 MSEK), and net income was 10.3 MSEK (from -11.8 MSEK).

• Cash flow from operations was strong at 11.9 MSEK in Q4 and 37.6 MSEK for the year; cash position at year-end was 21.3 MSEK.

• No dividend proposed for 2025.

Financial highlights

• Q4 gross margin was 49% (up from 16% in Q4 2024), driven by cost reductions and product mix.

• EBIT for Q4 was 1.6 MSEK (from -9.3 MSEK), with a 4.9% operating margin.

• EPS for Q4 was 0.11 SEK (from -1.10 SEK); full-year EPS was 1.27 SEK (from -1.46 SEK).

• Equity at year-end was 73.5 MSEK, up from 57.0 MSEK.

Outlook and guidance

• Focus for 2026 is on sales growth, cost optimization, and product development.

• Payment of half of the 16.5 MSEK tax deferral to Skatteverket scheduled for March 2026, with no impact on planned investments.

• Management expects continued profitable growth, though quarterly results may fluctuate due to order timing.