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Athanase Innovation
Athanase Innovation (ATIN) investor relations material
Athanase Innovation Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Revenue for Q4 2025 was 16.8 MSEK, down from 29.4 MSEK in Q4 2024; full-year revenue was 36.9 MSEK, down from 115.3 MSEK in 2024, mainly due to fewer completed Ivisys projects.
Operating result (EBIT) for Q4 2025 was -9.4 MSEK (Q4 2024: -0.01 MSEK); full-year EBIT was -64.1 MSEK (2024: -23.7 MSEK), impacted by increased legal costs at Ivisys and reduced costs at the parent company after ending the fund initiative.
Value change from securities was 7.9 MSEK in Q4 2025 (Q4 2024: 21.0 MSEK); full-year value change was 9.5 MSEK (2024: 53.5 MSEK), with Zalaris contributing the most.
The company is preparing to spin off its wholly owned subsidiary holding Ivisys, expected to start in Q1 2026.
Financial highlights
Q4 2025 net sales: 16.8 MSEK (Q4 2024: 29.4 MSEK); full-year 2025: 36.9 MSEK (2024: 115.3 MSEK).
Q4 2025 value change from securities: 7.9 MSEK (Q4 2024: 21.0 MSEK); full-year: 9.5 MSEK (2024: 53.5 MSEK).
Q4 2025 EBIT: -9.4 MSEK (Q4 2024: -0.01 MSEK); full-year: -64.1 MSEK (2024: -23.7 MSEK).
Cash flow for Q4 2025: -10.2 MSEK (Q4 2024: -115.4 MSEK); full-year: -65.2 MSEK (2024: -146.1 MSEK).
Cash and equivalents at year-end: 245.4 MSEK (2024: 310.6 MSEK).
Outlook and guidance
The investment environment remains cautious due to high interest rates and geopolitical tensions, leading to longer decision cycles and fewer investment projects.
The company expects continued relevance in technology-driven sectors like automation and digitalization, but emphasizes selective investment and capital allocation.
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Next Athanase Innovation earnings date
Q1 20265 May, 2026
Athanase Innovation
Next Athanase Innovation earnings date
Q1 20265 May, 2026
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Frequently asked questions
Athanase Innovation is an investment company that focuses on acquiring and managing holdings in businesses across various sectors, with an emphasis on innovation-driven companies. The company primarily targets firms that operate in technology, healthcare, and other industries where innovation is a key driver of growth. Athanase Innovation seeks to support these companies through strategic investments, aiming to foster long-term value creation. Its portfolio typically includes both private and publicly traded companies with high growth potential. The company is headquartered in Stockholm, Sweden, and its shares are listed on the TSX.
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