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Inission (INISS) investor relations material
Inission Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 sales rose 23.7% to SEK 657 million, with organic growth of 14.5% after adjusting for Selteka acquisition; full-year revenue reached SEK 2,206.2 million, up 2.6% year-over-year, driven by Selteka and AXXE acquisitions.
EBITDA for Q4 was SEK 38.6 million, up SEK 20.8 million year-over-year, despite restructuring costs; full-year EBITA was SEK 111.1 million (5.0% margin), down from 124.9 million (5.8%) in 2024.
Cash flow from operations improved significantly to SEK 178.4 million for the year, with Q4 cash flow at SEK 101 million; net debt/EBITDA ratio reduced to 2.3x.
Board proposes a dividend of SEK 0.6 per share, temporarily exceeding the 30% payout policy due to strong cash flow.
Net income per share was SEK 1.3, down from SEK 3.3 in 2024.
Financial highlights
Full-year sales increased by SEK 56 million to SEK 2.206 billion, with Selteka and AXXE contributing SEK 106 million; organic sales decreased by SEK 50 million or 2.3%.
Q4 2025 revenue was SEK 657.0 million, up 23.7% year-over-year; EBITA was SEK 38.6 million (5.9% margin).
Full-year EBITDA was SEK 111 million (5% margin), SEK 14 million lower than last year due to a slow start and Enedo losses in the first three quarters.
Book-to-bill ratio for Q4 was 1.1, indicating sustained demand.
Net debt at year-end was -468.1 MSEK, with a solid equity ratio of 39.7%.
Outlook and guidance
Financial targets for 2026: sales of SEK 2.3–2.5 billion and EBITDA margin above 6%.
Midterm targets: 15% annual sales growth (10% organic, 5% M&A), 9% EBITDA margin, and net debt/EBITDA between 1.0x–2.5x.
Management expects higher activity levels to persist into 2026, supported by industrial recovery and strong demand in defense and infrastructure.
Revised 2025 financial targets: revenue between SEK 2.1–2.2 billion and EBITA margin around 5%.
Management expects further margin improvement if current volume levels are maintained.
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