Inission
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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.
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Q4 2025 earnings summary20 Feb, 2026

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.

AXXE earn-out revaluation: impact on future dividends
EMS organic growth drivers for 2026
Enedo OEM: Q4 operational EBITA sustainability
Enedo's path to sustainable 6.7% EBITDA?
Elaborate on Enedo's strategic options review.
Defense industry ramp-up challenges and solutions?
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Frequently asked questions

Inission provides development and manufacturing services for electronic and mechanical products in Sweden. It offers development of electronics, design, software, mechanical structures, maintenance, certification, and testing services. The company serves engineering, marine, safety technology, medtech, control technology, instruments, offshore, environment, and vehicle industries.

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