Mentice
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Mentice (MNTC) investor relations material

Mentice 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 summary26 Feb, 2026

Executive summary

  • Q4 2025 saw strong organic growth in net sales and order intake, driven by MDI customers in the Americas and APAC, despite significant negative currency effects and macroeconomic uncertainty.

  • EBITDA margin improved to 25% in Q4, with EBITDA at SEK 23 million, supported by higher sales, cost-saving measures, and strategic realignment.

  • Strategic focus remains on expanding the MDI segment, especially in the Americas and APAC, while EMEA stabilized; physical simulation business consolidated in Denver to improve efficiency.

  • Board changes and a rights issue occurred, with Gulf Offshore Limited increasing its stake, signaling further growth focus.

  • Full-year results were negatively impacted by FX and restructuring costs, but momentum improved in H2.

Financial highlights

  • Q4 net sales: SEK 90.8 million (17.6% organic growth); full-year net sales: SEK 279.1 million (3.4% organic growth, -3.9% YOY, -7.3% currency effect).

  • Q4 order intake: SEK 127 million (25% organic growth); full-year order intake: 8% organic growth (2% FX-adjusted).

  • Q4 EBITDA: SEK 23 million (margin 24.8%), net income: SEK 13 million, EPS: 0.46 SEK.

  • Full-year EBITDA: SEK 3.4 million (margin 1.2%), net income: -32.3 million, EPS: -1.15 SEK; adjusted EBITDA (excluding realignment costs): SEK 10.9 million.

  • Operational cash flow was negative for the year due to higher working capital and accounts receivables from increased sales; cash at year-end: SEK 33.4 million.

Outlook and guidance

  • Entering 2026 with a strong project pipeline, improved cost structure, and strategic focus on MDI and HCS segments.

  • Cost base expected to remain stable in 2026, with only minor, revenue-linked investments.

  • R&D investments to remain flat as a percentage of sales, focusing on advanced simulation, AI, and VR/AR technologies.

  • Targeting 20–30% annual net sales growth and 20% EBITDA margin within three years.

  • Macroeconomic uncertainty, currency volatility, and potential tariffs remain key challenges.

HCS segment: specific initiatives for growth
R&D investment focus and financial impact 2026
How does broader MDI base affect revenue volatility?
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Frequently asked questions

Mentice AB provides endovascular simulation solutions to teaching entities, healthcare systems, and medical device manufacturers. It offers VIST (virtual intraluminal simulation and training), a platform that simulates endovascular treatments within the body's arteries; and accessories, including hardware equipment and catheters. The company also provides learning management software that gives central control of usage tracking, planning, and reporting for VIST. The company was incorporated in 1998 and is headquartered in Gothenburg, Sweden.

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