Q4 sales exceeded SEK 1 billion, with full-year sales at SEK 3.8 billion, reflecting stable performance and strong profitability at the upper end of long-term objectives despite a soft market and defense sector delays.
Underlying operating profit margin reached a record 11.4% in Q4 and 10.1% for the year, the highest ever in both absolute and percentage terms, driven by efficiency and strategic investments.
Order backlog increased by 11%, with most deliveries due in 2026, indicating positive momentum for the coming year.
Acquisitions of Custom Electronics and UK-based Kasdon Group, along with major expansions in Torsby, Lund, and Finland, were completed using internal cash generation, strengthening market presence and production capacity.
Major expansion of the Torsby plant in Sweden doubled production capacity, supporting future growth.
Q4 operating cash flow was the weakest in nine quarters due to delayed customer payments, but these have since been resolved, and Q1 is expected to be stronger.
Net debt increased to SEK 403 million following acquisitions, but equity remains strong at 48%.
Q4 operating profit: SEK 113 million (SEK 98 million YoY); adjusted operating profit: SEK 114 million.
Q4 profit after tax: SEK 86 million (SEK 73 million YoY); full-year profit after tax: SEK 281 million (SEK 248 million YoY).
Custom Electronics contributed strong profitability, driven by efficient small-batch production processes.
Defence segment expected to deliver strong growth, with a +30% year-over-year target until 2030 supported by record order backlog.
Order backlog up 11% YoY, indicating positive momentum for 2026.
No dividend proposed for 2025 to maintain financial flexibility amid sector transformation.
Q1 2026 may see a softer start in Defence due to ongoing delays, but full-year growth is expected as deferred sales are realized.
Industrial, Security and Defence, and Communications segments have positive outlooks, while Medtech and Greentech are expected to be flat or slightly negative.
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