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Terranor Group (TERNOR) investor relations material
Terranor Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 and full year 2025 saw strong revenue growth, profitability, and cash flow, supporting long-term strategic targets.
Revenue grew 14% year-over-year to 3,602.6 MSEK, with Q4 revenue up 29% to 1,223.2 MSEK.
Specialization in road operations and maintenance, with a focus on quality service and client needs, is driving performance.
Sweden is the main growth engine, benefiting from increased government funding and strong execution in core business.
The company completed a successful IPO and was listed on Nasdaq First North Premier in June 2025.
Financial highlights
Full-year revenue: 3,602.6 MSEK (up 14% year-over-year); Q4 revenue: 1,223.2 MSEK (up 29%).
Adjusted EBITDA for Q4 was SEK 48 million (4% margin); full-year adjusted EBITDA was SEK 98 million (3% margin), down 0.8% from prior year.
Adjusted EBITA for the year increased 10% to 98.1 MSEK; adjusted EBITA margin: 3% (flat year-over-year).
Adjusted operating cash flow: 302.8 MSEK (up 102% year-over-year); Q4 operational cash flow: SEK 201 million.
Operating profit (EBIT) was 15.5 MSEK (down from 65.9 MSEK); profit for the year: -23.1 MSEK.
Outlook and guidance
Entering 2026 with strong momentum, a solid order backlog, and improved cash flow.
Confident in achieving a 5% EBIT margin in the Swedish core business over a 12-month period.
Denmark expected to move into a significantly better margin area for 2026 after contract transitions.
Finland's profitability remains challenged by legacy contracts, with most expiring in 2027–2028; proactive negotiations underway.
Board proposes a dividend of 1.50 SEK per share.
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