AAC Clyde Space (AAC) Q4 2025 earnings summary

Executive summary

• 2025 performance was below expectations, with net sales at SEK 295.3 M, down 16.3% year-over-year, mainly due to delays in two major programs impacting growth targets.

• EBITDA for the year was SEK 17.5 M, marking a third consecutive year of positive EBITDA despite lower revenues and challenging conditions.

• Data and services business grew significantly, with net sales up 78.5% to SEK 80.1 M, offsetting some challenges in products and missions.

• A new long-term investor, Bonnier Capital, joined via a directed investment of up to SEK 140 M, supporting future development and strategy.

• Several new satellites (Sedna 3/4, VIREON 1/2) are being prepared for launch, expanding the company's fleet and capabilities.

Financial highlights

• Net sales were below forecast due to project delays and external issues, with SEK 32 million in revenue shifted from 2025 to 2026.

• Gross margin improved to 72% for the year and 77% in Q4.

• Cash flow from operating activities was SEK -72.6 M for the year, compared to SEK 56.8 M in 2024.

• Data and services segment grew 78.5% year-over-year, contributing high EBITDA margins.

• Order backlog at year-end was SEK 351.8 M, down from SEK 641.2 M a year earlier.

Outlook and guidance

• 2026 is expected to be a strong year, with key projects (EPS-Sterna, xSPANCION Phase 2) coming online and growth expected to accelerate.

• Full-year guidance will be provided once the EPS-Sterna situation is resolved, as its impact is significant.

• Maritime and data revenues are expected to increase, with new satellite launches supporting growth.

• EUMETSAT's approval of the EPS-Sterna programme post-year-end removed uncertainty and is expected to drive operational activity in 2026.

• Launch of fifteen satellites planned in the next six months, including the first two VIREON™ Earth observation satellites.