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 net sales, but positive EBITDA of SEK 17.5 M was achieved despite lower revenues.

• Operational cash flow was negative, primarily because of a delayed large project, but the company adapted to lower revenues.

• Data and services business grew 78.5% year-over-year, contributing high EBITDA margins, while products and missions faced challenges due to project delays.

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

• Several new satellites (Sedna 3 & 4, VIREON 1 & 2) are being prepared for launch, with 15 satellites expected to launch in the next six months.

Financial highlights

• Net sales were significantly below forecast at SEK 295.3 M due to project delays and external issues.

• Positive EBITDA of SEK 17.5 M was delivered despite revenue shortfall, marking a third consecutive year of positive EBITDA.

• Operational cash flow was negative at SEK -72.6 M, attributed to delayed project starts.

• Data and services segment grew 78.5% year-over-year, offsetting some weakness in other segments.

• Gross margin improved to 72% for the year, up from 64% in 2024.

Outlook and guidance

• 2026 is expected to be a strong year, with key projects coming online and a robust order pipeline.

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

• Maritime revenue is expected to increase in 2026, with Sterna-related revenues anticipated earlier than some market forecasts.

• Growth expected to accelerate through 2026 as launches and milestones move into operations.

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