Amnode (AMNO) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 12.4 MSEK, down 22.5% year-over-year; full-year revenue was 50.5 MSEK, down 29.5% from 2024.

• EBITDA for Q4 improved to -0.2 MSEK from -3.2 MSEK; full-year EBITDA was -4.9 MSEK versus -4.1 MSEK in 2024.

• Net loss after tax for Q4 was -1.6 MSEK (improved from -4.5 MSEK); full-year net loss was -10.0 MSEK (2024: -8.7 MSEK).

• Result per share for the year was -1.41 SEK, an improvement from -2.58 SEK in 2024.

• Market conditions remained weak with low investment appetite and delayed customer decisions, but Q4 showed signs of operational improvement.

Financial highlights

• Q4 operating margin improved to -8.9% from -24.4% year-over-year; full-year margin declined to -15.2% from -9.3%.

• Cash flow from operations was -8.5 MSEK for the year, down from -2.4 MSEK in 2024.

• Investments in fixed assets totaled 1.2 MSEK, down from 5.4 MSEK in 2024.

• Net debt increased to 17.1 MSEK from 12.6 MSEK at year-end 2024.

• Equity at year-end was 3.1 MSEK (2024: 5.7 MSEK), or 0.23 SEK per share.

Outlook and guidance

• Focus for 2026 is on improving profitability through better capacity utilization, delivery precision, and cost discipline.

• Selective investments and customer mix will be prioritized to ensure healthy margins and cash flow.