Arribatec Group (ARR) Q4 2025 earnings summary

Executive summary

• Achieved fourth consecutive quarter of profitable growth, with Q4 2025 revenue reaching NOK 153m, up 14% year-over-year, and recurring revenue at NOK 67.4m, representing 44% of total revenue.

• EBITA improved to NOK 14.4m from negative NOK 15.8m in Q4 2024, marking robust profitability and a margin of 9.4%.

• Full-year 2025 saw 16% top-line growth and NOK 92m EBITA improvement, with an 8.7% EBITA margin.

• Cash balance at quarter-end was NOK 73.8m, with strong operational cash flow of NOK 21.9m.

• Transitioned from restructuring to scaling, leveraging market tailwinds in Sovereign Cloud and AI, and improved performance in EA & BPM.

Financial highlights

• Q4 revenue reached NOK 152.5m–153m, up 13.7–14% year-over-year; full-year revenue was NOK 579m, up from NOK 500m.

• EBITDA for Q4 was NOK 17.8m, NOK 28.6m higher than Q4 2024, with an 11.7% margin.

• Net profit after tax for Q4 was NOK 7.4m, compared to a loss of NOK 19.7m in Q4 2024.

• Operating cash flow in Q4 was NOK 21.9m, with cash at quarter-end at NOK 73.8m, more than triple the prior year.

• No interest-bearing debt; equity ratio improved to 63.6%.

Outlook and guidance

• Continued momentum expected across all business areas, with strong pipeline and high utilization rates anticipated in 2026.

• CapEx in 2026 expected to be in line with 2025, with Q4 seeing a one-off capitalization catch-up.

• No formal margin or financial targets provided; board evaluating future guidance.

• Positioned to benefit from regulatory tailwinds, including EU AI Act and Norway’s public sector AI adoption mandate.

• Operating leverage expected to support margin expansion as scale increases.