Binero Group (BINERO) H2 2025 earnings summary

Executive summary

• Revenue for 2025 increased to 479.5 Mkr from 416.4 Mkr year-over-year, with annual recurring revenue at 309.7 Mkr as of December 31, 2025.

• EBITDA rose to 23.0 Mkr from 19.7 Mkr, but EBIT fell to -31.3 Mkr from 4.2 Mkr, mainly due to goodwill impairment and restructuring costs.

• Net result for the year was -49.7 Mkr compared to 12.9 Mkr in 2024, with EPS at -0.40 kr versus 0.12 kr.

• Strategic acquisitions, including Hibox Systems Oy Ab and IT Partner i Tromsø AS, expanded the Nordic footprint and SaaS offering.

• Workforce grew to 143 employees at year-end, up from 102.

Financial highlights

• Total revenues for 2025 were 481.2 Mkr, up from 417.2 Mkr year-over-year.

• EBITDA margin was 4.8% for the year, slightly up from 4.7% in 2024.

• Operating cash flow was 1.6 Mkr, down from 7.7 Mkr in 2024.

• Cash position at year-end was 55.2 Mkr, up from 33.9 Mkr.

• Soliditet (equity ratio) declined to 30% from 39% year-over-year.

Outlook and guidance

• New financial targets: organic growth of 10% per year, EBITDA margin of 12-14% (pre-acquisition/integration costs), and net debt not exceeding 3x EBITDA.

• Focus on scalable business areas: Cloud, Managed, and Connected Services.

• Integration of recent acquisitions and cost control measures expected to support margin improvement.