Carasent (CARA) Q4 2025 earnings summary

Executive summary

• Achieved 15% organic ARR growth and 16% reported organic growth year-over-year, with strong improvements in profitability and a robust sales pipeline.

• Q4 2025 delivered strong results, with net sales up 19% year-over-year and organic growth of 16%.

• Performance aligned with updated 2025 targets, with revenue and EBITDA both within guided ranges.

• AI initiatives, including the launch of MedSum and transition to OpenAI/ChatGPT, are enhancing productivity and opening new revenue opportunities.

• Major implementation of Volvat (Capio Norway) completed, transferring over 5 million medical records and onboarding 3,000 users.

Financial highlights

• Q4 2025 revenue reached SEK 93.6 million, up 19% year-over-year; full-year 2025 revenue was SEK 343.8 million, up from SEK 275.3 million in 2024.

• Subscription-based revenue grew 20% YoY in Q4; consulting and other revenue up 34% YoY, driven by major implementations and one-off projects.

• Q4 2025 EBITDA was SEK 23.8 million (margin 25%), up from SEK -8.7 million last year; adjusted EBITDA margin also 25%.

• Full-year EBITDA reached SEK 73.3 million (margin 21%), up from SEK 11.6 million; adjusted EBITDA margin 21%.

• Net income for Q4 was SEK 29.1 million, and SEK 34.8 million for the year, both positive reversals from prior losses.

Outlook and guidance

• Strong growth expected in the Nordics for 2026; German growth will be low in the near term as new products roll out from a small base.

• Sales capacity will be increased in Sweden and Germany, with a focus on new customer acquisition.

• Continued investment in product development, AI, and efficiency, with cost control and no drastic changes in OpEx for 2026 except for German sales and marketing.

• Revenue and EBITDA for 2025 were in line with updated targets, with continued focus on converting growth to EBITDAC.

• Large part of future growth expected to fall to the bottom line.