EcoUp (ECOUP) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was €29.3 million, down 4.4% year-over-year; excluding M&A effects, revenue grew 2%.

• EBITDA for 2025 was €0.7 million (2.4% margin), a significant decline from €2.8 million (9.0%) in 2024.

• EBIT for 2025 was -€3.0 million (-10.3% margin), compared to -€1.0 million (-3.1%) in 2024.

• Net result for 2025 was -€3.0 million, with EPS at -€0.33 versus -€0.15 in 2024.

• Major events included the acquisition of Isoleringslandslaget AB, divestment of Uudenmaan Imupalvelu Oy, and leadership changes.

Financial highlights

• Q4 2025 revenue was €9.3 million, down 8% from Q4 2024; excluding M&A, revenue grew 1%.

• Q4 EBITDA was €0.8 million (8.5% margin), down from €1.3 million (13.2%) in Q4 2024.

• Full-year net investments were €1.7 million (2024: €2.4 million), with €1.0 million in technology business.

• Cash flow from operations was -€0.9 million, down from €2.6 million in 2024.

• Material and service costs for 2025 were €10.2 million (34.9% of revenue), up as a share of sales.

Outlook and guidance

• 2026 revenue expected to remain at 2025 levels; EBITDA margin is forecast to improve.

• Medium-term targets (2026–2028): insulation business revenue >€40 million and EBITDA margin >10% by 2028.

• Technology business aims for positive operating cash flow by end of 2026.

• 2025 revenue included €2.2 million from discontinued operations.