Enzymatica (ENZY) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 18.3% year-over-year to SEK 53.9 million, with Q4 sales up 6.8% to SEK 18.3 million compared to Q4 2024.

• Operating loss for the year was SEK -51.4 million, a slight improvement from SEK -52.1 million in 2024.

• ColdZyme's pharmacy sales in Sweden grew 12.1% in value, outpacing the market's 3.3% growth and increasing market share to 5.8%.

• Cash flow from operating activities improved to SEK -41.0 million from SEK -60.5 million in 2024.

• New CEO Sana Alajmovic appointed in February 2026, with a focus on structured partnerships and international expansion.

Financial highlights

• Gross margin for 2025 was 61%, down from 67% in 2024, impacted by higher manufacturing costs.

• Net cash at year-end was SEK 32.1 million, down from SEK 73.0 million the previous year.

• Earnings per share for 2025 were SEK -0.21, an improvement from SEK -0.28 in 2024.

• Q4 operating loss narrowed to SEK -10.2 million from SEK -13.7 million in Q4 2024.

Outlook and guidance

• Board is reviewing financial targets, with updated goals to be presented in late 2026.

• Focus remains on accelerating international expansion and executing new partnership agreements.