Ependion (EPEN) Q4 2025 earnings summary

Executive summary

• Order intake increased 12% in Q4 to 639 MSEK, with a 4% rise when adjusted for acquisitions and currency effects; full-year order intake up 11% to 2,253 MSEK, 7% organic growth.

• Sales reached 582 MSEK in Q4, up 1% year-over-year, but down 2% when adjusted for acquisitions and currency; full-year net sales down 1% to 2,232 MSEK, a 5% organic decline.

• EBIT for Q4 was 58.3 MSEK (10.0% margin), impacted by SEK 16 million in negative currency effects and acquisition-related amortizations; full-year EBIT was 232.1 MSEK (10.4% margin).

• Free cash flow was strong at 68 MSEK in Q4; full-year free cash flow totaled 148.1 MSEK.

• The board proposes an increased dividend to 1.50 SEK per share, up by 0.25 SEK.

Financial highlights

• Net income in Q4 increased to 44 MSEK; full-year profit after tax was 146.7 MSEK.

• Q4 earnings per share rose to 1.37 SEK; full-year EPS was 4.73 SEK.

• Book-to-bill ratio for Q4 was 1.10x, with a backlog of 1.1 billion SEK.

• Gross margins strengthened throughout the year in both business entities.

• Equity ratio improved to 50.4% from 48.3% year-over-year.

Outlook and guidance

• Medium- and long-term outlook remains confident, with focus on digitalization, electrification, and sustainable transportation trends; management remains cautiously optimistic for 2026.

• Financial targets remain: 10% organic revenue growth and 15% operating margin.

• Ongoing investments in infrastructure and attractive markets support future growth.