Exsitec (EXS) Q4 2025 earnings summary

Executive summary

• Achieved 6% net sales growth in Q4 2025 (2% organic), with all segments reporting improved adjusted EBITDA/EBITA and margins year-over-year.

• Recurring software revenue reached SEK 225 million LTM, up 22% year-over-year, highlighting the strength of the recurring revenue model.

• Divested subsidiary Zedcom AB to InfraCom for SEK 31.9 million to focus on core digitalization and business-critical applications, with the transaction expected to close in Q1 2026.

• Maintains a diverse customer base across multiple industries and a growing workforce in the Nordics.

• Board proposes a dividend increase to SEK 1.90 per share, corresponding to 30% of profit after tax.

Financial highlights

• Q4 net sales: SEK 239 million (up 6% year-over-year), adjusted EBITDA/EBITA: SEK 43 million (up 42%), margin: 17.8%-18%.

• Full-year net sales: SEK 895 million (up 10%), adjusted EBITDA/EBITA: SEK 158 million (up 31%), margin: 17.7%.

• Recurring software revenue made up 25% of total revenues, growing 22% LTM.

• Q4 EPS: 1.87 SEK (up 97% year-over-year); full-year EPS: 6.39 SEK (up 45%).

• Cash flow from operating activities: SEK 153 million for the year (up 71%).

Outlook and guidance

• Targets at least 15% annual growth in net sales and adjusted EBITDA/EBITA per share over time.

• Net debt objective set at no more than 2x EBITDA.

• Dividend policy aims to distribute 20%-40% of profit after tax, considering financial position and growth opportunities.

• 2026 priorities include accelerating cloud and Microsoft-related business, increasing organic growth, and scaling new sales.

• Continued strategy to complement organic growth with acquisitions.