FormPipe Software (FPIP) Q4 2025 earnings summary

Executive summary

• Divestment of the Public sector/business area was completed, with a proposed SEK 14 per share (SEK 760 million total) distribution to shareholders.

• Strategic reorganization and leadership change implemented, including a new acting CEO and focus on scalability and Lasernet as the core business.

• Net sales for Q4 2025 reached SEK 60 million, up from SEK 59 million in Q4 2024, with recurring revenue at 91% of net revenue.

• EBIT improved to SEK 8 million from -SEK 6 million year-over-year, reflecting margin improvements from restructuring.

• Significant non-recurring costs of SEK 43 million in Q4, mainly related to divestment and personnel changes.

Financial highlights

• Q4 recurring revenue was SEK 55 million, representing 91% of turnover, and full-year recurring revenue was SEK 217 million, 89% of turnover, growing 9% year-over-year.

• Q4 EBITDA margin improved to 21%, up from 0% in Q4 2024; Q4 EBITDA was SEK 13 million.

• SaaS revenue grew 13% year-over-year, while support and maintenance declined.

• Net ACV was SEK 2 million in Q4, down from SEK 8 million in Q4 2024, impacted by churn in legacy products and a banking customer.

• One-off costs of SEK 43 million in Q4, related to divestment and restructuring.

Outlook and guidance

• Focus on organic growth and strengthening commercial capabilities in 2026, with continued investment in go-to-market and product development.

• Anticipated further cost savings in Q1 2026 due to completed headcount reductions.

• Rebranding to Lasernet Group to be completed by April 2026.

• Expectation of normalized ACV levels as legacy churn subsides.

• Continued investment in partner ecosystem and new collaborations, including with IFS.