Guldbrev (GULD) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 rose 99% year-over-year to 121.4 MSEK, driven by strong customer inflow and increased marketing efforts.

• Full-year 2025 net revenue increased 125% to 404.9 MSEK, with growth across all core markets and a solid position in the Nordics.

• Operating profit for Q4 was 21.3 MSEK, up 37% year-over-year; adjusted operating profit was 22.7 MSEK, reflecting IPO-related costs.

• Board proposes a dividend of 2.02 SEK per share, a 10% yield based on the IPO price.

Financial highlights

• Q4 EBITDA reached 23.1 MSEK (17.4 MSEK in Q4 2024); adjusted EBITDA was 24.5 MSEK, with a margin of 20.2%.

• Full-year EBITDA was 99.1 MSEK (45.7 MSEK in 2024); adjusted EBITDA was 104.0 MSEK, margin 25.7%.

• Q4 operating margin was 17.5% (25.5% in Q4 2024), impacted by higher marketing costs; full-year margin was 22.6% (21.2%).

• Net income for Q4 was 14.9 MSEK (10.6 MSEK in Q4 2024); full-year net income was 70.8 MSEK (28.3 MSEK in 2024).

• Cash flow from operations in Q4 was 36.2 MSEK (20.2 MSEK in Q4 2024); full-year was 86.7 MSEK (34.9 MSEK in 2024).

Outlook and guidance

• Management expects continued profitable growth in 2026, with strong foundations and a scalable business model.

• Expansion in Germany is progressing, with increasing customer inflow and positive outlook for 2026.