Head Engineering (HEAD) Q4 2025 earnings summary

Executive summary

• Revenue rose to SEK 331.9m from SEK 281.7m; operating income reached SEK 92.4m and net income SEK 73.6m.

• VisPro AB was acquired on Dec. 3, adding TNT, RDX and HMX process-equipment expertise and references.

• Cash and bank balances increased to SEK 142.4m from SEK 105.1m at year-end.

Financial highlights

• Consolidated net sales were SEK 331.9m vs SEK 281.7m in 2024; other operating income was SEK 3.5m vs SEK 0.5m.

• Operating income rose to SEK 92.4m from SEK 60.4m; profit before tax was SEK 93.4m vs SEK 60.4m.

• Net income increased to SEK 73.6m from SEK 48.1m; income tax expense was SEK 19.8m vs SEK 12.3m.

• Total assets grew to SEK 396.6m from SEK 158.9m, with customer advances of SEK 197.8m vs SEK 71.9m.

Outlook and guidance

• A US customer commissioned preliminary engineering for a TOPP5000 plant; completion could lead to the first installation in the US market.

• TNT equipment for Greece is planned for delivery in 2026, with installation and startup expected in early 2027.

• A Swedish TNT project could begin in summer 2026, subject to Sweden Ballistics AB obtaining required permits.

• RDX/HMX preliminary engineering for a European customer is planned for delivery in April 2026; the customer will then consider further project execution.