Honkarakenne (HONBS) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were EUR 37.2 million, up 1.2% year-over-year, but operating profit declined to EUR -4.0 million from EUR -2.4 million.

• Adjusted operating profit was EUR -3.9 million, and adjusted profit before taxes was EUR -4.3 million.

• The order book grew 12% to EUR 24.8 million, reflecting increased project business orders.

• The Board proposes no dividend or capital repayment for 2025.

Financial highlights

• H2 2025 net sales fell 8% to EUR 20.4 million; H2 operating profit was EUR -1.2 million.

• Full-year earnings per share were EUR -0.70, down from EUR -0.37.

• Net financial liabilities rose to EUR 1.0 million from EUR -0.5 million.

• Equity ratio stood at 53.1%, down from 59.7%.

• Gross investments totaled EUR 0.9 million, mainly for production line upgrades.

Outlook and guidance

• 2026 net sales are expected to rise to EUR 42–45 million, with EBIT between EUR -1.0 and +0.5 million.

• Growth is anticipated in both domestic and export project businesses, though economic and geopolitical uncertainties persist.