I-Tech (ITECH) Q4 2025 earnings summary

Executive summary

• Achieved average annual growth of 30% since IPO in 2018, but Q4 2025 net sales declined 33% year-over-year and full-year sales fell 6% to SEK 168.1–169 million.

• Despite sales decline, gross profit increased 1.5% to SEK 96 million and gross margin improved to 57%.

• Diversification efforts led to over 100% growth for smaller accounts and 96% volume growth to China.

• Maintained strong financial resilience and continued to invest in business development and regulatory processes.

• Operating profit for Q4 was SEK 7.6 million, and SEK 41.0 million for the year, both lower than the previous year.

Financial highlights

• Q4 2025 net sales: SEK 38.7 million (down 33% year-over-year); full-year net sales: SEK 168.1–169 million (down 6%).

• Gross margin improved to 57% in both Q4 and full-year 2025, up from 54%/53% the previous year.

• Q4 EBITDA: SEK 9.6 million (down 49%); full-year EBITDA: SEK 49.0 million (down 9%).

• Operating cash flow increased 104% in Q4 and 84% for the year; cash balance at year-end: SEK 148.2–150 million.

• Ordinary dividend proposed to increase to SEK 1.25 per share.

Outlook and guidance

• Positive long-term outlook, especially in Asia, with continued growth expected in China and new product launches in Korea.

• Shipyard output and world fleet growth expected to continue, supporting maintenance and repair demand.

• Maintenance and repair market seen as a key growth area, with service events far outnumbering newbuilds.

• Company is preparing for regulatory challenges in the EU and investing in capability expansion and new hires.

• No specific forward-looking financial guidance provided.