Induct (INDCT) Q4 2025 earnings summary

Executive summary

• Cost reduction and business right-sizing led to a full-year EBITDA of 7.5 MNOK, up 7.8 MNOK year-over-year.

• Operating revenue for Q4 2025 was stable compared to Q4 2024, but full-year revenue declined by 3 MNOK due to higher churn in OSINT Analytics AS.

• Operating costs were reduced by 10.4 MNOK, and refinancing lowered financing costs by nearly 6 MNOK, improving after-tax profit by 13.5 MNOK for the year.

• Commercial discussions with AstraZeneca for the care-pathway platform are progressing, with an agreement targeted for Q1 2026.

• The master data and data management foundation was strengthened, supporting future scalability and AI integration.

Financial highlights

• Q4 2025 platform revenue was NOK 3.5 million, nearly flat year-over-year; consulting revenue declined by 100 KNOK.

• Full-year EBITDA reached 7.5 MNOK, up from -0.3 MNOK in 2024.

• Net profit before tax for Q4 2025 was -3.6 MNOK, similar to Q4 2024; full-year net loss improved to -7.1 MNOK from -20.6 MNOK.

• Gross margin for the year was 96.5% for platform and 82.9% for consulting.

• Total operating expenses for the year decreased by 10.4 MNOK year-over-year.

Outlook and guidance

• Focus remains on driving revenue growth, enhancing EBITDA, and delivering sustainable long-term value.

• 2026 is positioned as a year of execution and delivery on market opportunities, with profitability at the core.

• Expansion into new clinical areas and international markets is planned, leveraging the scalable care-pathway platform.