Inission (INISS) Q4 2025 earnings summary

Executive summary

• Q4 sales rose 23.7% to SEK 657 million, with organic growth at 14.5% after adjusting for Selteka acquisition; full-year revenue reached SEK 2,206.2 million, up 2.6% year-over-year, driven by Selteka and AXXE acquisitions.

• Q4 EBITDA was SEK 38.6 million, up SEK 20.8 million year-over-year, despite restructuring costs; full-year EBITA was SEK 111.1 million (5.0% margin), down from SEK 124.9 million (5.8%) in 2024.

• Cash flow from operations improved significantly to SEK 178.4 million for the year, with Q4 cash flow at SEK 101 million; net debt/EBITDA reduced to 2.3x.

• Board proposes a dividend of SEK 0.6 per share for shareholder approval in May, temporarily exceeding the 30% payout policy due to strong cash flow.

• Enedo returned to positive EBITDA in Q4 after restructuring, with expectations for stable margins if volumes hold.

Financial highlights

• Full-year sales increased by SEK 56 million to SEK 2.206 billion, with Selteka and AXXE contributing SEK 106 million; organic sales for the year decreased by SEK 50 million (2.3%).

• Q4 2025 revenue was SEK 657.0 million, up 23.7% year-over-year; EBITA was SEK 38.6 million (5.9% margin).

• Full-year EBITDA was SEK 111 million (5% margin), SEK 14 million lower than prior year due to slow start and Enedo losses; full-year EBITDA margin was 9.1% (9.8% in 2024).

• Non-recurring financial cost of SEK 20.9 million from AXXE acquisition impacted profit after tax; EPS dropped from SEK 0.4 to -SEK 0.1 in Q4.

• Book-to-bill ratio for Q4 was 1.1, indicating sustained demand; equity ratio at 39.7%.

Outlook and guidance

• 2026 sales target set at SEK 2.3–2.5 billion, with EBITDA margin above 6%; midterm goal is 15% annual sales growth (10% organic, 5% acquisition) and 9% EBITDA margin.

• Management expects higher activity level to persist into 2026, supported by industrial recovery and strong demand in defense and infrastructure.

• Revised 2025 financial targets: revenue between SEK 2.1–2.2 billion and EBITA margin around 5%.

• Internal ambitions are higher than public targets; management views current targets as achievable base case.

• Enedo expected to maintain positive margins if volumes are stable, but full-year margin target is 2%.