Kentima (KENH) Q4 2025 earnings summary

Executive summary

• Achieved record levels in revenue, gross profit, operating income, and sales of proprietary products in 2025, with strong growth across all business segments.

• Revenue increased by 35% year-over-year to 72,951 KSEK; gross profit rose 36% to 36,447 KSEK; operating income improved by 8,150 KSEK to 7,537 KSEK.

• Proprietary product sales grew 40% to 30,187 KSEK; Q4 revenue surged 46% year-over-year.

• Strategic investments in product development, organizational expansion, and AI integration supported growth and efficiency.

Financial highlights

• Q4 revenue: 21,419 KSEK (+46% YoY); Q4 gross profit: 10,872 KSEK (+53% YoY); Q4 EBIT: 2,353 KSEK (+826% YoY).

• Full-year EBITDA: 11,989 KSEK (+207% YoY); EBIT: 7,537 KSEK (from -613 KSEK); pre-tax profit: 6,348 KSEK (from -2,220 KSEK).

• Gross margin for 2025: 50% (up from 49%); operating margin: 10.3% (from -1.1%).

• Cash flow from operations: 9,043 KSEK (from 8,300 KSEK); total cash flow: -162 KSEK.

• Equity ratio improved to 68.0% (from 61.3%).

Outlook and guidance

• Management expects continued significant sales growth, especially for proprietary products, supported by expanded sales organization and new product launches.

• Positive market trends in automation and security, with increased customer investment willingness and ongoing international expansion.

• AI integration and new regional office in Karlskrona to drive future growth and efficiency.