Martela (MARAS) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 increased by 8.1% year-over-year to EUR 93.7 million, but the company remained loss-making overall, with a net loss of EUR -3.5 million, though Q4 showed a slight operating profit.

• Operating result improved significantly from EUR -6.5 million to EUR -1.1 million, driven by higher revenue and cost reductions, but profitability was hampered by low-margin projects and restructuring costs.

• Market conditions in the Nordics remained challenging, with weak economic development, high office vacancy rates, and intense competition impacting demand and margins.

Financial highlights

• Q4 2025 revenue was EUR 22.8 million, down 8.0% year-over-year; full-year revenue was EUR 93.7 million, up 8.1%.

• Q4 operating result was EUR 0.1 million (vs. EUR -1.8 million prior year); full-year operating result was EUR -1.1 million (vs. EUR -6.5 million prior year).

• Net result for 2025 was EUR -3.5 million (vs. EUR -8.7 million prior year); EPS was EUR -0.75 (vs. EUR -1.87).

• Cash flow from operating activities improved to EUR 4.1 million (vs. EUR 0.1 million prior year).

• Gross capital expenditure was EUR 0.5 million (vs. EUR 0.4 million prior year).

Outlook and guidance

• Revenue is expected to decrease slightly in 2026, but the comparable operating result is anticipated to turn profitable due to a more favorable project mix and continued efficiency measures.

• Demand uncertainty remains high due to economic, geopolitical, and trade policy factors; no significant market recovery is expected in 2026.