Micro Systemation (MSAB) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and operating profit in 2025, with 14% reported growth and nearly 20% currency-adjusted growth year-over-year, marking the most successful year to date.

• Profit increased to SEK 68 million from SEK 46 million, with a margin of nearly 15%.

• Growth strategy, product innovation, and operational efficiency drove strong results, especially in EMEA and APAC.

• Customer adoption of XRY Pro and UNIFY Collaborate solutions increased, with positive feedback on product capabilities and support.

• Investments in product development and personnel have led to a market-leading product portfolio and improved organizational efficiency.

Financial highlights

• Net sales for 2025 rose 14.1% year-over-year to SEK 461.8 million; currency-adjusted growth was 19.7%.

• Q4 recognized revenue was SEK 141 million, the second-best quarter historically, with 20% net growth and 30% currency-adjusted growth.

• Operating profit (EBIT) increased to SEK 68 million, with an EBIT margin of 15% (18% FX-adjusted).

• Gross margin for 2025 was 93.1% (down slightly from 94.2%).

• Cash flow from operating activities was SEK 102 million for the year; year-end cash balance was SEK 160 million.

Outlook and guidance

• Continued investments in product development and personnel are expected, which may temporarily impact profitability.

• Military sector identified as a key growth area for the coming year.

• Strong momentum anticipated in APAC and military/defense sectors, with high expectations for U.S. market recovery if administrative challenges subside.

• Focus remains on high-potential regions and maintaining organizational efficiency.