NFO Drives (NFO) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 decreased to SEK 3.3 million from SEK 9.3 million year-over-year, mainly due to the loss of the largest customer; excluding this, sales were on par with the previous year.

• Full-year 2025 net sales fell 46% to SEK 22.1 million from SEK 40.6 million in 2024, but sales to other customers (excluding the lost major customer) increased by 28%.

• EBIT for Q4 2025 was SEK -1.4 million (SEK 0.0 million in Q4 2024), impacted by lower sales and one-time costs for facility adjustments.

• EBIT for the full year was SEK -6.0 million (SEK -1.0 million in 2024), mainly due to lower invoicing and significant one-off costs.

• Bruttomarginal improved to 35.6% in Q4 2025 (26.0% in Q4 2024) and to 27.7% for the full year (25.0% in 2024), supported by in-house production of higher power units.

Financial highlights

• Q4 2025 net sales: SEK 3.3 million (Q4 2024: SEK 9.3 million); full-year 2025: SEK 22.1 million (2024: SEK 40.6 million).

• Q4 2025 gross profit: SEK 1.2 million (Q4 2024: SEK 2.4 million); full-year 2025: SEK 6.1 million (2024: SEK 10.2 million).

• Q4 2025 EBIT: SEK -1.4 million (Q4 2024: SEK 0.0 million); full-year 2025 EBIT: SEK -6.0 million (2024: SEK -1.0 million).

• Q4 2025 cash flow: SEK -3.2 million (Q4 2024: SEK -1.2 million); full-year 2025: SEK -7.3 million (2024: SEK -1.2 million).

• Year-end cash position: SEK 4.3 million (2024: SEK 11.6 million).

Outlook and guidance

• Early 2026 remains weak, prompting a cautious outlook.

• Positive customer response to new products and expected margin improvements as older, costlier product versions are phased out.

• Launch of a new 11 kW unit is on track, aiming to complete a product range up to 18.5 kW and strengthen market position.