NGS Group (NGS) Q4 2025 earnings summary

Executive summary

• EBITA improved to 1.1 MSEK in Q4 2025 from 0.5 MSEK year-over-year, despite a 23% revenue decline to 67 MSEK due to a weaker healthcare staffing market.

• Full-year EBITA reached 2.1 MSEK, a significant turnaround from -22.6 MSEK in 2024, with revenue down 19% to 283 MSEK.

• Goodwill impairment of 30 MSEK in Q4 led to a reported EBIT of -28.9 MSEK for the quarter and -27.9 MSEK for the year.

• The new Human Capital brand was positively received, and the group won new clients in both private and public sectors.

Financial highlights

• Q4 net income was -29.8 MSEK (vs. -0.3 MSEK), EPS -1.20 SEK (vs. -0.01 SEK).

• Full-year net income was -30.8 MSEK (vs. -71.9 MSEK), EPS -1.24 SEK (vs. -3.61 SEK).

• Q4 operating cash flow was 1.8 MSEK (vs. 5.0 MSEK); full-year operating cash flow was -9.3 MSEK (vs. -19.5 MSEK).

• No dividend proposed for the year.

Outlook and guidance

• Management expects the Human Capital segment to benefit from an anticipated economic upturn in Sweden in 2026.

• Strategic focus on digitalization, offering development, and cost savings, including office relocations for lower rent.