Nilsson Special Vehicles (NILS) Q4 2025 earnings summary

Executive summary

• Achieved positive EBITDA and net profit for 2025 despite a 23% revenue decline year-over-year, reflecting successful cost reductions and structural changes.

• Prioritized profitability over volume, focusing on margin improvement, cost control, and cash flow.

• Continued investments in automation, digitalization, and the development of the fully electric Nilsson ES90 hearse.

Financial highlights

• Net revenue for 2025 was 172,404 KSEK, down 23% from 223,031 KSEK in 2024.

• EBITDA improved to 3,117 KSEK from -1,252 KSEK year-over-year.

• Net profit after tax was 2,209 KSEK, compared to a loss of -5,029 KSEK in 2024.

• Operating cash flow was 6,491 KSEK, up from -5,753 KSEK the previous year.

• Order intake and backlog both declined significantly year-over-year.

Outlook and guidance

• Management expects continued positive development, supported by a stronger financial position and ongoing strategic initiatives.

• No dividend proposed for 2025.