Norden Estates (NORDEN) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of transformation, with a public listing, acquisition of Zustainment Bygg AB, and establishment of a scalable operational platform for industrial and logistics projects.

• Revenue rose sharply to 14.9 MSEK from 1.8 MSEK year-over-year, reflecting active project operations.

• Operating loss was -6.8 MSEK and net loss after financial items was -7.6 MSEK, in line with the expansion phase.

• Key projects included completion in Hörby and the start of the first fully in-house contract in Ystad.

• Verified energy performance in reference projects showed up to 60% lower energy use and 90% lower CO2 emissions compared to regulatory baselines.

Financial highlights

• Full-year revenue: 14.9 MSEK (up from 1.8 MSEK year-over-year).

• Operating result: -6.8 MSEK; net result after tax: -7.6 MSEK.

• Q4 revenue: 4.6 MSEK; Q4 operating result: -1.6 MSEK.

• Equity at year-end: 17.1 MSEK; net debt: 11.5 MSEK.

• Cash and cash equivalents at year-end: 2.0 MSEK.

Outlook and guidance

• Focus for 2026 is on stable project delivery, improved margin discipline, and increased revenue with controlled costs.

• Targeting positive operating result in 2026 through higher project volume and efficiency.

• Swedish market prioritized for 2026, with international expansion planned once scalability is achieved.