NRC Group (NRC) Q4 2025 earnings summary

Executive summary

• Achieved NOK 141 million in EBIT for 2025 (2.1% margin) on NOK 6.6 billion revenue, reflecting successful improvement programs and profitability gains year-over-year.

• Operational cash flow improved to NOK 247 million, with a Q4 cash release of NOK 196 million.

• Order backlog exceeded NOK 9 billion, with Q4 order intake of NOK 2.2 billion and execution weighted toward H2 2026.

• Implemented cost-reduction programs in Norway and Finland, targeting NOK 40 million in annual savings.

• Net profit for 2025 was NOK 25 million, a turnaround from a NOK 1,000 million loss in 2024.

Financial highlights

• Q4 2025 revenue was NOK 1.7 billion, flat year-over-year; Q4 EBIT was NOK 43 million (2.5% margin), up from negative NOK 19 million last year.

• Full-year EBIT was NOK 141 million (2.1% margin), up from NOK -820 million in 2024.

• Net profit for 2025 was NOK 25 million; earnings per share improved to NOK 0.14 from NOK -10.54.

• Operating expenses decreased to NOK 6,197 million from NOK 6,790 million year-over-year.

• Net interest-bearing debt at year-end was NOK 752 million; equity ratio at 40%.

Outlook and guidance

• 2026 guidance: revenue of approximately NOK 7.5 billion and EBIT margin above 3.0%.

• Long-term target for 2028: revenue above NOK 10 billion and EBIT margin above 5.0%.

• Order backlog supports execution mainly in H2 2026; strong tender activity expected in H1 2026.

• No dividend proposed for 2025; future distributions subject to leverage ratio requirements.