NRC Group (NRC) Q4 2025 earnings summary

Executive summary

• Achieved EBIT of NOK 141 million (2.1%) and revenue of NOK 6.6 billion in 2025, reflecting successful improvement programs and meeting guidance.

• Operating cash flow rose to NOK 247 million, with a Q4 cash release of NOK 196 million.

• Order backlog exceeded NOK 9 billion, with Q4 order intake up 22% year-over-year to NOK 2.2 billion, supporting future growth.

• Implemented cost-reduction measures in Norway and increased tender activity in Sweden and Finland.

• Net profit for 2025 was NOK 25 million, compared to a loss of NOK 1,000 million in 2024.

Financial highlights

• Q4 2025 revenue was NOK 1,708 million, stable year-over-year; EBIT improved to NOK 43 million from NOK -19 million in Q4 2024.

• Full-year EBIT reached NOK 141 million, a turnaround from NOK -820 million in 2024.

• Net profit for 2025 was NOK 25 million, compared to a loss of NOK 1,000 million in 2024.

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

• Earnings per share improved to NOK 0.14 from NOK -10.54 year-over-year.

Outlook and guidance

• Margin guidance for 2026 is above 3.0% with revenues around NOK 7.5 billion.

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

• Expecting significant revenue growth in the second half of 2026.

• No dividend proposed for 2025; ambition to distribute at least 30% of profit as dividend in future years.