Ovzon (OVZON) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue growth and improved profitability in Q4 2025, driven by increased sales of SATCOM services and mobile satellite terminals.

• Secured major customer wins, including a 240 MSEK agreement with a European NATO customer and a 58 MSEK supplementary order from FMV for Ovzon 3-based solutions.

• Order book exceeded 1.0 billion SEK, ensuring multi-year revenue visibility and supporting growth into 2027.

• Focused on expanding the customer base, maximizing Ovzon 3 capacity utilization, and scaling operations for long-term growth.

• Appointed a new CTO post-quarter to strengthen technology leadership.

Financial highlights

• Q4 2025 revenue reached 277 MSEK, up 159% YoY; full-year revenue was 735 MSEK, up 120% YoY.

• Q4 EBITDA improved to 115 MSEK (from 17 MSEK YoY), margin 42%; full-year EBITDA was 291 MSEK (from -0 MSEK).

• Q4 EBIT was 74 MSEK (from -18 MSEK YoY), margin 27%; full-year EBIT was 140 MSEK (from -82 MSEK).

• Q4 profit after tax was 90 MSEK (from -71 MSEK YoY), EPS 0.81 SEK; full-year profit after tax was 137 MSEK (from -162 MSEK), EPS 1.23 SEK.

• Cash flow for Q4 was -46 MSEK (from 38 MSEK YoY); full-year cash flow was 45 MSEK (from -123 MSEK).

Outlook and guidance

• Order book of over 1.0 billion SEK provides visibility and supports revenue and profitability into 2027.

• Prioritizing disciplined execution, customer base expansion, and profitability in 2026.

• No dividend proposed for 2025 to support growth initiatives.

• Continued focus on maximizing Ovzon 3 utilization and evaluating additional proprietary satellites.