Q-Interline (QINTER) H2 2025 earnings summary

Executive summary

• ARR revenue grew 13% year-over-year, now representing 45% of total revenue, stabilizing earnings amid weak system sales and global uncertainty.

• Total revenue declined 11% to DKK 34.8 million compared to 2024, mainly due to delayed system deliveries and cautious customer investments.

• EBIT was DKK -16.4 million, impacted by lower system sales and one-time costs for interim CFO and capital raise preparations.

• Significant late-year order intake (DKK 3.9 million) will be recognized in 2026, providing a strong starting backlog.

• Leadership changes: new CFO in October 2025 and new CEO from March 2026, with a focus on commercial strategy and profitability.

Financial highlights

• Revenue: DKK 34.8 million (down 11% year-over-year).

• EBIT: DKK -16.4 million (vs. DKK -12.3 million in 2024).

• Net result: DKK -17.7 million (vs. DKK -13.1 million in 2024).

• EBITDA margin: -44.5%; EBIT margin: -47.2%.

• Cash flow from operations: DKK -12.3 million (improved from DKK -18.1 million in 2024).

• Equity ratio: 21.9% (down from 36% in 2024).

• Average employees: 36.6 (up from 31.9 in 2024).

Outlook and guidance

• 2026 revenue guidance: DKK 45–55 million.

• 2026 EBIT guidance: DKK -8.0 to -1.0 million.

• Large order backlog and strong pipeline expected to drive growth, especially in the Nordics, France, Germany, USA, and UK.

• Sufficient liquidity for planned activities, supported by a DKK 4 million credit facility.