Qben Infra (QBEN) Q4 2025 earnings summary

Executive summary

• Completed a strategic transformation from a diversified conglomerate to a focused energy infrastructure group centered on power supply, energy storage, and electrification, with major structural changes including divestments and acquisitions.

• Executed two major divestments, raising over NOK 850m and SEK 140m, including Qben Rail and Kvalitetsbygg, sharpening strategic direction and improving financial flexibility.

• Achieved a significant EBITA turnaround, moving from -69m to +70m over three years, with a 10% adjusted EBITA margin, outperforming listed Nordic peers.

• Entered 2026 with a leaner structure, reduced group overhead by 62%, and a strengthened balance sheet.

• The group is now positioned to capitalize on strong energy market trends in the Nordics.

Financial highlights

• FY2025 revenue from continuing operations reached MSEK 1,168, with adjusted EBITA of MSEK 91 and a 7.8% margin.

• Net sales from continuing operations reached 1,032 MSEK for 2025, up from 173 MSEK year-over-year.

• 2026 guidance targets revenue of ~MSEK 1,550 and EBITA of ~MSEK 146 (9.4% margin), excluding group overhead.

• Group overhead reduced from SEK 92m to SEK 35m, driven by personnel and consultant cuts and office consolidation.

• Cash flow from operations for Q4 was 228 MSEK; net debt at year-end was 797 MSEK; equity 418 MSEK.

Outlook and guidance

• 2026 revenue guidance of ~MSEK 1,550 and EBITA of ~MSEK 146, with Power as the core growth engine and expansion into Sweden.

• Strategic focus is now on Qben Power and the Swedish energy market, aiming for rapid and profitable growth.

• All business areas expected to improve EBITA in 2026, with Power forecasted at SEK 94m, Team Bygg at SEK 39m, and Inspection at SEK 13m.

• Team Bygg spin-off and listing planned for H2 2026, with shares to be distributed as a dividend.

• Long-term financial targets: organic growth >10%, EBITA margin >10%, net debt/EBITDA <2.0x, dividend up to 30% of net profit.