Ranplan Group (RPLAN) H2 2025 earnings summary

Executive summary

• Net sales increased 14% in SEK year-over-year, with even stronger growth in USD terms due to currency effects and strong product demand; H2 2025 saw a 14% rise in SEK and 38% in USD.

• Record new customer acquisitions in H2 and for the full year, with major contract wins in Southeast Asia and the UK railway sector, displacing incumbents.

• Total income for 2025 was SEK 25.6 million, down from SEK 26.7 million in 2024, while net sales rose to SEK 14.1 million from SEK 12.9 million.

• Operating loss for 2025 was SEK -14.6 million, compared to SEK -12.0 million in 2024; net loss widened to SEK -16.1 million from SEK -14.5 million.

• Cash at year-end was SEK 1.8 million, with SEK 42.4 million of a SEK 50 million credit line undrawn.

Financial highlights

• Gross profit increased 8% year-over-year, with gross margin near 100% due to software licensing and reduced third-party costs.

• H2 2025 net sales reached SEK 7.1 million, up from SEK 6.2 million in H2 2024; total income was SEK 12.8 million, nearly flat year-over-year.

• Operating expenses remained flat year-over-year, with R&D making up 62% of OPEX and cost increases offset by currency effects and streamlining.

• Operating cash flow for 2025 was SEK -17.8 million, impacted by delayed tax credit collections.

• Earnings per share improved to SEK -0.26 for 2025 from SEK -0.31 in 2024.

Outlook and guidance

• Confident in competitive position and future profitability, with potential for rapid break-even and strong profit if major industry endorsements are secured.

• Management expects stable research income and R&D tax credits in 2026, assuming stable FX.

• Cash collections delayed in 2025 are projected to recover in H1 2026; expect reversal of temporary negative working capital effects.

• New long-duration research projects provide greater revenue visibility.

• Market share gains are anticipated as product awareness grows.