Raute (RAUTE) Q4 2025 earnings summary

Executive summary

• Achieved record-high comparable EBITDA of EUR 26.1 million in 2025 (14.9% margin), despite a 14.2% drop in net sales to EUR 175.5 million, driven by operational efficiency and strong project execution.

• Operational execution and efficiency improvements, including supply chain optimizations and disciplined project delivery, supported profitability.

• Workforce reduced to 698, partly due to the closure of China operations and efficiency measures.

• Order intake declined 24.5% to EUR 91 million, with the order book at EUR 98 million at year-end, reflecting postponed customer investments.

• Strategic focus included closing the China facility, expanding modernization and subscription-based business, and enhancing local service presence.

Financial highlights

• Net sales for 2025 were EUR 175.5 million, down from EUR 204.6 million; Q4 net sales were EUR 36.2 million.

• Comparable EBITDA margin reached 14.9% for the year and 15.8% in Q4, both at record levels.

• Full-year comparable EPS was EUR 2.70, with Q4 comparable EPS at EUR 0.62.

• Q4 cash flow was nearly EUR 13 million, with net working capital at -EUR 1.2 million at year-end.

• Capex for 2025 totaled EUR 4.6 million, up from EUR 2.8 million.

Outlook and guidance

• 2026 net sales guidance: EUR 135–170 million, with comparable EBITDA expected at EUR 10–19 million, both down from 2025.

• Management expects market volatility to persist but believes the market has passed its lowest point.

• Dividend proposal of EUR 0.65 per share and a share buy-back program up to EUR 1.5 million or 100,000 shares.