Rovsing (ROV) Q4 25/26 earnings summary

Executive summary

• 2025/26 was a year of consolidation and stabilization, with revenue and activity levels maintained close to the prior year despite a 20% revenue decline due to project delays and lower order intake.

• EBITDA fell to DKK -3.5 million, impacted by one-time effects from project replanning and a DKK 0.9 million provision for closing activities in Kourou.

• A successful capital increase and loan-to-equity conversion, along with new credit facilities, improved capital structure and liquidity.

• CEO transition occurred, with a new CEO joining in October 2026 and the CFO acting as interim CEO.

Financial highlights

• Revenue for 2025/26 was DKK 30.7 million, down from DKK 37.0 million in 2024/25 (20% decrease).

• EBITDA was DKK -3.5 million (2024/25: DKK 1.3 million); EBIT was DKK -7.3 million (2024/25: DKK -1.0 million).

• Net loss for the year was DKK 8.8 million, compared to a loss of DKK 2.9 million in 2024/25.

• Order backlog at June 30, 2026 was DKK 18.1 million (2024/25: DKK 39.7 million); order intake was DKK 11.9 million (2024/25: DKK 37.8 million).

• Cash flow from operating activities was DKK -6.2 million (2024/25: DKK -0.4 million); cash flow from financing activities was DKK 7.7 million.

Outlook and guidance

• Management expects 2026/27 revenue between DKK 27–34 million and EBITDA between DKK -4 and 0 million, with revenue weighted toward the latter part of the year.

• Realization of guidance depends on successful conversion of pipeline opportunities and timely project execution; delays could impact revenue recognition and EBITDA.

• The sales pipeline is strong at DKK 151.5 million, with a probability-weighted approach used for budgeting.