Safestate Group (STATE) Q4 2025 earnings summary

Executive summary

• Achieved significant growth through acquisitions of Safestate and Safeweb, with both integrated into consolidated results during 2025.

• Transitioned to a unified brand and platform, targeting operational efficiencies and scalability.

• Surpassed 1 million active subscribers and expanded into new European markets.

Financial highlights

• Q4 2025 pro forma sales reached KSEK 14,432, up from KSEK 9,616 year-over-year; full-year pro forma sales were KSEK 57,344 versus KSEK 25,198.

• Q4 EBITDA (excluding restructuring) was KSEK 8,214 (57% margin); full-year adjusted EBITDA was KSEK 20,926.

• Q4 net result was KSEK -13,060; full-year net result was KSEK -23,805, but would have been positive at MSEK 5.0 under IFRS.

• Cash balance at year-end was MSEK 22.8.

• Equity at year-end was KSEK 278,222, up from KSEK 60,266.

Outlook and guidance

• Targeting 200M SEK in ARR by year-end through organic growth and further acquisitions.

• Board considering IFRS transition to better reflect profitability.