Seafire (SEAF) Q4 2025 earnings summary

Executive summary

• Net sales for FY 2025 reached SEK 929 million, up 3% year-over-year, with Q4 sales up 11%, all organic growth.

• Adjusted EBITA increased 66% in Q4 to SEK 10 million and 17% for the year to SEK 49 million, driven by higher sales and stable gross margins.

• Strong operating cash flow before tax was SEK 66 million for the year, supported by improved working capital and restrained investments.

• Strengthened management with new CFO, COO, and subsidiary CEOs; implemented structural projects and changed governance model.

• Active acquisition pipeline, new visual identity, and no dividend proposed for 2025.

Financial highlights

• Full-year gross margin improved to 46% from 45%; Q4 gross margin stable at 45%.

• Q4 EBITA was SEK -8 million, impacted by SEK 18 million in restructuring costs; adjusted EBITA margin improved to 4%.

• Full-year EBITA was SEK 33 million (margin 4%), with adjusted EBITA margin at 5%.

• Operating cash flow before tax was SEK 66 million, up from SEK 49 million in 2024.

• 10 out of 12 subsidiaries were profitable at the adjusted EBITDA level; average adjusted EBITDA margin was 16%.

Outlook and guidance

• Focus for 2026 includes securing successful restructuring, improving gross margins and working capital, leveraging operational scale, and renewed acquisition activity.

• Markets expected to continue recovering in 2026, though Q4’s growth pace unlikely to persist.

• Discontinued operations may negatively impact sales but are expected to improve earnings and cash flow.