SFC Energy (F3C) Q4 2025 earnings summary

Executive summary

• 2025 was a year of consolidation and strategic alignment, with a focus on defense, public security, and international expansion, including new production in the US and investment in Oneberry Technologies to strengthen presence in Asia-Pacific and Security-as-a-Service.

• Q4 2025 marked a return to growth with sales of €40–40.6 million, the strongest quarter of the year.

• Approximately 50% of 2025 sales were generated in defense, public, and civil security markets, with a structural shift toward these segments.

• Strategic initiatives included expanding global market presence, investing in technological leadership, and scaling in Southeast Asia.

Financial highlights

• 2025 sales were €143.3–144.8 million, down 1% or up 1% year-over-year depending on source, and slightly below the lower end of guidance.

• Adjusted EBITDA for 2025 was €16.7 million (margin 11.6%), and Adjusted EBIT was €8.9 million (margin 6.2%), both down from 2024 but slightly above the latest forecast.

• Q4 profitability improved due to favorable product mix and price implementation.

• Currency headwinds, tariffs, and delayed defense projects in India impacted results.

• Group order backlog at year-end was €78.6 million, down from €104.6 million in 2024.

Outlook and guidance

• 2026 revenue guidance is €150–160 million, with Clean Energy segment and defense/security customers expected to drive growth.

• Adjusted EBITDA targeted at €20–24 million; Adjusted EBIT at €11–15 million, with margin improvement expected.

• Growth expected in all regional markets, especially Asia and Europe, with continued focus on high-margin products.

• Risks include precious metal prices, currency volatility, macroeconomic/geopolitical uncertainties, and defense project delays.