SinterCast (SINT) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 declined 26% year-over-year to SEK 26.4 million, mainly due to a slowdown in commercial vehicle sales and negative exchange rate effects.

• Full-year 2025 revenue fell 20% to SEK 108.0 million, with recurring revenue making up 90% of the total.

• Operating result for Q4 was SEK 5.8 million (down 39%), and for the full year SEK 32.8 million (down 24%), with margins pressured by lower volumes but partially offset by cost reductions.

• Earnings per share for Q4 was SEK 0.55 (down 47%), and SEK 3.49 for the year (down 28%).

• Cashflow from operations dropped to SEK 1.6 million in Q4 and SEK 35.1 million for the year, impacted by delayed customer payments and lower operating results.

• Proposed ordinary dividend for 2025 is SEK 3.00 per share, with no extraordinary dividend, reflecting a more cautious approach after a challenging year.

Outlook and guidance

• Signs of recovery are emerging in the foundry and automotive sectors, with European commercial vehicle order books up 20% in Q4.

• New high-volume programmes are set to begin production in 2026, 2027, and 2028, expected to drive growth above market recovery.

• Long-term target raised to 8 million Engine Equivalents by 2031, with growth opportunities beyond.

• Electrification remains a negligible threat in core markets; demand for clean, net-zero fuels is expected to support long-term growth.

Segment performance

• North American commercial vehicle production fell 57% year-over-year in Q4, while European commercial vehicle production rose 20%.

• New series production programmes secured with two commercial vehicle OEMs (starting 2026/2027) and a global agricultural OEM (starting 2028).

• Installation revenue exceeded historical averages for the second consecutive year, driven by smaller system installations and upgrades.