Sitowise Group (SITOWS) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw net sales return to growth, with improved adjusted EBITA margin and strong order intake, mainly driven by Infra and operational efficiency gains.

• Full-year net sales declined by 2.2% to €188.6M, with FTEs decreasing by about 5%.

• A €39.6M goodwill impairment in Sweden led to a significant operating loss and negative EPS for the year.

• Order intake increased 19% year-over-year in Q4, with the order book rising to €152M.

• No dividend is proposed for 2025.

Financial highlights

• Q4 net sales were €50.2M (+3.0% YoY), with adjusted EBITA margin improving to 4.4%.

• Full-year adjusted EBITA margin was 4.7%, with adjusted EBITA at €8.9M.

• Q4 operating profit was negatively impacted by a €39.6M goodwill impairment; excluding this, Q4 operating profit was €0.8M.

• Operating cash flow before financial items and taxes was €14.1M in Q4 and €18.8M for the year.

• Net debt reduced to €46.3M, leverage ratio improved to 4.9x net debt/EBITDA, and equity ratio was 33.4%.

Outlook and guidance

• Market environment expected to remain mixed in 2026, with weak residential construction and recovery anticipated in 2027.

• Growth expected in energy, industry, data centers, security, and sustainability segments.

• Focus areas for 2026: turnaround in Sweden and Buildings, accelerating growth in strong segments, improving sales effectiveness and project profitability, and leveraging AI and technology for efficiency.

• No formal net sales or profitability guidance for 2026 due to market uncertainty.