Skandia GreenPower (SKAND) Q4 2025 earnings summary

Executive summary

• 2025 delivered strong financial results, with EBITDA up 18.5% year-over-year to 29.6 MNOK and net income at 10.2 MNOK, despite a challenging Q3 due to the introduction of Norgespris and increased customer churn.

• Net income for Q4 2025 was NOK 5.7 million, down from NOK 10.7 million in Q4 2024, due to positive one-time effects in the prior year.

• EBITDA increased by 3.7% year-over-year to NOK 11.1 million in Q4 2025.

• Customer base ended at 54,075, down from 56,476 at the start of the year, mainly due to churn around Norgespris implementation.

• First-ever shareholder distributions were made, reflecting a mature capital structure and improved financial position.

Financial highlights

• EBITDA for 2025 was 29.6 MNOK, up from 24.9 MNOK in 2024; Q4 EBITDA was 11.1 MNOK, slightly above guidance.

• Net income for 2025 was 10.2 MNOK, down from 13.6 MNOK in 2024 due to positive one-time effects in the prior year.

• Gross revenue for 2025 reached 538.8 MNOK, with net revenue up 23.3% year-over-year.

• Operating cash flow was 69.5 MNOK, with a year-end cash position of 81.4 MNOK.

• Cash and cash equivalents showed strong positive change for both the quarter and the year.

Outlook and guidance

• 2026 guidance targets EBITDA of 32 MNOK (+8.1%) and net income of 12.6 MNOK (+23.5%).

• Dividend payout for 2026 is planned at 11.3 MNOK (NOK 0.095 per share), a 46.2% increase.

• Customer growth goal is 100,000 by end of 2026, to be achieved through both organic and inorganic growth.

• Further increases in both EBITDA and net income are expected in 2026.

• A more detailed forecast will be provided with the annual report in March.