Solteq (SOLTEQ) Q4 2025 earnings summary

Executive summary

• Comparable revenue improved in Q4 2025, marking the first year-on-year increase in eight quarters, driven by Utilities segment growth, but overall profitability missed expectations, especially in Retail & Commerce.

• Full-year comparable revenue declined 4.3% year-over-year to EUR 46.7 million, and reported revenue fell 8.1% to EUR 46.7 million.

• Comparable operating result for the year improved to EUR 0.8 million from EUR 0.4 million, but the result for the financial period was a loss of EUR -1.4 million.

• Cost-saving measures and organizational changes were initiated to address weak demand and improve profitability.

Financial highlights

• Q4 2025 comparable revenue: EUR 12.1 million (+1.1% YoY); reported revenue: EUR 12.1 million (-3.2% YoY).

• Q4 comparable EBITDA: EUR 0.8 million (+17.2% YoY); reported EBITDA: EUR 0.6 million (-72.0% YoY).

• Full-year comparable EBITDA: EUR 2.2 million (-14.7% YoY); reported EBITDA: EUR 2.1 million (-47.9% YoY).

• Earnings per share for 2025: EUR -0.07 (2024: EUR -0.06).

• Net cash flow from operating activities: EUR -1.7 million (2024: EUR 1.6 million).

• Equity ratio at year-end: 29.5% (2024: 30.9%).

Outlook and guidance

• 2026 guidance: Comparable revenue expected to remain at the same level, with a clear improvement in comparable operating result.

• Retail & Commerce demand expected to remain cautious; Utilities outlook moderate with regulatory changes driving IT demand.