Spotlight Group (SPGR) Q4 2025 earnings summary

Executive summary

• Strong growth in continuing operations, with 10.4% growth in Q4 and 8.2% for the full year, mainly driven by Spotlight Stock Market.

• Trading volumes on Spotlight Stock Market more than doubled year-over-year, reaching SEK 36.1 billion in 2025.

• Third consecutive quarter of positive operating profit before one-off personnel settlement costs.

• Eight new company listings and three new ETPs were added in Q4.

Financial highlights

• Q4 net revenue: SEK 30.3 million (up from SEK 27.5 million YoY); full-year net revenue: SEK 114.0 million (up from SEK 105.4 million YoY).

• Q4 operating profit (excl. one-offs): SEK 1.0 million (vs. -2.6 million YoY); full-year: SEK 5.9 million (vs. SEK 0.1 million YoY).

• Q4 net income: SEK 2.2 million (vs. -1.6 million YoY); full-year net income: SEK 3.3 million (vs. SEK 2.0 million YoY).

• Earnings per share (EPS) before/after dilution: Q4 SEK 0.37 (vs. -0.27 YoY); full-year SEK 0.55 (vs. 0.33 YoY).

• Cash flow from operations: SEK 3.8 million for the year (down from SEK 6.3 million YoY).

Outlook and guidance

• Management expects continued growth in the first quarter of 2026 despite ongoing market uncertainty.