Tempest Security (TSEC) Q4 2025 earnings summary

Executive summary

• Achieved 27% revenue growth in Q4 2025, reaching 155.3 MSEK, and 19% growth for the full year to 578.2 MSEK, driven by strong performance in core markets and structural improvements.

• EBITDA improved to 2.4 MSEK in Q4 (from -5.4 MSEK) and to 3.5 MSEK for the year (from -2.6 MSEK), with adjusted EBITDA at 2.9 MSEK in Q4 and 13.6 MSEK for the year.

• Net result for Q4 was -0.8 MSEK (improved from -44.6 MSEK), and for the year -10.7 MSEK (from -51.7 MSEK), reflecting significant operational turnaround.

• Strategic focus on Sweden and Denmark after divestment of non-core international operations; continued cost control and efficiency measures.

Financial highlights

• Q4 EBITDA margin improved to 1.5% (from -4.4%), and adjusted EBITDA margin to 1.9% (from -4.4%).

• Full-year adjusted EBITDA margin reached 2.3% (from 0.1%).

• Cash flow from operations before working capital changes was 1.2 MSEK in Q4 and 2.7 MSEK for the year, both positive compared to prior year.

• Average number of employees increased to 662 in Q4 and 641 for the year.

Outlook and guidance

• Entering 2026 with a focus on profitable growth, cost control, and operational excellence, especially in Sweden and Denmark.

• Expectation of continued margin improvements as structural changes and automation take effect.