Thinc (THINC) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered record-high EBITDA and strong margin improvements, despite a decrease in net sales year-over-year.

• Full-year 2025 marked as one of the strongest years, with significant growth in agency income and improved profitability across most subsidiaries.

• Dividend reinstated, with a proposal of SEK 0.15 per share, representing 76% of net profit.

Financial highlights

• Q4 net sales: SEK 95.7m (down from SEK 105.0m YoY); full-year net sales: SEK 305.4m (down from SEK 326.5m YoY).

• Q4 agency income: SEK 25.1m (+15% YoY); full-year agency income: SEK 84.2m (+10% YoY).

• Q4 EBITDA: SEK 4.8m (margin 5.1%); full-year EBITDA: SEK 12.8m (margin 4.2%).

• Q4 net profit: SEK 2.2m (EPS SEK 0.13); full-year net profit: SEK 3.3m (EPS SEK 0.20).

• Operating cash flow Q4: SEK 6.3m; full-year: SEK -0.5m.

• Equity at year-end: SEK 51.6m; cash: SEK 4.4m; net debt/EBITDA: 1.8x.

Outlook and guidance

• Board maintains long-term targets: >10% organic agency income growth, EBITDA margin ≥7% by 2030, net debt/EBITDA ≤2.5x, and ≥30% dividend payout.

• 2026 expected to bring further margin and sales growth, supported by new strategic partnerships and productization initiatives.