Tourn International (TOURN) Q4 2025 earnings summary

Executive summary

• Achieved significant profitability improvements in core operations despite lower revenue year-over-year, driven by automation and cost reductions.

• NAGATO delivered a 142% increase in net profit and a Q4 net margin of 17.4%, while AGENCY returned to profitability in Q4 with a 2.9% net margin.

• Positive cash flow in Q4 and for the full year, with a group profitability margin of 3.4%.

• Divestment of World TOURN ASA and BAUD from the group led to a one-time positive result effect of 3.9 MSEK.

Financial highlights

• Full-year net revenue: 56.9 MSEK (down from 69.2 MSEK in 2024).

• Q4 net revenue: 15.6 MSEK (down from 22.3 MSEK in Q4 2024).

• EBITDA for 2025: -5.9 MSEK (improved from -18.5 MSEK in 2024); Q4 EBITDA: 534 TSEK (vs. -3.7 MSEK in Q4 2024).

• Net result for 2025: -5.4 MSEK (vs. -15.3 MSEK in 2024); Q4 net result: 2.9 MSEK (vs. -3.8 MSEK in Q4 2024).

• Earnings per share: -0.55 SEK for 2025 (vs. -1.56 SEK in 2024); Q4 EPS: 0.29 SEK.

• Cash at year-end: 3.0 MSEK; positive Q4 cash flow of +988 TSEK.

Outlook and guidance

• 2026 focus remains on profitable growth, with a target to grow versus 2025 while maintaining EBITDA profitability.

• Long-term goal: 500 MSEK in revenue and 10% profit margin by 2028.

• Q1 2026 already has 6 MSEK in booked campaigns, providing strong visibility.