Trainimal (TRML) Q4 24/25 earnings summary

Executive summary

• Achieved positive EBITDA of 2.1 MSEK for the year, with net result nearly breakeven at -245 TSEK, reflecting successful cost reductions and margin improvements year-over-year.

• Q4 saw increased revenue and profitability, with price hikes and new offerings boosting income and delivering a positive net result.

• Membership margins reached 79.8% in Q4 and 74.3% for the year, with ARPU at 235 SEK/month.

• English-language memberships launched, with marketing to begin in the coming year.

Financial highlights

• Q4 net revenue: 3,118 TSEK (up from 2,917 TSEK year-over-year); full-year net revenue: 10,758 TSEK (down from 10,920 TSEK year-over-year).

• Q4 operating income: 286 TSEK (vs. -565 TSEK); full-year operating income: -266 TSEK (vs. -1,010 TSEK).

• Q4 EBITDA: 914 TSEK (vs. -22 TSEK); full-year EBITDA: 2,162 TSEK (vs. 916 TSEK).

• Q4 net income before tax: 331 TSEK (vs. -585 TSEK); full-year: -245 TSEK (vs. -1,058 TSEK).

• Q4 EPS: 0.14 SEK (vs. -0.25 SEK); full-year EPS: -0.10 SEK (vs. -0.45 SEK).

Outlook and guidance

• Expecting modest start for English-language memberships, with confidence in product quality and pricing.

• Marketing for English-language offerings to ramp up as resources allow.

• Continued focus on cost control and margin improvement, with cautious marketing spend.