Transferator (TRAN) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 13.9 Mkr, down from 16.4 Mkr year-over-year; full-year revenue was 55.9 Mkr, nearly flat from 55.1 Mkr in 2024.

• EBITDA for Q4 was -0.1 Mkr (2.4 Mkr in Q4 2024); full-year EBITDA improved to 5.8 Mkr from 4.5 Mkr.

• Net income for 2025 was 1.9 Mkr excluding a one-time accounting effect; including the effect, net income was 21.5 Mkr.

• A positive one-time accounting effect of 19.6 Mkr was recognized in Q4, related to reclassification of prior withdrawals from a corporate-owned insurance policy.

• Liquidity declined, with cash at year-end at 1.7 Mkr versus 17.9 Mkr a year earlier.

Financial highlights

• Q4 revenue decreased due to weaker performance in the ABG group; full-year revenue stable.

• Q4 EBITDA turned negative, mainly due to lower sales in ABG; full-year EBITDA increased.

• Depreciation for the year was -2.6 Mkr, down from -6.1 Mkr in 2024.

• Financial items for the year totaled 19.1 Mkr, including the 19.6 Mkr one-time effect.

• Equity per share rose to 0.74 kr from 0.51 kr; solidity improved to 69.7% from 67.1%.

Outlook and guidance

• Early 2026 activity and sales levels are in line with expectations and closer to normal.

• No dividend is proposed for 2025.