Transtema Group (TRANS) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw net sales decrease by 9.7% year-over-year to 713.4 MSEK, with organic growth at -8.7%.

• EBITA dropped to -2.4 MSEK from 41.8 MSEK, with an adjusted EBITA of 2.5 MSEK (margin 0.3%).

• A non-cash impairment of goodwill and customer relations in Norway amounted to -120 MSEK.

• Cash flow from operations was -4.5 MSEK, and net debt/EBITDA rose to 3.9.

• Result per share from continuing operations was -3.02 SEK.

Financial highlights

• Full-year 2025 net sales increased by 4.5% to 2,600.3 MSEK, driven by 17.5% growth in Sweden, offset by a 19.6% decline in Norway.

• EBITDA margin for the year was 5.2% (down from 6.5%), and EBITA margin was 1.5% (down from 2.7%).

• Adjusted EBITA for the year was 46.8 MSEK (margin 1.8%).

• Net result for the year was -126.3 MSEK, mainly due to the impairment in Norway.

• Cash flow from operations for the year was -43.3 MSEK.

Outlook and guidance

• A cost-saving program for 2026 targets annual savings of 125 MSEK, with restructuring costs of 30 MSEK.

• The program will affect about 160 positions in Sweden and 90 in Norway, with most effects expected in H2 2026.

• Management expects volume declines in both markets in 2026 due to telecom market contraction and project phase-outs.

• Medium-term financial targets remain: revenue growth ≥10%, EBITA margin ≥7%, net debt/EBITDA ≤2.0.