Triona (TRIONA) Q4 2025 earnings summary

Executive summary

• Full-year revenue was 248.7 MSEK, down 7.3% year-over-year, with recurring revenue up 6.3% to 92.7 MSEK.

• EBIT for the year was -15.9 MSEK, compared to 3.2 MSEK last year; Q4 EBIT was -11.0 MSEK.

• Q4 revenue was 59.1 MSEK, a decrease from 71.9 MSEK in Q4 2024, mainly due to a project delay in Finland.

• Strong order intake in infrastructure, including major deals with NCC, Trafikverket, and several municipalities.

• Strategic transformation under FOCUS28, including ERP implementation and organizational restructuring.

Financial highlights

• Q4 recurring revenue grew 11% year-over-year to 23.9 MSEK.

• Direct costs in Q4 were 4.0 MSEK, down from 8.1 MSEK; personnel costs stable at 54.8 MSEK.

• Q4 EBITA was -8.2 MSEK (0.3 MSEK last year); full-year EBITA was -6.2 MSEK (12.3 MSEK last year).

• Cash flow from operations in Q4 was 18.7 MSEK (5.6 MSEK last year); full-year operational cash flow was 7.7 MSEK.

• Year-end cash position was 19.0 MSEK, with equity at 51.2 MSEK and a solidity of 49.8%.

Outlook and guidance

• Continued strong demand in infrastructure, driven by Nordic investments and digitalization needs.

• Expectation of improved demand for expert services in 2026, aiming for a turnaround in IT consulting.

• Company is well positioned for profitable growth in 2026 following transformation efforts.