Vertiseit (VERT) Q4 2025 earnings summary

Executive summary

• Achieved 27% year-over-year ARR growth, reaching 332 MSEK by year-end 2025, with 16% organic growth, surpassing financial targets.

• Profitability for H2 reached 20% EBITDA, with Q4 adjusted EBITDA margin at 17.8% and 33.1 MSEK, in line with guidance.

• Completed strategic acquisitions of Muse, Stoked AI, and mdt Medientechnik GmbH, enhancing AI capabilities and expanding into in-store audio and the DACH region.

• High inflow of international leads and ongoing evaluation to relist on Nasdaq Main Market.

• Profit after tax for Q4 was 6.7 MSEK, and for the full year 6.0 MSEK, both down from the previous year.

Financial highlights

• ARR at year-end: 332 MSEK, with net revenue retention above 108% and churn rate at 3%.

• Q4 net revenue was 186.3 MSEK, down 8% year-over-year due to a strategic shift from system sales to partner hardware delivery.

• SaaS gross margin reached 84.9%; Q4 gross margin was 65.9%.

• One-off costs of 5 MSEK impacted reported profitability, but underlying EBITDA was stronger.

• Personnel costs rose 10% year-over-year, mainly due to acquisitions and extraordinary costs.

Outlook and guidance

• Focus remains on continued ARR and SaaS revenue growth, operational efficiency, and profitability improvement.

• Expecting stronger growth in 2026, with Q1 and Q2 typically weaker and Q3 strongest for profitability.

• Ongoing M&A activity and evaluation of a potential transfer to Nasdaq Main Market.

• No dividend proposed for 2025, in line with financial targets.

• No change in acquisition strategy: plan to continue 2–4 acquisitions per year alongside 15–20% organic growth.