VO2 Cap (VO2) Q4 2025 earnings summary

Executive summary

• Achieved record profitability and strong growth in 2025, with a focus on scalable and profitable growth despite a slow market recovery and external uncertainties.

• All three business segments grew, with AdTech showing exceptional performance and Display and (D)OOH segments also expanding.

• Strategic restructuring included the launch of new brands and consolidation of digital advertising operations.

Financial highlights

• Revenues for 2025 rose to 311,563 KSEK, up 6.5% year-over-year; Q4 revenues increased 9.4% to 93,469 KSEK.

• Adjusted EBITDA for the year was 30,738 KSEK (9.9% margin), up from 25,487 KSEK (8.7%).

• EBIT more than doubled to 13,095 KSEK (4.2% margin) from 6,188 KSEK (2.1%).

• Net result from continuing operations was 11,547 KSEK, with total net result at -9,791 KSEK due to discontinued operations.

• Cash flow from operations improved to 24,144 KSEK from 5,920 KSEK; liquidity at year-end was 19,885 KSEK.

Outlook and guidance

• Previous long-term financial targets for 2026 have been withdrawn; the company will not communicate new overarching financial goals for now, focusing instead on flexible management and continued profitable growth.

• The company is well positioned for continued growth in 2026, especially with investments in digital and AdTech segments and the positive impact expected from the Swedish election year.