Windon Energy Group (WEG) Q4 2025 earnings summary

Executive summary

• Completed strategic transformation from wholesaler to integrated EPC actor, focusing on project-based business and full value chain responsibility.

• Established energy storage as a new core business, building a scalable end-to-end model generating initial revenues.

• Entered the Behind The Meter (BTM) segment, securing first deals and a long-term framework agreement for 30 MW/year.

• Formalized joint venture for RidgeBlade modular wind technology, targeting global small-scale wind market.

• Prioritized building a scalable business model and cost reductions over short-term volume, with full effect expected from April 2026.

Financial highlights

• Q4 2025 net sales: 1,722 TSEK (down from 3,092 TSEK YoY); full year 2025: 17,413 TSEK (down from 22,423 TSEK YoY).

• Q4 EBITA: -1,831 TSEK (vs. -2,343 TSEK YoY); full year EBITA: -7,595 TSEK (vs. -6,734 TSEK YoY).

• Q4 EPS: -0.25 SEK (vs. -0.20 SEK YoY); full year EPS: -0.98 SEK (vs. -0.81 SEK YoY).

• Q4 gross margin improved to 43% (from 26% YoY); full year gross margin stable at 26%.

• Q4 operating cash flow: -1,250 TSEK (vs. 7 TSEK YoY); full year: -2,569 TSEK (vs. -6,769 TSEK YoY).

Outlook and guidance

• Cost reductions and new business structure expected to yield full effect from April 2026, making profitability attainable.

• Break-even achievable with moderate volume increase in energy storage; further volume to drive positive results.

• Market for energy storage and local production remains strong, driven by rising electricity costs and grid challenges.