Fourth quarter 2025 compared to 2024, Group

• Net sales amounted to SEK 113.1 million (113.1), corresponding to an increase of 0% (5%)
• The FX-adjusted net sales increased by 6% (2%)
• Software revenue amounted to SEK 84.0 million (83.0). The share of total sales reached 74% (73%)
• Adjusted EBIT amounted to SEK 23.3 million (26.5), corresponding to an adjusted EBIT margin of 21%, compared to 23% last year
• Net income amounted to SEK 15.0 million (24.3)
• Earnings per share before dilution amounted to SEK 0.39 million (0.69) and diluted to SEK 0.39 (0.69)

Year 2025 compared to 2024, Group

• Net sales amounted to SEK 352.4 million (343.1), rendering a net sales growth of 3% (3%)
• The FX adjusted net sales growth for the quarter was 7% (2%)
• Software revenue amounted to SEK 225.0 million (235.2). The share of total sales reached 64% (69%)
• Adjusted EBIT amounted to SEK 8.6 million (-5.9), corresponding to an adjusted EBIT margin of 2%, compared to -2% last year
• Net income amounted to SEK -16.8 million (-3.5)
• Earnings per share before dilution amounted to SEK -0.44 (-0.10) and diluted to SEK -0.44 (-0.10)

A word from the CEO:

The fourth quarter was characterized by continued transformation with defence as the primary focus and a clear emphasis on profitability. We delivered an EBIT margin of 21 percent and software represented 74 percent of net sales. Order intake amounted to SEK 185 million, of which SEK 126 million related to software.

For the full year, EBIT improved to SEK 8.6 million (–5.9), while earnings were negatively impacted by financial items linked to SEK/USD currency movements and interest expenses. The order book at year-end was approximately SEK 332 million (200), with around half expected to be delivered during 2026. Cash flow during the year was affected by developments in the U. S., including timing effects in payment flows. We have implemented several measures to improve the situation, but the full effects have not yet materialized. A continued priority is to increase the conversion of contract assets and thereby strengthen cash flow. Overall, we did not meet our expectations for either the fourth quarter or 2025 as a whole. Against this backdrop, we are further strengthening our focus on defence, operating Resilience more selectively with an emphasis on cash flow, and continuing to develop Expert Services while maintaining profitability. 
 
Defence 
The fourth quarter is traditionally strong in the defence segment, particularly in Europe. During the quarter, we expanded engagements with existing customers and developed our sales pipeline through targeted customer dialogues and participation in prioritized industry events. Order intake in the segment amounted to SEK 109 million (169), of which SEK 89 million (73) related to software. This included important contracts across several markets. Our focus is to qualify and convert the pipeline through both direct sales to end customers and deeper collaboration with major defence industry partners, with the aim of increasing reach, strengthening our market position, and improving competitiveness in larger procurements. 

Resilience 
As communicated in connection with the third quarter, we have reprioritized Resilience to free up resources and increase focus on the defence segment. The change entails a reduction in group costs related to Resilience of approximately SEK 40 million on an annual basis, which is expected to be fully implemented by the end of the first quarter of 2026. These measures reduce complexity, create a clearer offering, and improve the Group’s profitability profile, while maintaining our ability to deliver to existing customers. Going forward, we will operate Resilience more selectively, focusing on renewals and expansions with existing customers and on converting the current pipeline where we see clear profitability. Our ambition is for the segment to be cash-flow positive during 2026 and to contribute positive EBIT in 2027. During the fourth quarter, we also signed two contracts in areas close to defence, including a continuity solution for NATO and incident reporting for a European defence organization. 

Expert Services 
Expert Services closed the year with a strong fourth quarter. For the full year, revenue increased by approximately 10 percent to SEK 65 million and the EBITDA margin reached 24 percent, driven by a positive development in the second half of the year. Demand for services related to total defence and security continues to increase, and the recruitment environment improved toward the end of 2025 and into 2026, strengthening our delivery capacity. 

The segment enters 2026 with a strong order book. Our focus remains on the Nordics and the United Kingdom, where our offering and market position are strongest. Overall, Expert Services strengthens our presence close to customers’ operational activities and creates additional touchpoints for our software solutions, particularly within exercise and training. 

Market development 
In the United States, the quarter was affected by budget uncertainty and the federal government shutdown during the fall, which reduced predictability and extended decision and procurement cycles. During 2025, the shutdown lasted from October 1 to November 12, the longest to date. We continue to build and qualify the pipeline with a focus on our standard software, while adapting our sales planning to longer lead times. In early February, Congress ultimately approved a U. S. defence budget, which should lead to improved conditions during 2026. 

In Europe, the development is more positive. Increased defence investments are driving demand not only for materiel but also for capability development, where our solutions are relevant. At the same time, procurement functions in many countries remain a bottleneck that prolongs processes. We see a growing pipeline, but with continued variation in conversion rates between markets. 

In APAC (Australia, New Zealand, and Southeast Asia), development remains stable, with good customer activity and deliveries in line with plan. 

2026 
Our priorities for 2026 are clear: deliver for our customers, strengthen profitability, and continue to grow, with particular emphasis on the defence segment. We are driving growth by further developing and converting the pipeline we have built, while strengthening our position in larger procurements through a combination of direct sales and partnerships. In parallel, we are implementing the decided cost adjustments within Resilience and operating the segment selectively with a focus on cash flow and existing customers, while Expert Services continues to develop profitably and reinforce our market position and domain expertise in exercise and training across our prioritized markets. Overall, we enter 2026 with a clearer direction and improved visibility. 

Jonas Jonsson
CEO