Q4 Revenue Stabilization
Q4 revenues of EUR 167.5 million (down 9.6% YoY from EUR 185 million) but up 2.8% vs Q3, indicating market stabilization and sequential improvement.
Material EBIT Improvement and Margin Expansion
Q4 EBIT improved to EUR 9.4 million with an EBIT margin of 5.6% vs EUR 1.1 million and 0.6% in Q4 2024 — a step-change driven by structural cost reductions, lower warranty accruals and a one-time positive reversal of EUR 4.9 million.
Strong Operating Cash Flow Turnaround
Operating cash flow rose to EUR 11.5 million in Q4 from EUR 4.2 million in Q4 2024 (an improvement of EUR 7.3 million, ~174%), reflecting cost programs, working capital reductions and tighter financial discipline.
Positive Net Income and Annual Result
Q4 net income swung to a positive EUR 2.8 million from a negative EUR 13 million in Q4 2024. Full-year 2025 reported a small positive net income of EUR 0.2 million.
Significant New Business Wins
Q4 secured new contracts with estimated lifetime revenue of EUR 77.6 million (Flow Control Systems EUR 56m; Drive Control Systems EUR 21m). Full-year secured contracts totaled EUR 339 million in estimated lifetime revenue.
Strategic Product Win — Twistlock
Won a patented Twistlock coupling contract with a leading global OEM representing EUR 22 million estimated lifetime revenue; product offers OEM assembly time savings, safety and aftermarket potential.
Governance, Leadership and Strategic Roadmap
Capital Markets Day presented a revised long-term EBIT margin target of 6.5%, a new Board/executive team and a defined turnaround program with 500+ action items focused on cost efficiency, cash generation and profitable innovation.
Improved Financial Position Metrics
Net interest-bearing debt and leverage reduced; equity ratio increased to ~32% (from 30.7% earlier), improving financial flexibility and covenant headroom on the EUR 110m bond.