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Clavister
Clavister (CLAV) investor relations material
Clavister Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 saw improved profitability and operating profit, with EBITDA, EBIT, and net profit all showing continuous improvement despite top-line and gross margin challenges and postponed military hardware deliveries.
Strong underlying demand in both civilian and defense sectors, with significant business events and a strengthened financial position following a major balance sheet revamp and share issue.
Delivery delays in military hardware shifted SEK 10 million in revenue into 2026, seen as a timing issue, not a business risk.
Secured major defense contracts, including a SEK 26 million follow-on order from BAE Systems Hägglunds and a post-period SEK 280 million contract with the Norwegian Defence Materiel Agency.
Strengthened financial position through a SEK 157 million directed share issue and full repayment of EIB loan, transitioning to a SEK 100 million commercial bank loan.
Financial highlights
Order intake for the full year reached SEK 320 million, the highest ever, resulting in an order book of SEK 378 million at Q4 end, a 23% increase year-over-year.
Net sales for Q4 2025 were SEK 60.6 million, up 2.7% year-over-year; full-year net sales reached SEK 219.2 million, up 14.4%.
Defense sector revenue grew by 66% in Q4, with a notable SEK 26 million add-on order for CyberArmour products.
Adjusted EBITDA for Q4 was SEK 11.1 million (margin 17.5%), and for the year SEK 40.1 million (margin 17.9%).
Net debt reduced from SEK 152 million to SEK 67 million after a SEK 167 million share issue and SEK 100 million loan facility, eliminating EIB debt and warrants.
Year-end cash position near SEK 100 million.
Strong net profit driven by a SEK 30 million deferred tax asset.
Outlook and guidance
Entering 2026 with a strong order backlog and financial platform, aiming for revenue growth above the cybersecurity market average over the next three years.
Targeting an average gross margin of 80%, with reinvestment of cash flows to accelerate growth and expand market share, despite quarterly fluctuations due to product mix.
Positive cash flow and reinvestment in growth anticipated for the first time in years.
Detail NDMA contract cash flow impact
Explain gross margin fluctuation by product mix
How was profitability maintained despite delays?
Civilian business scaling strategy
Future defense tenders from Norway's Mime program
Reinvestment priorities from improved financial position
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Next Clavister earnings date
Q1 20261 May, 2026
Clavister
Next Clavister earnings date
Q1 20261 May, 2026
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Frequently asked questions
Clavister Holding AB offers security gateways that protect mid-sized to large sized customers, a network security solution; and EndPoint Security, which protects computers from various types of malware, such as viruses, Trojans, and spyware. Its Security Gateway also has antimalware protection for Web surfers, as well as for traffic entering through emails and webmails. The company also provides its solutions through its partners to customers in the United States. Clavister Holding AB (publ.) was founded in 1977 and is based in Stockholm, Sweden.
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