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Eltel (ELTEL) investor relations material
Eltel Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved the strongest Q4 in a decade, with net sales up 5.7% year-over-year to EUR 239.0 million and adjusted EBITA/EBITDA up to EUR 8.3 million, marking ten consecutive quarters of improvement.
Full-year adjusted EBITA/EBITDA nearly doubled to EUR 20.7 million, with margin rising to 2.5% from 1.3% and net sales at EUR 817.8 million.
Sweden delivered 25.7% Q4 net sales growth, driven by public infrastructure and Smart Grids, while Finland offset declines in fiber with growth in power, solar, and data center services.
New business areas, including data center and solar, contributed 16% of Q4 net sales and 11% for the full year.
Norway achieved positive EBITDA/EBITA for the second consecutive quarter after significant restructuring and cost reductions.
Financial highlights
Q4 adjusted EBITA/EBITDA reached EUR 8.3 million (3.5% margin), the best Q4 in a decade; full-year adjusted EBITA/EBITDA doubled to EUR 20.7 million.
Gross profit increased by 18% to EUR 32.7 million in Q4 and reached EUR 105.1 million for the year.
Group EBITDA/EBITA margin improved to 2.5% for the full year.
Workforce reduced by 445 employees year-over-year, reflecting operational scaling and portfolio changes.
Cash flow from operating activities was EUR 41.4 million in Q4 and EUR 32.0 million for the year.
Outlook and guidance
Confident in reaching the 5% adjusted EBITA/EBITDA margin target within 12–18 months, driven by operational and commercial excellence.
Long-term targets include annual growth of 2–4% and leverage of 1.5–2.5x net debt/adjusted EBITDA.
Market for classic telco operator investments expected to remain soft in 2026, but adaptability and diversification into new services are expected to support profitability.
No dividend proposed for 2025; payout policy subject to leverage target.
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