Exsitec
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Exsitec (EXS) investor relations material

Exsitec Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Feb, 2026

Executive summary

  • Achieved 6% net sales growth in Q4 2025 (2% organic), with all segments reporting improved adjusted EBITDA/EBITA and margins year-over-year.

  • Recurring software revenue reached SEK 225 million LTM, up 22% year-over-year, highlighting the strength of the recurring revenue model.

  • Divested subsidiary Zedcom AB to InfraCom for SEK 31.9 million to focus on core digitalization and business-critical applications, with the transaction expected to close in Q1 2026.

  • Maintains a diverse customer base across multiple industries and a growing workforce in the Nordics.

  • Board proposes a dividend increase to SEK 1.90 per share, corresponding to 30% of profit after tax.

Financial highlights

  • Q4 net sales: SEK 239 million (up 6% year-over-year), adjusted EBITDA/EBITA: SEK 43 million (up 42%), margin: 17.8%-18%.

  • Full-year net sales: SEK 895 million (up 10%), adjusted EBITDA/EBITA: SEK 158 million (up 31%), margin: 17.7%.

  • Recurring software revenue made up 25% of total revenues, growing 22% LTM.

  • Q4 EPS: 1.87 SEK (up 97% year-over-year); full-year EPS: 6.39 SEK (up 45%).

  • Cash flow from operating activities: SEK 153 million for the year (up 71%).

Outlook and guidance

  • Targets at least 15% annual growth in net sales and adjusted EBITDA/EBITA per share over time.

  • Net debt objective set at no more than 2x EBITDA.

  • Dividend policy aims to distribute 20%-40% of profit after tax, considering financial position and growth opportunities.

  • 2026 priorities include accelerating cloud and Microsoft-related business, increasing organic growth, and scaling new sales.

  • Continued strategy to complement organic growth with acquisitions.

How to address consulting revenue underperformance?
What is the strategic rationale for Zedcom divestment?
What is the expected impact of BNXT acceleration?
How does Zedcom divestment sharpen core focus
Organic growth: How to reach 50% of 15% target
Norway margin: What drives further improvement?
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Frequently asked questions

Exsitec Holding AB is a provider of business support software and services in the Nordic region. The group operates in two segments including a sales organization, which is responsible for the sales, service and marketing of Exsitec´s products, as well as their implementation in customer environments; and development organisation, which is responsible for product development, maintenance of software components used by customers and solution architecture. The company is based in Linköping, Sweden.

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