Link Mobility Group
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Link Mobility Group (LINK) investor relations material

Link Mobility Group 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 summary12 Feb, 2026

Executive summary

  • Reported revenue increased 7% year-on-year to NOK 1,980 million in Q4 2025, driven by acquisitions, while organic revenue declined 5% due to lower volumes from large clients and product mix shifts.

  • Adjusted EBITDA grew 1% year-on-year to NOK 216 million, with acquired entities offsetting a 15% organic decline; leverage rose modestly to 1.5x adjusted EBITDA.

  • Gross profit increased 6% year-on-year including M&A, but declined 4% organically; gross margin improved by 0.4pp due to favorable product mix.

  • Net profit for Q4 2025 was NOK 31 million, impacted by non-recurring M&A and restructuring costs; cash flow from operations was NOK 236 million in Q4 and NOK 701 million for the full year.

  • Three acquisitions were completed in 2025, including SMSPortal, SMS Works, and FireText, strengthening presence in the UK and South Africa; the US subsidiary was divested.

Financial highlights

  • Reported revenue: NOK 1,980 million (+7% YoY); organic revenue: -5% YoY.

  • Gross profit: NOK 461 million (+6% YoY with M&A, -4% organic); gross margin: 23.3%.

  • Adjusted EBITDA: NOK 216 million (+1% YoY); margin: 10.9%.

  • Net profit: NOK 31 million; cash position: NOK 1.0 billion at year-end; leverage at 1.5x adjusted EBITDA.

  • CapEx was elevated in 2025 due to CPaaS platform investments, expected to decrease by 10% in 2026.

Outlook and guidance

  • Gradual improvement in organic growth is expected in 2026 as comparables ease and temporary headwinds subside.

  • Medium-term ambition is high single-digit gross profit growth and faster adjusted EBITDA growth, supported by scalable business and CPaaS momentum.

  • Accretive M&A remains a priority, with a strong pipeline and expectation of at least one acquisition in 2026.

  • CapEx levels to decrease in 2026, and shareholder distributions expected to increase over time.

Detail commercial measures for client volume rebuild
Explain M&A valuation strategy for pipeline targets
Assess impact of Q4 cash outflows on leverage ratio
Q4 organic decline: What specific actions target the 9 customers?
M&A pipeline conversion: How many deals expected in 2026?
RCS in Nordics: How will Link capitalize on this?
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Frequently asked questions

LINK Mobility Group Holding ASA provides mobile communication services in Europe and internationally. LINK Mobility Group Holding ASA offers prepaid and postpaid mobile, data, and fixed-line telephony products and services; mobile virtual network operators (MVNOs); Internet Protocol television (IPTV) services on broadband networks, which are supplied at different levels of capacity; and managed network services. It also provides Broadband Fixed Services (BFS); MVNO wholesale services for other MVNOs; and wireless equipment rental service for end users. In addition, the company develops RFID tags through its subsidiary, Samsniff AS.

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