Metacon
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Metacon (META) investor relations material

Metacon 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 summary11 Feb, 2026

Executive summary

  • Achieved record net revenue of SEK 90.1 million in Q4 2025, up 463% year-over-year, and SEK 237.8 million for the full year, up 488% year-over-year, driven by successful project deliveries.

  • Gross margin improved to 22% in Q4 and 20% for the year; OPEX stabilized as internal expertise replaced external consultants, enhancing cost control.

  • Cash flow from operating activities before working capital changes improved by SEK 77.8 million year-over-year, mainly due to higher revenues and stable margins.

  • Strengthened organizational structure and ISO 9001 quality management system implemented to support growth and reliable project delivery.

Financial highlights

  • Q4 net revenue: SEK 90.1 million (Q4 2024: SEK 16.0 million); full-year net revenue: SEK 237.8 million (2024: SEK 40.4 million).

  • Q4 EBITDA: SEK -10.4 million (Q4 2024: SEK -33.4 million); full-year EBITDA: SEK -46.1 million (2024: SEK -123.0 million).

  • Q4 EBIT: SEK -13.5 million (Q4 2024: SEK -36.3 million); full-year EBIT: SEK -58.0 million (2024: SEK -134.2 million).

  • Q4 profit after financial items: SEK -13.5 million (Q4 2024: SEK -38.5 million); full-year: SEK -60.8 million (2024: SEK -137.9 million).

  • Earnings per share: SEK -0.03 in Q4 (Q4 2024: SEK -0.05); SEK -0.05 for the year (2024: SEK -0.21).

Outlook and guidance

  • Project portfolio for 2026 includes major deliveries in Morocco, Romania, and Greece, with expectations for continued growth and new contract wins.

  • Market outlook remains positive despite sector turbulence; EU support and infrastructure investments expected to drive hydrogen market development.

  • Focus on delivering ongoing projects, strengthening cash flow, and enhancing competitiveness through partnerships.

How will working capital improve post-2025?
Path to positive EBIT given current cost structure?
How will Hynion assets support future order intake?
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Frequently asked questions

Metacon AB is a clean energy company specializing in the production of hydrogen and energy systems. The company focuses on developing and manufacturing hydrogen production units and related technologies that enable the generation of clean energy through electrolysis and reforming processes. Metacon’s products are designed to serve industries looking to transition to sustainable energy sources, with applications ranging from energy storage and fuel cells to industrial hydrogen supply. The company is headquartered in Karlskoga, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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