Smartcraft
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Smartcraft (SMCRT) investor relations material

Smartcraft 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 summary13 Feb, 2026

Executive summary

  • Achieved 8.4% year-over-year ARR growth in Q4 2025 to NOK 522 million, with 6.5% organic growth, and Q4 revenue of NOK 144 million, up 5.4% year-over-year.

  • Recurring revenue share reached 95.9% in Q4, reflecting a continued shift from non-recurring to recurring revenue streams.

  • Launched and expanded AI-driven products, notably SmartCraft Spark and Flow, to enhance customer efficiency and quoting processes, with Spark increasing win rates from 30% to 40%.

  • Initiated international expansion, with Locka securing its first UK customer and further growth in Finland and outside Scandinavia.

  • Announced relisting from Oslo to Nasdaq Stockholm in Q1 2026 to improve share liquidity and align with revenue concentration in Sweden.

Financial highlights

  • Adjusted EBITDA margin was 33.9% in Q4, with adjusted EBITDA minus CapEx margin up 2.5 percentage points year-over-year.

  • R&D CapEx was 7.2% of revenue in Q4 and 8% for the full year, consistent with prior guidance.

  • Operational cash flow declined year-over-year, mainly due to extraordinary tax prepayments and higher accounts payable, totaling NOK 16 million in impact.

  • Solid equity position at 74%, net cash positive, and negative net working capital.

  • Share buy-back program executed, acquiring 805,270 shares for NOK 19.6 million in Q4.

Outlook and guidance

  • Maintains a midterm organic growth target of 15–20%, citing strong customer base and product fundamentals.

  • Plans to drive growth through cross-selling, new product features, and selective M&A, while keeping margins around 30%.

  • Price increases implemented for key products, with ongoing evaluation of value-based pricing strategies.

  • Margin expected to increase due to business scalability, with short-term impact from recent acquisitions.

  • Market recovery expected to be gradual and uneven, with renovation and compliance-driven activity most resilient.

Leverage long-term drivers for growth targets
What's the impact of new business model & relisting?
Strategy to improve Adjusted EBITDA margin?
AI's impact on customer value beyond quoting
Strategy to boost HVAC/Plumbing growth
Relisting's impact on M&A strategy
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Frequently asked questions

SmartCraft ASA provides software as a service to the construction industry. A cloud-based all-in-one solution for project management, accounting and CRM purposes. The company's software helps customers streamline their accounting tasks while getting real time data and visualizations of the relevant information they need to operate their business. Founded in 2013 and based on an extensive experience from the industry, SmartCraft is operating primarily in Europe and North America.

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