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Vestum (VESTUM) investor relations material
Vestum Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Streamlined operations with five divestitures and two acquisitions in 2025, increasing specialization and profitability through M&A.
Successfully refinanced the balance sheet, redeeming all outstanding bonds.
Structural separation of the group initiated, with Flow Technology to be organized as a separate business and potential divestment under evaluation.
Adjusted EBITA and cash flows grew, with margin expansion and stable performance despite a challenging market.
Net sales for Q4 2025 were SEK 975 million, down 15% year-over-year; full-year net sales reached SEK 3,776 million, an 11% decrease mainly due to divestments and currency effects.
Financial highlights
Achieved positive organic growth of 1% for the year despite a challenging macro environment.
Adjusted EBITDA margin improved from 9.8% to 10.1% year-over-year; Q4 margin rose from 8.8% to 10.8%.
Free cash flow (excluding net working capital changes) increased from SEK 127 million to SEK 137 million; LTM free cash flow reached SEK 111 million.
Q4 net sales decreased by 15% year-over-year, mainly due to divestments in the Solutions segment, partially offset by acquisitions.
Financial net debt/EBITDA increased to 3.4x at year-end, mainly due to acquisitions.
Outlook and guidance
Flow Technology expected to benefit from UK AMP8 investment plan and new framework agreements in 2026.
Gradual market recovery anticipated in Niche Products and Solutions, with focus on profitability and margin improvement.
Solutions segment anticipated to see margin improvements as effects of divestments materialize throughout 2026.
Market environment is slightly improving, with a turnaround in growth and margins expected by summer 2026.
Board proposes no dividend for 2025; all profits to be reinvested.
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