Maximum Entertainment (MAXENT) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales declined 30% year-over-year to €17.8M, mainly due to cash restrictions impacting inventory and sales cycles.

• Gross margin fell to 22% from 31% as the business shifted focus from Owned IP to licensed and sub-publishing.

• Adjusted EBITDA was breakeven for Q4, down from €3.7M in Q4 2024; full-year adjusted EBITDA was €1.4M, down from €6.8M.

• The company entered a restructuring term sheet with a key lender to address ongoing financial and operational challenges.

• Board resolved to prepare a balance sheet for liquidation purposes after equity fell below half of registered share capital.

Financial highlights

• Q4 2025 net sales: €17.8M (Q4 2024: €25.5M); full-year 2025: €62.1M (2024: €80.0M).

• Q4 gross margin: 22% (Q4 2024: 31%); full-year: 25% (2024: 30%).

• Q4 adjusted EBITDA: €0.0M (Q4 2024: €3.7M); full-year: €1.4M (2024: €6.8M).

• Q4 EPS: -€1.30 (Q4 2024: -€0.09); full-year EPS: -€1.82 (2024: -€0.53).

• Q4 cash flow from operations: -€0.1M (Q4 2024: €8.1M); year-end cash: €2.1M (2024: €6.1M).

Outlook and guidance

• Focus for 2026 is on completing financial restructuring and rebuilding business foundations.

• New partnerships and major IP launches (Winx, Starship Troopers, Thomas and Friends) expected in 2026.

• Cost optimization and headcount reduction to continue.