Midsummer (MIDS) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue growth and profitability in Q4 2025, with net sales of 51.5 MSEK and positive operating income of 8.4 MSEK, driven by strategic orders and stabilized production.

• Full-year 2025 net sales reached 164.3 MSEK, up from 52.1 MSEK in 2024, with significant growth in production equipment sales.

• Major strategic milestones included a Saab order for a Colombian factory, expansion in Italy, and new distribution agreements in Thailand.

• Strengthened financial position through a fully guaranteed rights issue of 175 MSEK and conversion of 78 MSEK in green bonds to equity.

Financial highlights

• Q4 2025 net sales: 51.5 MSEK (4.3 MSEK Q4 2024); full-year 2025: 164.3 MSEK (52.1 MSEK 2024).

• Q4 2025 EBITDA: 18.7 MSEK (–25.3 MSEK Q4 2024); EBITDA margin: 36.4%.

• Q4 2025 net income: 2.4 MSEK (–22.6 MSEK Q4 2024); full-year 2025 net loss: –87.8 MSEK (–121.2 MSEK 2024).

• Q4 2025 EPS: 0.03 SEK (–0.13 SEK Q4 2024); full-year 2025 EPS: –0.23 SEK (–0.63 SEK 2024).

• Cash flow for 2025: 20.9 MSEK (–12.0 MSEK 2024); Q4 2025: 5.1 MSEK (–30.2 MSEK Q4 2024).

Outlook and guidance

• Expects continued sales and EBITDA improvement in 2026, with a focus on operational cash flow and scaling production in Italy and Colombia.

• Anticipates further growth from machine deliveries, expanded production, and a stronger financial position.