Financial summary
October-December 2025
- Net sales amounted to SEK 215.0 million (128.2).
- EBIT amounted to SEK 47.6 million (9.6).
- Net profit amounted to SEK 32.0 million (-1.0).
- Earnings per share after dilution amounted to 1.82 (-0.06) SEK.
- Cash flow from operating activities amounted to SEK 38.7 million (36.6).
- Order intake during the period amounted to SEK 207 million (171) with an order backlog at the end of the period totalling SEK 566 million (310).
January-December 2025
- Net sales amounted to SEK 491.6 million (387.7).
- EBIT amounted to SEK 37.8 million (-6.3).
- Net profit amounted to SEK 14.7 million (-18.8).
- Earnings per share after dilution amounted to 0.90 (-1.24) SEK.
- Cash flow from operating activities amounted to SEK -7.4 million (2.9).
- Order intake during the period amounted to SEK 730 million (499) with an order backlog at the end of the period totalling SEK 566 million (310).
Important events during the quarter
- Changes to Group Executive Management, including the appointment of Tobias Johansson as Head of Business Area Power, effective 1 November 2025.
- Framework agreement with the Swedish Defence Materiel Administration (FMV) for thermal targets, with a total value of up to SEK 40 million and expected call-offs during 2026-2030.
- Order worth SEK 36 million from a European defence company for a new hybrid power system, with deliveries scheduled for 2026-2027.
- Agreement with a European defence authority regarding platform integration, valued at SEK 40 million, including an additional option of SEK 15 million, with deliveries in 2025-2026.
Significant events after the reporting period
- No significant events after the end of the reporting period.
President and CEO Evelina Hedskog comments
Strong Result Aligned with Our Long-Term Targets
During the quarter, our focused efforts resulted in a historically strong outcome. With continued strong demand across all product areas, we are taking steps in the right direction on our growth journey towards our financial targets.
Focused efforts delivered historically strong results
I am pleased to report that during the final quarter of 2025, we delivered in line with our ambitions, both in terms of customer deliveries and financial results. Thanks to the dedicated efforts of all employees at W5, we delivered a historically strong quarter in terms of net sales and profitability. At the same time, we secured several strategically important new contracts that strengthen our position and provide stability going forward.
Our high profit margin in the last quarter of the year is due to seasonal variations in the defence industry, where final deliveries often take place just before the end of the year. The doubling of net sales in the fourth quarter compared to the average of the previous quarters of the year led to economy of scale and a strong increase in profits. The product mix during the quarter also had a positive impact on profitability.
Continued strong demand across all product areas
Despite record-high net sales, we continue to have a stable order backlog and do not see any slowdown in demand. During the fourth quarter, we communicated several larger contracts and activity levels are high across all seven product areas, each of which has different characteristics in terms of contract size, number of contracts and delivery lead times. Among the new contracts are, for example, the first order for our new hybrid power system, a larger integration contract and continued call-offs in our training segment.
On track towards our financial targets
This year's positive result, together with a solid order backlog, mean that we have now taken concrete steps on our growth journey. The target of net sales of SEK 1 billion and achieving an EBIT of 10 per cent by 2027 remains firm, and we are moving in the right direction. Further work remains to secure stable profitability in future growth, but the strong forward visibility in the business, combined with an organisation prepared for increased order volumes, partly mitigates the risks. In parallel with the continued focus on profitable organic growth, we are also working in a structured manner with our acquisition agenda and are actively looking for the next building block in W5, albeit in a highly competitive market.
Expectations and confidence
Continued focus will be required to, in a sustainable manner, succeed with the growth ahead. Over the long term, we must be prepared to deliver in volume with high quality to our customers, while at the same time taking care of our employees. Delivering the systems our customers need to build defence capabilities is not only a matter of achieving financial targets, but also of safeguarding our customers' trust and taking responsibility in a time of geopolitical uncertainty. We now look ahead to 2026 with confidence, a year in which profitable growth will continue to be a key focus.
Webcast of Q4 and full-year 2025 results
W5 Solutions will host a webcast today at 11:00 CET in connection with the publication of its Year-End Report for 2025. The presentation will be held in English and followed by a Q&A session.
To participate, please register via the following link: Register for the webcast.
The complete report, attached to this press release, is also available for download on the company's website: w5solutions.com/investor-relations
About W5 Solutions
W5 Solutions' vision is to become the leading global provider of sustainable defence technology. The company develops and delivers cutting-edge solutions that strengthen both its own forces and those of its allies. Their solutions in Integration, Training and Power are designed with a focus on sustainability and innovation, making them a reliable partner for defence and security agencies worldwide.
Founded in 2018, with a heritage dating back to 1940, W5 Solutions is headquartered in Stockholm.
Learn more at www.w5solutions.com.
The company is listed on the Nasdaq First North Growth Market Stockholm. The Company's Certified Adviser is DNB Carnegie Investment Bank AB.
This information is information that W5 Solutions AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-12 07:00 CET.
For further information, please contact:
Evelina Hedskog, President and CEO
Cecilia Driving, CFO
Tel: +46 (0)8 650 08 88
E-mail: ir@w5solutions.com
