ENVAR SHARPENS THE OFFER AND INVESTS FOR STABILITY AND GROWTH
CEO Atey Ghailan comments:
After an intense year, we are especially pleased to present record-high revenue and record-high profit in Envar's history. This achievement comes despite the company undertaking major organizational investments to prepare Envar for continued profitable growth and a broader commercial offering. I am proud to present Envar's year-end report for 2025.
Heading into 2026, Envar stands strong with a broader range of services, greater customer diversification, and an expanded sales and quality leadership function. Our continued solid profitability has given us the confidence to invest in areas that build long-term value - including the recruitment of several senior resources to strengthen delivery quality, as well as substantial investments in both hardware and software to enhance IT security and monitoring. The majority of these financial investments have been made since mid-year, with accelerated activity during the fourth quarter. These efforts have had an impact on the results for the latter half of the year but are well justified as they position the Group for its next stage of development.
FOURTH QUARTER¦OKTOBER - DECEMBER 2025
- Net sales amounted to 20,905 thousand SEK (23,689), a decrease of 11.75% compared with the same period last year.
- Operating profit before depreciation (EBITDA) totaled SEK -74 thousand (9,208) representing an operating margin of -0.35 percent (38.87) before depreciation.
- Operating profit (EBIT) totaled SEK -323 thousand (9,004) representing an operating margin of -1.55 percent (38.01).
- Earnings per share, basic, amounted to SEK -0.04 (0.71) and diluted to SEK -0.03 (0.70). A 20,000-for-1 share split and a quota value issue of 2,500,000 shares were registered in the fourth quarter of 2024.
- Cash and cash equivalents totaled SEK 48,960 thousand (61,383). Cash flow from operating activities amounted to SEK 8,440 thousand (12,723).
- Net cash totaled SEK 48,960 thousand. The Company has no interest-bearing liabilities.
(Figures for comparison in parentheses refer to the corresponding period of the previous year).
FULL YEAR ¦JANUARY - DECEMBER
- Net sales amounted to SEK 95,197 thousand (73,110), an increase of 30.21 percent compared to the same period last year.
- Operating profit before depreciation (EBITDA) totaled SEK 17,450 thousand (14,156), representing an operating margin of 18.33 percent (19.36) before depreciation.
- Operating profit (EBIT) totaled SEK 16,638 thousand (13,340), representing an operating margin of 17.48 percent (18.25).
- Earnings per share, basic, amounted to SEK 0.98 (4.07) and diluted to SEK 0.94 (3.95). A 20,000-for-1 share split and a quota value issue of 2,500,000 shares were registered in the fourth quarter of 2024.
- Cash and cash equivalents totaled SEK 48,960 thousand (61,383). Cash flow from operating activities amounted to SEK 12,519 thousand (18,311).
- Net cash totaled SEK 48,960 thousand. The Company has no interest-bearing liabilities.
(Figures for comparison in parentheses refer to the corresponding period of the previous year).
SIGNIFICANT EVENTS DURING THE QUARTER
- In October, Envar Holding AB published a press release regarding a record-breaking order from a client who is a globally leading player in the Battle Royale category and has collaborated with Envar since 2024. The new agreement extends over 12 months, starting on 1 October 2025, and has an estimated order value of approximately SEK 23 million. This is the largest single order in the company's history.
- In December, Envar Games published a press release regarding the first gameplay teaser ever released in Envar's history, for the company's internally developed game Witchspire.
- Also in December, Envar Games announced that Witchspire had surpassed 100,000 wishlists on Steam - a very positive indicator of market interest in the internally developed game. A wishlist on Steam signals player interest and ensures that players receive a notification when the game is released in Q2 2026.
SIGNIFICANT EVENTS AFTER THE QUARTER
- Envar has set the date for the Annual General Meeting, which will take place on 11 May 2026. The company's annual report will be available on 13 April 2026 on the company's website under Investor Relations.
- The Board of Directors proposes that no dividend be paid for the financial year 2025, a decision based on the Group's continued investments in growth.
INTERIM REPORT
Envar Holding's report is attached and available at https://www.envarholding.com/interim-reports
Certified Adviser
Envar has appointed Amudova as the Company's Certified Adviser on Nasdaq First North Growth Market.
Tel: 08-546 017 58
E-mail: info@amudova.se
About Envar Holding
Envar Holding is an outsourcing and development studio focusing on game graphics to mainly game development companies or other companies active in the entertainment industry. The company has established itself as a provider of high-quality graphics and development services to some of the largest players in the gaming industry, including companies such as Riot Games, Netflix, NetEase, Blizzard, 2K, Hasbro, Tencent and EPIC Games.
For further information please contact:
Atey Ghailan, CEO
info@envarstudio.com
Envar Holding AB
Org.nr 559407-6563
Götgatan 78
118 30 STOCKHOLM
This information is information that ENVAR HOLDING 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 2026-02-16 08:00 CET.
