The fourth quarter of 2025 marked a pivotal moment for Talkpool: the transition from the "Reduce to the MAX" consolidation phase to full-scale execution of the "Vision 2030" growth strategy. Revenue growth of 20.1 % year-on-year in Q4 was achieved earlier than management's original timetable, confirming the strength of Talkpool's commercial momentum.
The year in brief
January - December 2025
- Net Sales of EUR 17 533 thousand, an increase of 11.1 % (compared to EUR 15 782 in 2024)
- EBITDA of EUR 1 948 thousand (1 702 thousand) and EBITDA margin of 11.1 % (10.8 %)
- EBIT of EUR 1 716 thousand (1 527 thousand) and EBIT margin of 9.8 % (9.7 %)
- Net Earnings of EUR 969 thousand (605 thousand) and net margin of 5.5 % (3.8 %)
January - December 2025 key developments
- Ending restructuring phase and starting organic growth
- Improving profitability to approximately EUR 2 million EBITDA and EUR 1 million net earnings
- Laying groundwork for future growth through strategic investments in technology and people
- Net Debt further reduced and equity strengthened
The quarter in brief
October - December 2025
- Net Sales of EUR 4 769 thousand, an increase of 20.1 % (compared to EUR 3 970 thousand in Q4 2024)
- EBITDA of EUR 396 thousand (425 thousand) and EBITDA margin of 8.2 % (10.7 %)
- EBIT of EUR 291 thousand (378 thousand) and EBIT margin of 6.1 % (9.5 %)
- Net earnings of EUR 99 thousand (406 thousand) and net margin of 2.1 % (10.2 %)
October - December key developments
- Top-line organic growth accelerates to above the long-term 16.8% growth target
- Profit margins reduced (to 25.7% gross margin and 2.1% net margin) due to investments in future growth
- Execution of 1st share options scheme including share sales from Magnus Sparrholm to two investors
- Substantial increase in business opportunities and new customer agreement
CEO Comments
The fourth quarter of 2025 marked a pivotal moment for Talkpool: the transition from the "Reduce to the MAX" consolidation phase to full-scale execution of the "Vision 2030" growth strategy. Revenue growth of 20.1 % year-on-year in Q4 was achieved earlier than management's original timetable, confirming the strength of Talkpool's commercial momentum.
Accelerating growth in the second half of 2025
Revenue for Q4 2025 increased by 20.1% year-on-year to EUR 4?769 thousand, compared to EUR 3?970 thousand in Q4 2024. This growth reflects the ramp-up of new contracts across all three regions, as well as improved utilization of engineering capacity. For the full year, revenues grew 11.1% to EUR 17.6 million - the first year of double-digit growth since before the consolidation phase.
Managing profitability while shifting into growth mode
A temporary decrease in profit margins is expected from mid-2025 until mid-2026 as additional costs weigh on profit margins before the investments start generating revenue. The annual profitability trend is, however, expected to be positive.
For the full year, EBITDA reached EUR 1?947 thousand, representing an EBITDA margin of 11.1%, up from 10.8% in 2024 - a sign of long-term structural improvement in Talkpool's profitability. Full year net earnings reached EUR 969 thousand, significantly ahead of the EUR 605 thousand achieved in 2024. Earnings per share for 2025 were EUR 0.13 (2024: EUR 0.09).
Gross profit for Q4 2025 was EUR 1?228 thousand, reflecting a gross margin of 25.7%. The moderation from 27.2% in Q4 2024 reflects deliberate investments in new business ramp-ups, trials and project start-ups - consistent with the pattern seen throughout 2025. These investments are expected to convert into higher-margin recurring revenues from the second half of 2026 and onwards.
Regional development
Asia (Pakistan & Saudi): The business in Pakistan made significant progress in Q4 2025. Growth accelerated and profit margins increased. The operation in the Kingdom of Saudi Arabia continued to be small and loss-making throughout the year. The outlook for 2026 is positive for both Pakistan and Saudi. The ongoing business is complemented with additional contracts for maintenance, RF planning, optimization and consulting. Pakistan had by far the best performing stock market in the world over the two-year period 2024-2025 measured in Euros. Pakistan is now considered as one of the most competitive global hubs for technology and resource outsourcing. The local teams are starting to deliver cost-efficient engineering capacity to international projects, positioning Pakistan as Talkpool Group's main production base. Several technology solutions were developed specifically for client requirements in 2025, leveraging the competitive engineering capabilities of the Pakistani team. To increase exports of remote services and technology solutions in 2026, Talkpool has implemented an updated strategy for the Pakistani business.
Americas (Caribbean & USA): The Americas region maintained its position as Talkpool's largest revenue market in 2025, delivering growth despite US dollar weakness and global market uncertainty. The US engagement ramp-up was slower than planned; a targeted commercial strategy to accelerate US growth is being prepared for 2026.
Europe (Germany & Sweden): The German operation continued to deliver stable results throughout 2025. A new German growth initiative started in the second half of 2025, and this is expected to result in new orders from the second half of 2026. The business in Sweden is still in ramp-up phase and has thus not contributed significantly to the financials.
Strategic progress toward Vision 2030
The fourth quarter reinforced Talkpool's transformation from a restructuring phase to sustainable growth under its Vision 2030 roadmap. Top-line growth exceeded the original schedule and was entirely organic.
The strategy towards Vision 2030 combines organic expansion with selective M&A and a growing share of technology-enabled remote services. The company has divided the revenue streams in three categories as follows:
Revenue stream | 2025 Revenue Estimate | 2030 Gross Margin Target |
Field Services | € 11.6 m | 20 % |
Remote Services | € 5.8 m | 40 % |
Technology Services | € 0.1 m | 60 % |
For the period 2025-2030, the company's long-term goal is to achieve a compound annual growth rate (CAGR) of 16.8%. Achieving 20.1% organic revenue growth in Q4 2025, more than half a year ahead of the original schedule, demonstrates that this target is within reach. The diversification from traditional field work toward high-margin, recurring remote and technology services is expected to progressively lift average Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) from 11% achieved in 2025, toward the 2030 target of 20% EBITDA.
Outlook
Talkpool expects continued double-digit revenue growth in 2026, supported by ramp-ups in all three regions. In Europe, the strengthened German sales team is expected to begin contributing substantially from H2 2026. We also expect Sweden to start contributing in 2026. In the Americas, volumes remain high, but a new effort will be required to scale up in the USA. Pakistan had the strongest Q4 improvements, but an effort will be required to increase export of services and technology from the Pakistan hub.
EBITDA margins are expected to improve progressively through 2026 and 2027 as the mix shifts toward more remote and technology services. Management reaffirms all medium- and long-term financial targets. The accelerating growth during 2025 puts Talkpool on track to meet the 16.8% Compound Annual Growth Rate (CAGR) that will take revenues to the 2030 target of EUR 40 million.
Significant events after the 31st of December 2025
• Second share option sub-program launched on 15 March 2026. Purchase price EUR 0.05 per option, strike price EUR 2.50, exercise period 1 July 2027 - 31 January 2028.
• New management and investor structure established for Talkpool's 100%-owned company in Saudi Arabia, with new Management Services Agreement and Profit Participation Note agreed.
This disclosure contains information that TalkPool AG is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, at 08.30 am CET on March 20, 2026
For more information, please contact:
Erik Strömstedt, CEO Talkpool
Tel: +41 81 250 2020
erik.stromstedt@talkpool.com
About Talkpool AG Talkpool AG is a leading global provider of technology-enabled communications network services, with expertise in planning and maintenance of mobile and fixed networks, and value-added services. The company is listed on Nasdaq First North (TALK) and Deutsche Börse (TLKP), serving telecommunications operators and enterprises across multiple continents.
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